"Traditional card companies are reinventing themselves to stay ahead of the game. "These days, when people talk about 'cards', it's not just a piece of plastic. It's a digital network proposition where you can pay or be paid," Stephen Karpin, Visa's Asia-Pacific president, told Fortune on Tuesday. On Wednesday, on the sidelines of the Singapore FinTech Festival, Visa revealed two new features for its regional clientele: AI-enabled payments and stablecoin settlements."
"OpenAI's release of ChatGPT catalyzed a fundamental shift in commerce, Karpin said. "The breadth with which it's transforming how one understands and finds things in the world is quite profound. Yet one of the things missing from the current state of a LLM-powered chatbot is the ability to make payment via an agent," he said. This means that online shoppers can use AI chatbots to discover, browse and select items-but can't yet use them to complete payments."
Visa is expanding its payments platform in Asia with AI-enabled payments that allow AI agents to shop and pay on behalf of consumers, and a stablecoin settlement pilot across supported blockchains. Consumers can load Visa cards into agent systems, opt in for personalization to receive tailored recommendations, and complete secure payments within AI platforms using tokenization and authentication. OpenAI's ChatGPT accelerated demand for agentic commerce by improving discovery and understanding, but current chatbots lack native payment capabilities. The stablecoin pilot enables select partners to settle transactions using digital currencies pegged to less volatile assets.
Read at Fortune
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