Visa is stepping into the future of shopping by introducing AI agents designed to go beyond simple chatbots. These virtual assistants could help consumers make purchases by using their credit cards, making everyday tasks easier. Visa envisions these agents as significant players in the shopping landscape, akin to the rise of e-commerce.
The company recently announced partnerships with prominent AI developers such as Anthropic, Microsoft, OpenAI, and others to integrate AI systems with Visa’s payment network. Pilot projects are set to begin soon, with broader usage anticipated next year.
Visa believes this technology could reshape how we approach routine shopping. In discussions, Jack Forestell, Visa’s chief product and strategy officer, emphasized that the integration of AI agents into payments is crucial. He acknowledged that while AI can assist with product recommendations, challenges remain in executing payments smoothly.
Current AI models primarily function as enhanced chatbots, capable of generating content or finding products. However, difficulties arise when it comes to completing transactions. Forestell noted that AI often ends up directing consumers back to handle payments themselves, highlighting Visa’s role in facilitating these transactions.
With the rise of digital payments through services like Apple Pay, consumers are becoming accustomed to using their phones for purchases. This evolution is nudging Visa to innovate how transactions occur, especially concerning AI. The goal is to ensure that AI agents can handle purchases securely, protecting both buyers and businesses.
Forestell mentioned that while AI may take over some mundane shopping tasks—like grocery runs or booking trips—the full shopping experience isn’t going away. Many consumers still enjoy exploring options, especially for luxury items. In these cases, AI may assist but remain more in the background.
Concerns about credit card debt are also relevant, given that American consumers owe over $1 trillion. Forestell reassured that users would set specific spending limits for AI agents, maintaining human oversight. Initially, AI will likely check with customers for approval on big purchases.
What’s drawing AI developers to work with Visa is the ability to use customer transaction data (with permission). As Dmitry Shevelenko from Perplexity pointed out, this data can enhance recommendations, making them more tailored and relevant.
While the technology is still developing, the potential for AI to streamline shopping is vast. As these systems evolve, they may offer consumers a more cohesive and enjoyable shopping experience.
