Visa has announced a collaboration with OpenAI, enabling its global payment network to be integrated directly into ChatGPT. This new feature allows the AI to autonomously search for, order, and pay for products on behalf of users.
Users can link their Visa cards to their ChatGPT profiles and issue text commands to the AI assistant. For instance, they can request the AI to find noise-cancelling headphones priced under $150 or to order diapers and groceries from a list.
The chatbot will independently identify the best options online, arrange for delivery, and complete transactions without requiring users to navigate to external websites.
This isn’t OpenAI’s first foray into e-commerce; last year, the company introduced Instant Checkout, a digital shopping tool. However, that initiative faced challenges, including high error rates and a 4% commission fee for sellers, leading to its discontinuation.
The new partnership with Visa significantly alters the landscape: OpenAI will manage the intelligent algorithms and communication, while Visa will oversee payment authorization, security, and connections with millions of retailers worldwide.
Concerns about allowing AI agents to manage financial transactions have arisen among retailers and bankers. Issues such as incorrect purchases, wrong sizes, or overspending could lead to numerous complaints about unauthorized charges.
To mitigate these risks and protect users’ funds, Visa is implementing several layers of digital security:
- Strict Spending Limits: Users can set maximum amounts that the AI is allowed to spend in a single transaction or over a month.
- Mandatory Confirmation (Human-in-the-loop): Initially, ChatGPT will not be able to make purchases without user awareness. Users will receive notifications on their smartphones for transaction verification before finalizing payments.
- Updated Security Token: Visa is adapting its Intelligent Commerce system to better track and identify transactions initiated by AI algorithms rather than humans.
Disputes and refund requests will be handled according to standard global payment system rules, focusing on whether the user intended to make a purchase and if the retailer processed the AI’s request correctly.
In response to Visa’s advancements, Mastercard is also developing its own AI technologies, focusing on automating business tasks rather than retail shopping for consumers. Mastercard’s AI agents are being trained to procure services for companies, such as hiring web developers or purchasing advertising packages on platforms like Google or Meta to promote new businesses.
Developers acknowledge that it will take time for users to fully trust AI with their financial management. However, Visa anticipates a swift adaptation: as users repeatedly confirm manual requests from the bot and gain confidence in the system, they may eventually allow the AI to automatically purchase basic household items with a single click.
Visa's new partnership with OpenAI integrates its payment system into ChatGPT, allowing users to make purchases through AI. Enhanced security measures aim to address concerns over automated financial transactions.