So far, they’re not doing much.
“We think this could be really important,” said Jack Forestell, Visa’s chief product and strategy officer, in an interview. “Transformational, on the order of magnitude of the advent of e-commerce itself.”
The San Francisco payment processing company is betting that what seems futuristic now could become a convenient alternative to our most mundane shopping tasks in the near future. It has spent the past six months working with AI developers to address technical obstacles that must be overcome before the average consumer is going to use it.
“The early incarnations of agent-based commerce are starting to do a really good job on the shopping and discovery dimension of the problem, but they are having tremendous trouble on payments,” Forestell said. “You get to this point where the agents literally just turn it back around and say, ‘OK, you go buy it.’
Visa sees itself as having a key role in giving AI agents easier and trusted access to the cash they need to make purchases.
“The payments problem is not something the AI platforms can solve by themselves,” Forestell said. “That’s why we started working with them.”
Forestell said that doesn’t mean AI agents will take over the entire shopping experience, but it might be useful for errands that either bore some people — like groceries, home improvement items or even Christmas lists — or are too complicated, like travel bookings. In those situations, some people might want an agent that “just powers through it and automatically goes and does stuff for us,” Forestell said.
Other shopping experiences, such as for luxury goods, are a form of entertainment and many customers still want to immerse themselves in the choices and comparisons, Forestell said. In that case, he envisions AI agents still offering assistance but staying in the background.
And what about credit card debt? The credit card balances of American consumers hit $1.21 trillion at the end of last year, according to the Federal Reserve of New York.
Forestell says consumers will give their AI agents clear spending limits and conditions that should give them confidence that the human is still in control. At first, the AI agents are likely to come back to buyers to make sure they are OK with a specific airplane ticket. Over time, those agents might get more autonomy to “go spend up to $1,500 on any airline to get me from A to B,” he said.
Part of what is attracting some AI developers to the Visa partnership is that, with a customer’s consent, an AI agent can also tap into a lot of data about past credit card purchases.
“Visa has the ability for a user to consent to share streams of their transaction history with us,” said Dmitry Shevelenko, Perplexity’s chief business officer. “When we generate a recommendation — say you’re asking, ‘What are the best laptops?’ — we would know what are other transactions you’ve made and the revealed preferences from that.”
