Key facts
- Visa has integrated its payment network into ChatGPT, enabling AI agents to shop and pay independently.
- The integration allows AI agents to recommend and purchase products at any Visa-accepting merchant.
- OpenAI provides the technology for AI agent interaction and purchase initiation.
- Visa handles payment authorization and fraud monitoring for these AI-driven transactions.
- Guardrails including spending limits and approval steps will be implemented to protect consumers and minimize fraud.
Visa has integrated its payment network into ChatGPT, allowing AI agents to independently shop and pay for users at Visa-accepting merchants. This collaboration, announced Wednesday, enables AI agents to not only recommend products but also complete purchases on behalf of users.
OpenAI is providing the underlying technology for AI agents to interact and initiate purchases through ChatGPT. Visa, a global payments network, will manage the payment authorization and fraud monitoring necessary for these transactions at scale. This approach differs from previous attempts by OpenAI, such as its Instant Checkout feature, which was limited to specific retailers and charged merchants a 4% transaction fee, leading to its withdrawal.
Concerns have been raised by banks and retailers regarding potential issues like overspending, incorrect purchases, or unauthorized transactions by AI agents. To address these, Visa plans to implement protective measures, including spending limits and mandatory approval steps for consumers. Previous AI shopping assistants, like Amazon's Alexa, were limited to their own platforms.
Visa's main competitor, Mastercard, is also developing AI purchasing capabilities for its payment network, focusing on enabling AI agents to acquire business services. Jack Forestell, Visa's Chief Product and Strategy Officer, stated that the company's focus is on ensuring transactions are reliable and seamless as AI agents become active participants in the economy.