Mastercard is collaborating with Microsoft and other AI leaders to empower AI agents to conduct online shopping and payments on behalf of consumers. The 'Agent Pay' program introduces Mastercard Agentic Tokens, building upon existing tokenisation tech. These tokens will enable secure payments via conversational interfaces, offering transparency for consumers, merchants, and issuers. AI agents will need verification to ensure secure transactions. Consumers retain control over agent purchases, with Mastercard's security protecting against fraud.
Mastercard's system identifies customers using tokenisation, providing personalised shopping experiences with benefits like product recommendations and free delivery. For example, an AI agent could handle sourcing, payment optimisation, and logistics for a textile company dealing with an international supplier, completing cross-border purchases using a Mastercard virtual corporate card. The company is also working with IBM for business-to-business applications.
This initiative marks Mastercard's move into AI-driven commerce, aiming to streamline online shopping while maintaining security and consumer control. The company emphasises responsible AI use, incorporating measures for fraud protection and dispute resolution.