1 00:00:02,320 --> 00:00:06,760 Speaker 1: Bloomberg Audio Studios, podcasts, radio News. 2 00:00:06,920 --> 00:00:09,959 Speaker 2: We are now joined by the leader of Visa Visa CEO, 3 00:00:10,600 --> 00:00:13,240 Speaker 2: Ryan McInerney. It is great to have some time with you, Ryan, 4 00:00:13,320 --> 00:00:15,720 Speaker 2: and really with at this age of AI, everyone wants 5 00:00:15,760 --> 00:00:18,880 Speaker 2: to talk about AGENTAKI and my question is, when it 6 00:00:18,920 --> 00:00:22,599 Speaker 2: starts paying for things on my behalf, how do you 7 00:00:22,720 --> 00:00:24,520 Speaker 2: make that safe? I know you're thinking a lot about 8 00:00:24,680 --> 00:00:26,560 Speaker 2: it via the Visa Intelligent Comma. 9 00:00:28,080 --> 00:00:30,840 Speaker 1: Yeah. Well, we made some product announcements this week at 10 00:00:30,840 --> 00:00:34,040 Speaker 1: our Visa product drop that talk through a whole bunch 11 00:00:34,040 --> 00:00:36,640 Speaker 1: of different ways that it's going to enable agents to 12 00:00:36,680 --> 00:00:39,480 Speaker 1: buy on your behalf in a safe and secure way. 13 00:00:39,840 --> 00:00:41,879 Speaker 1: And we think it's going to revolution at shopping. It's 14 00:00:41,920 --> 00:00:44,240 Speaker 1: going to make it a much better, simpler, easier experience 15 00:00:44,320 --> 00:00:46,720 Speaker 1: for all of us. And we're really looking forward to 16 00:00:46,720 --> 00:00:49,080 Speaker 1: deploying those products out in the ecosystem with our partners. 17 00:00:49,240 --> 00:00:53,280 Speaker 2: When we're talking about products, you're talking about security, personalization, tokenization. 18 00:00:53,560 --> 00:00:58,480 Speaker 2: Can you explain exactly what this ultimate technology is doing? 19 00:00:58,600 --> 00:01:01,520 Speaker 2: How will my future of commas look as an individual? 20 00:01:02,400 --> 00:01:03,960 Speaker 1: Yeah, So, first of all, we're all going to have 21 00:01:04,000 --> 00:01:06,360 Speaker 1: agents and they're going to be able to go out 22 00:01:06,400 --> 00:01:10,040 Speaker 1: and scour the world's inventory and find what it is 23 00:01:10,080 --> 00:01:13,000 Speaker 1: that we're looking for, either for ourselves, maybe it's tickets 24 00:01:13,000 --> 00:01:16,160 Speaker 1: to a hard to get concert, or as a gift, 25 00:01:16,200 --> 00:01:19,680 Speaker 1: a hyper relevant gift for my wife from other's day. 26 00:01:19,800 --> 00:01:23,240 Speaker 1: And what we've announced is a set of tools that 27 00:01:23,319 --> 00:01:27,000 Speaker 1: give agents the capabilities to go make payments on your behalf. 28 00:01:27,400 --> 00:01:31,120 Speaker 1: Think of that as AI enabled visa credentials, and also 29 00:01:31,319 --> 00:01:35,360 Speaker 1: the rules and the capabilities that will provide trust, trust 30 00:01:35,400 --> 00:01:38,640 Speaker 1: that consumers will have in their agents, trust that merchants 31 00:01:38,680 --> 00:01:39,959 Speaker 1: are going to have that they're going to get paid, 32 00:01:40,480 --> 00:01:43,920 Speaker 1: and trust that financial institutions will have that you've actually 33 00:01:44,000 --> 00:01:47,120 Speaker 1: empowered your agent to make those purchases on your behalf. 