AI is more than just creating funny images and getting prompt responses. It may also help you find the best deals.
During the Fortune Brainstorm Tech conference this week, Mastercard chief product officer Jorn Lambert said just like in search, consumers are moving from browsers to AI programs en masse for search and discovery of products, in what amounts to an impending “paradigm shift in commerce.”
“Once you’ve searched and discovered a product you want to buy, it’s only natural that you then ask the AI agent to buy it on your behalf,” he said.
“What we’ve announced last week is essentially the framework in which consumers, banks, agents, merchants, and the whole ecosystem could work together for a high trust system and a high consumer convenience system,” Lambert said.
“This is on the minds of merchants, how to find this delicate balance between knowing what’s going on versus truly embracing all this cool technology to solve this problem,” Bruno said.
Mastercard’s Agent Pay also aims to reduce fraud by tracking the entire process of a transaction using cryptography and “tokens.”
“By doing that tokenization, even if a bad guy gets their hands on that credential, we can bind it back to its origin,” said Lambert.
