Introduction
Mastercard is embarking on a significant transformation in the world of business technology. With the introduction of a new suite of tools aimed at integrating artificial intelligence, Mastercard is set to reshape how companies operate, enhancing operational efficiency and customer interactions. Here’s what you need to know about this bold initiative.
Dive Brief:
- On January 27, Mastercard announced plans to launch a new suite of agentic tools for its business customers, targeting a rollout by the second quarter of this year.
- These innovative tools will enable Mastercard’s business clients to develop, test, and implement AI-powered agents within their operations. The objective is to enhance security, payment processes, and customer experiences while driving business growth, as outlined in the company’s press release.
- According to Mastercard, by 2030, it expects AI agents to be incorporated into a “significant percentage of customer interactions and operational tasks.”
Dive Insight:
As Mastercard prepares to launch its new AI agents, the momentum behind its agentic AI strategy is gaining speed. Just one week prior to this announcement, the company revealed a partnership with Google to establish a universal commerce protocol that will enhance the interoperability of AI agents and businesses.
Furthermore, Mastercard has joined forces with tech innovator OpenAI to develop an agentic protocol, allowing the card network to function seamlessly across various AI platforms by utilizing secure credentials and verifiable agent identities, according to a January 20 release.
Mastercard’s strategy reflects the understanding that early adopters can seize new commercial opportunities more swiftly. “Mastercard Agent Suite builds on our core strengths and capabilities to ensure our customers can be both nimble and practical as they turn innovation into outcomes,” stated Kaushik Gopal, the head of insights and intelligence for Mastercard, in the Agentic Suite press release.
In addition to Mastercard, other prominent players in the payment industry are also expanding their agentic AI capabilities. Last April, Visa reported its collaboration with several tech giants, including OpenAI, IBM, Anthropic, Mistral AI, and Microsoft, to deliver personalized, secure AI commerce to clients around the globe. Meanwhile, Stripe announced it is working with OpenAI to develop an agentic AI protocol that would enable Etsy sellers and Shopify merchants to engage in transactions via ChatGPT.
Mastercard’s suite of agentic AI tools comes at a pivotal time, as an increasing number of businesses are exploring AI integration. A recent Deloitte report forecasts that more companies will adopt AI agents to assist with operations, including managing corporate travel transactions and handling commercial real estate leases or contracts with recurring payments.
Despite the promise of these advanced tools, some industry experts have expressed concerns regarding potential misuse of agentic AI. During the Money 20/20 conference in Las Vegas last year, Mike Lozanoff, the global head of merchant services for JPMorgan Chase, raised questions about the possibility of AI agents “hallucinating” and making unauthorized purchases. Additionally, Cindy Turner, chief product officer at Worldpay, pointed out the risk of such technology being exploited by fraudsters.
Conclusion
Mastercard’s initiative to launch agentic AI tools is poised to revolutionize how businesses operate, offering innovative solutions aimed at enhancing efficiency and security. As the adoption of AI agents continues to grow, it will be intriguing to see how businesses navigate the challenges and opportunities presented by this evolving technology landscape.
