Visa Unveils Revolutionary AI Shopping Assistant Platform

Visa, with partners like Microsoft and OpenAI, is launching a platform enabling AI agents to manage online shopping tasks. This innovation aims to decrease transaction times and boost spending by facilitating smoother shopping experiences. AI agents, unlike chatbots, operate autonomously and could significantly impact future business plans.

Visa has teamed up with leading technology firms, including Microsoft and OpenAI, to introduce a groundbreaking platform, Visa Intelligent Commerce. This innovative service allows AI agents to manage customers' online shopping activities, from product searches to travel bookings.

Users can set spending limits while these agents autonomously handle the rest, promising a seamless shopping experience. This development comes as digital commerce companies increasingly focus on reducing checkout times to prevent shopping cart abandonment, a trend accelerated by the COVID-19 pandemic.

A report by Experian highlighted the impatience of online consumers, noting that a third would abandon transactions if their wait exceeded 30 seconds. With AI managing routine shopping tasks, Visa aims to enhance user experience and spending. As autonomous AI agents play a growing role in business, their market is projected to expand rapidly.

(With inputs from agencies.)