34 00:01:47,640 --> 00:01:50,920 Speaker 1: So we announced AI enabled visa cards that's going to 35 00:01:50,960 --> 00:01:54,640 Speaker 1: allow you to give your agent agency, giving them your 36 00:01:54,760 --> 00:01:57,960 Speaker 1: visa credentials to go buy something on your behalf. But 37 00:01:58,040 --> 00:02:02,240 Speaker 1: we also announced important case abilities, things that enable you 38 00:02:02,320 --> 00:02:05,600 Speaker 1: to set parameters and tell your agent how long do 39 00:02:05,640 --> 00:02:07,440 Speaker 1: you want them to go look for something, maybe those 40 00:02:07,480 --> 00:02:09,880 Speaker 1: concert tickets we were talking about, how much are you 41 00:02:09,919 --> 00:02:13,480 Speaker 1: willing for your agent to spend even to designate specific 42 00:02:13,639 --> 00:02:16,079 Speaker 1: merchants that you want your agent to go look at 43 00:02:16,120 --> 00:02:19,280 Speaker 1: and not go look at other merchants. So it's the products, 44 00:02:19,280 --> 00:02:21,240 Speaker 1: it's the capabilities that are going to give you and 45 00:02:21,280 --> 00:02:23,840 Speaker 1: everyone else trust that your agent is going to go 46 00:02:23,880 --> 00:02:26,200 Speaker 1: buy exactly what you're looking for on your behalf. 47 00:02:26,280 --> 00:02:29,480 Speaker 2: Okay, so that concert. What year are we talking? How 48 00:02:29,520 --> 00:02:31,720 Speaker 2: are we going to start to see the companies embrace 49 00:02:32,240 --> 00:02:33,840 Speaker 2: the fact that I will have an agent that will 50 00:02:33,880 --> 00:02:35,720 Speaker 2: go out scouring and buying on my behalf. 51 00:02:36,400 --> 00:02:38,600 Speaker 1: Yeah, you're going to see this in months. You're going 52 00:02:38,639 --> 00:02:41,320 Speaker 1: to see this in the next couple quarters. We announced 53 00:02:41,480 --> 00:02:44,560 Speaker 1: a series of partnerships with all of the leading players 54 00:02:44,600 --> 00:02:49,359 Speaker 1: in this space, with OpenAI, with Microsoft, with Anthropic, with Perplexity, 55 00:02:49,480 --> 00:02:53,920 Speaker 1: with IBM, with Stripe, with all of the key players 56 00:02:54,200 --> 00:02:57,680 Speaker 1: that are building out the infrastructure to enable this type 57 00:02:57,680 --> 00:02:59,960 Speaker 1: of buying and shopping experience. So it's going to be 58 00:03:00,080 --> 00:03:00,480 Speaker 1: here soon. 59 00:03:00,919 --> 00:03:04,720 Speaker 2: But what about the ticket marketers, the live nations, the 60 00:03:04,800 --> 00:03:07,799 Speaker 2: stub hubs. When do they say, yeah, sure, bring us 61 00:03:08,080 --> 00:03:10,959 Speaker 2: your agent. We don't need that relationship with you directly anymore. 62 00:03:11,000 --> 00:03:14,000 Speaker 1: Caroline, Well, I think this is where Visa steps in, 63 00:03:14,480 --> 00:03:17,200 Speaker 1: and this is where given the network that we have, 64 00:03:17,480 --> 00:03:20,720 Speaker 1: the trust that we engender among buyers and sellers in 65 00:03:20,760 --> 00:03:23,679 Speaker 1: the US and around the world. We believe that these 66 00:03:23,680 --> 00:03:26,360 Speaker 1: platforms and capabilities are going to give, in your example, 67 00:03:26,400 --> 00:03:29,720 Speaker 1: the ticket Masters, the trust that your agent is just 68 00:03:29,960 --> 00:03:33,280 Speaker 1: someone you've extended your own desires and capabilities to and 69 00:03:33,280 --> 00:03:35,960 Speaker 1: they're really an extension of what you're looking to do. 70 00:03:36,000 --> 00:03:38,160 Speaker 1: So I think this is where we play an important 71 00:03:38,240 --> 00:03:40,080 Speaker 1: role in building out that ecosystem. 