Visa plugs its payment network into ChatGPT, letting AI agents shop and pay for users

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Category: Business

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Unlocking Word Meanings

Read the following words/expressions found in today’s article.

  1. transaction / trænˈzæk ʃən / (n.) – an occasion when someone buys or sells something, or when money is moved from one account to another
    Example:

    People can now use their smartphones to complete their transactions at some supermarkets.


  2. prone / proʊn / (adj.) – likely to suffer from, do, or experience something bad or negative
    Example:

    The old delivery system was prone to delays during the winter season.


  3. fraud / frɔd / (n.) – the crime of stealing from people or taking their money by telling them lies
    Example:

    You should never share your password, or you might become a victim of fraud.


  4. seamless / ˈsim lɪs / (adj.) – happening easily, smoothly, and without any sudden changes, pauses, or problems
    Example:

    The new banking app makes sending money a seamless experience.


  5. disclose / dɪˈskloʊz / (v.) – to tell people new information publicly, or to share a fact that was kept secret before
    Example:

    We are disappointed because the hotel did not disclose the extra fees until we arrived at the desk.


Article

Read the text below.

Betting that people will soon grow more comfortable having artificial intelligence agents shop for groceries, plane tickets, or diapers on their behalf, payments giant Visa said that it has embedded its payment network inside ChatGPT, empowering the chatbot to independently shop and complete transactions.


It means AI agents cannot only recommend products but also complete the purchase on the user’s behalf at potentially any merchant that accepts Visa. The payment network’s previous attempts at this technological leap were confined to a single retailer or a small set of enrolled merchants.


It is not OpenAI’s first attempt at e-commerce. Late last year, the company announced Instant Checkout, which allowed ChatGPT to scour the internet for a specific item like a digital personal shopper. But the process was prone to errors and was not widely adopted by merchants due to the fee that OpenAI was charging merchants. The company retired Instant Checkout in March.


Visa’s collaboration is different from OpenAI’s previous attempts, as it will allow users to link their Visa cards to ChatGPT to shop and make it easier for merchants to accept transactions initiated by agents.


OpenAI will provide the technology to allow agents to interact, make decisions, and initiate purchases through ChatGPT. Visa, the world’s largest payment network outside of China, will provide the payment authorization and fraud monitoring needed to do this at scale.


“As AI agents become active participants in the economy, Visa’s focus is to ensure transactions are trusted, secure, and seamless,” said Jack Forestell, chief product and strategy officer at Visa.


Visa and OpenAI did not disclose the financial terms of the collaboration and did not give details on the fees merchants or customers would have to pay.


This article was provided by The Associated Press.


Viewpoint Discussion

Enjoy a discussion with your tutor.

Discussion A

  • Visa has embedded its payment network inside ChatGPT, so AI agents can independently shop and complete transactions for people. If you had access to this feature, would you feel comfortable letting an AI agent use your credit card or bank account to shop on your behalf? Why or why not? What do you think are the risks of letting an AI handle your shopping? Discuss.
  • What would it take for you to fully trust an AI agent to shop for you (ex. seamless transaction, 100% safe from fraud)? What kind of items would you trust it to buy for you? Discuss.

Discussion B

  • OpenAI’s previous attempt at e-commerce was not widely adopted by merchants due to the fee that OpenAI charged them. If you were a business owner or a merchant, would you accept orders from an AI agent if it meant you had to pay an extra fee? Why or why not? Discuss.
  • Visa and OpenAI did not disclose the financial terms of their collaboration and did not give details on the fees merchants or customers would have to pay. Why do you think some companies hide their prices and extra fees when they introduce a new product? If a brand you like is not clear about the additional costs they charge you, does that make you trust them less? Discuss.