(Bloomberg) – Advertising will be forced to grow when shoppers turn to AI agents to help them browse products and make purchases.
Payment companies are enabling AI agents to do this – reducing the time and energy consumers spend on finding and paying for ideal items or online services, Visa said in a statement Wednesday. It is working with Anthropic PBC, Microsoft Corp., Openai Inc. and other AI companies.
“There’s a lot of stock out there, there’s a lot of places to buy, and we just don’t have time to optimize our shopping experience,” McKinney said in an interview with Bloomberg. “I think shopping will grow. I think advertising has to grow. We know that payments will evolve to achieve all of this, and we’re excited about the role we play in that part.”
From conducting online research to booking, technology companies are embracing AI to simplify countless tasks. These products promise to make people more productive at home and at work, although sometimes a lot of adult supervision is required.
Payments rivals Mastercard Inc. and Paypal Holdings Inc. announced similar products on Tuesday.
“Just like the transition from physical shopping to online to online mobile, Visa is setting new standards for the new era of business,” Jack Forestell, Visa’s chief product and strategy officer, said in a statement. “Every consumer has set restrictions and visas help manage the rest.”
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