Visa is partnering with tech heavyweights Microsoft, OpenAI, Anthropic, IBM, Mistral AI, Perplexity, Samsung, and Stripe to roll out a new platform called Visa Intelligent Commerce. This platform allows users to delegate their online shopping tasks to AI agents, which will search for products, book vacations, or order groceries while the user sets spending limits.
The goal is to reduce checkout time and prevent customers from abandoning purchases midway. A 2020 report found that one in three customers were only willing to wait 30 seconds or less before abandoning an online transaction. By letting AI handle routine tasks, Visa Intelligent Commerce aims to create a smoother shopping experience and encourage more spending.
AI agents are systems that can act autonomously to perform certain tasks without constant human input. The market for AI-powered solutions is expected to grow at an average annual rate of 45% from 2024 to 2030, according to Boston Consulting Group analysis.
This new platform will use the expertise of Microsoft, OpenAI, and other partners to provide a more efficient and personalized shopping experience for users. By leveraging AI technology, Visa aims to revolutionize the way people shop online and improve their overall customer experience.
Source: https://finance.yahoo.com/news/visa-partners-ai-giants-streamline-181648886.html