"Google on Tuesday released a new payments scheme to make it easier for different AI apps to send and receive money. The open-source protocol not only includes support for more traditional forms of payments like credit and debit cards but also stablecoins, or cryptocurrencies pegged to underlying assets like the U.S. dollar."
"To add compatibility with stablecoins, Google worked with the crypto exchange Coinbase, which has built its own AI and crypto payments scheme. It also collaborated with other crypto companies, including the Ethereum Foundation."
"For other elements of the new payment protocol, Google conferred with more than 60 other organizations including Salesforce, American Express, and Etsy. "The way we built it is from the ground up to factor in both heritage and existing payment rail capabilities as well as forthcoming capabilities such as stablecoins," James Tromans, the head of Web3 at Google Cloud, told Fortune. In the buzzword-laden world of AI, "agents' are AI algorithms designed for specific use cases that can call up apps on one's device or across the internet. Some companies have created agents that specialize in writing code. Others have created AI agents that browse online marketplaces to buy, say, clothes for a human shopper."
Google released an open-source payments protocol that enables AI agents to send and receive money using traditional rails like credit and debit cards as well as stablecoins. Stablecoin compatibility was added through collaboration with Coinbase and other crypto organizations including the Ethereum Foundation, alongside consultation with more than 60 firms such as Salesforce, American Express, and Etsy. The protocol was built from the ground up to account for existing payment rail capabilities and forthcoming stablecoin features. The protocol complements agent-to-agent communication standards and aims to make agent-mediated transactions secure and aligned with human intent.
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