Here's a summary of Mastercard's new AI shopping agent program, as reported by NewsBytes:
- Collaboration: Mastercard is working with Microsoft, IBM, and other AI companies on a program that enables AI agents to shop and pay for items on behalf of users.
- User Experience: Users can instruct the AI to search for specific items, such as "a pair of yellow running shoes in size 9." The AI then helps find the product, suggests payment methods, and facilitates the transaction.
- Control and Security: Users retain control—they must approve all transactions before payment goes through, so the AI cannot make purchases automatically.
- Technology: The program is powered by AI assistants like Microsoft's Copilot, aiming to make shopping faster and more user-friendly by reducing the effort needed to find and buy products online.
- Merchant Protection: Mastercard is introducing new interfaces so merchants can tell trusted AI agents from potential fraudsters.
- B2B Potential: Mastercard is also exploring this AI shopping technology for business-to-business (B2B) transactions, potentially transforming routine business purchases using intelligent agents.
- Advisory Role: While the AI can give advice and help discover products, users must still complete the purchase themselves.
Source: NewsBytes Mastercard's AI agent can shop and pay on your behalf
