Mastercard launched its new AI-powered commerce tool on April 29, leveraging the experience of Microsoft and other leading AI companies.
A part of the wider Mastercard Agentic Payments Program, the new tool – named Mastercard Agent Pay – aims to deliver smarter and more personalised payment experiences by utilising AI to help consumers and merchants on the commerce shopping journey.
Mastercard Agent Pay will see the introduction of the Mastercard Agentic Tokens, which will be offered to consumers and merchants to help perform commerce contactless payments.
These tokenised payment solutions hold security and control features, enabling consumers and merchants to make secure payments online. The Agentic Tokens also support card-on-file, as well as subscription payments and expenses.
Backed by generative AI tools, the Mastercard AI Agent will enable personalised recommendations for consumers based on their preferences and preferred payment methods. Mastercard has partnered with Microsoft to develop the tool, with a view to scale the chatbots’ capabilities even further in the future.
The global payments network integrated Microsoft’s Azure OpenAI Service and Copilot Studio, alongside its payment solution stack, to address the evolving needs of the modern day commerce shopper.
Furthermore, Mastercard revealed it will work with acquirers and checkout firms like Braintree and Checkout.com to enhance its tokenisation capabilities with merchants in a bid to deliver safer, more transparent agentic payments. For banks, tokenised payment credentials will be integrated across agentic commerce platforms.
Jorn Lambert, Chief Product Officer at Mastercard, said: “Mastercard is transforming the way the world pays for the better by anticipating consumer needs on the horizon.
“The launch of Mastercard Agent Pay marks our initial steps in redefining commerce in the AI era, including new merchant interfaces to distinguish trusted agents from bad actors using agentic technology.
“Recognising the seismic implications of this evolution, we are keen to collaborate with industry players to advance the standards for agentic payments, such as applying the Model Context Protocol to Secure Remote Commerce. This lays the foundation for scale and builds trust in agentic commerce.”
