Visa, the world’s leading company in the credit card market, has started a collaboration with OpenAi to integrate artificial intelligence features into its payment channels. More specifically, the artificial intelligence agents developed by the Californian startup – Visa, incidentally, is also headquartered in San Francisco – will be able to automatically make purchases on behalf of Visa users, with some limitations.
WHAT THE COLLABORATION BETWEEN VISA AND OPENAI ENTAILS
The transactions made by artificial intelligence agents, according to the press release, “will be managed in compliance with clearly defined authorizations, policies, and controls [by the user, editor’s note], such as spending limits, merchant categories, or required approvals. Transactions will use tokenized Visa credentials, real-time authorizations, and fraud monitoring.”
Furthermore, Visa and OpenAi have announced that they will evaluate “a range of business applications,” such as “developer-focused experiences based on Codex” (OpenAi’s service for coding with artificial intelligence agents) and “more automated and conversational workflows.”
HOW ARTIFICIAL INTELLIGENCE IS CHANGING CONSUMPTION…
Jack Forestell, Visa’s chief product and strategy officer, said that “artificial intelligence will transform commerce more profoundly than the Internet or mobile technology ever have,” and that “AI-based agents will actively participate in the economy.”
Marco Mahrus, head of business partnerships at OpenAi, added that “commerce will happen in many more places and in many more ways than today, and agents will play an increasingly important role in helping people complete money-related tasks, from shopping and payments to more complex transactions.”
Artificial intelligence is already shaping consumption: currently, more than one in five transactions is influenced by what buyers have learned by consulting language models, reports Axios citing Rubail Birwadker, Visa’s global growth lead.
… BUT HOW?
It is still early to know users’ reactions to the features announced by Visa and OpenAi. Axios warns against deluding oneself that ChatGPT will turn into an e-commerce giant like Amazon overnight. Also because OpenAi had already launched a payment feature integrated into its chatbot, called Instant Checkout, which however did not achieve particular success.
