Card companies are on a ‘land grab’ to set the standards for AI shopping, even as consumers aren’t yet comfortable handing over purchases to a bot

Credit card giants are in a rush to establish themselves as the go-to infrastructure for AI-powered shopping, despite consumers' reluctance to hand over their purchasing power to digital agents. Mastercard recently introduced a service that enables users to grant an AI agent a virtual card and authorize it to make online purchases without real-time oversight.

Cardholders can set limits, restrict retailer choices, or demand approval before checkout. Phil Bruno, Mastercard's chief strategy and growth officer, described this move as a "land grab for infrastructure standards," asserting that if they shape the rules for AI-driven commerce, they could retain control for years. Visa has also joined the fray, partnering with Alchemy to develop its own AI shopping and payment product, while Meta offers Muse, which can browse for products and navigate checkout, but still requires user approval before completing a purchase.

Surveys indicate that only 7% of U.S. and U.K. consumers who shop for fashion would be comfortable with an AI assistant making purchases without predefined conditions. Most consumers express discomfort with AI making purchases on their behalf, with price-drop alerts and retailer comparisons being the most valued features. Mastercard's Verifiable Intent system aims to provide a digital record of who authorized the AI agent and what it was authorized to buy, potentially easing consumer concerns and facilitating dispute resolution.