72 00:03:40,320 --> 00:03:43,360 Speaker 2: I'm really fascinated as to therefore, how to keep this 73 00:03:43,440 --> 00:03:47,880 Speaker 2: analogy going. Ticketmaster then comes to me, how do they advertise? 74 00:03:47,920 --> 00:03:51,920 Speaker 2: What will this do in terms of disintermediating the experience 75 00:03:51,920 --> 00:03:54,000 Speaker 2: of an ad Yeah, I. 76 00:03:53,920 --> 00:03:56,600 Speaker 1: Do think that over the course of time, the whole 77 00:03:56,640 --> 00:04:00,520 Speaker 1: idea of advertising will need to evolve. Agents are going 78 00:04:00,560 --> 00:04:03,120 Speaker 1: to make shopping a much more efficient and much more 79 00:04:03,160 --> 00:04:05,560 Speaker 1: effective process on behalf of all of us, whether it's 80 00:04:05,600 --> 00:04:08,520 Speaker 1: tickets or that Mother's Day gift that I mentioned. There's 81 00:04:08,600 --> 00:04:11,600 Speaker 1: so much inventory out there, there's so many places to 82 00:04:11,640 --> 00:04:14,040 Speaker 1: go buy, and we just don't have the time to 83 00:04:14,120 --> 00:04:17,720 Speaker 1: optimize our own shopping experience. So I think shopping is 84 00:04:17,760 --> 00:04:20,279 Speaker 1: going to evolve. I think advertising will have to evolve. 85 00:04:20,520 --> 00:04:22,599 Speaker 1: We know that payments is going to evolve to enable 86 00:04:22,640 --> 00:04:24,640 Speaker 1: all of this, and we're excited about the role that 87 00:04:24,680 --> 00:04:25,920 Speaker 1: we play in that part of it. 88 00:04:25,920 --> 00:04:29,680 Speaker 2: And you've been making that role clear and investing and 89 00:04:29,720 --> 00:04:32,479 Speaker 2: innovating at a time where companies are kind of a 90 00:04:32,480 --> 00:04:34,359 Speaker 2: bit nervous to spend any sort of money. Right now, 91 00:04:34,400 --> 00:04:35,960 Speaker 2: I know what to do with it. I know you're 92 00:04:36,000 --> 00:04:38,240 Speaker 2: in quiet period and you can't really talk more broad 93 00:04:38,240 --> 00:04:40,960 Speaker 2: about what the consumer's feeling. But what about you as 94 00:04:40,960 --> 00:04:42,800 Speaker 2: a leader in this moment, how do you have the 95 00:04:42,800 --> 00:04:43,760 Speaker 2: conviction to spend. 96 00:04:44,960 --> 00:04:47,480 Speaker 1: Yeah, we're looking at the medium and long term opportunities 97 00:04:47,480 --> 00:04:50,360 Speaker 1: for our company and for our clients and for the ecosystem, 98 00:04:50,880 --> 00:04:53,560 Speaker 1: and we're very excited about the future of not just 99 00:04:53,600 --> 00:04:55,760 Speaker 1: a gentic commerce that you and I were talking about, 100 00:04:56,000 --> 00:04:59,080 Speaker 1: but enabling digital payments and commerce all around the world. 101 00:04:59,360 --> 00:05:01,640 Speaker 1: In the two hundre d plus countries and territories in 102 00:05:01,680 --> 00:05:05,920 Speaker 1: which we operate with you know, fifteen thousand financial institutions 103 00:05:05,920 --> 00:05:07,920 Speaker 1: and consumers that have you know, more than four and 104 00:05:07,960 --> 00:05:10,840 Speaker 1: a half billion credentials out there. We see enormous opportunity 105 00:05:11,200 --> 00:05:14,000 Speaker 1: one year, five year, ten years out and we remain 106 00:05:14,120 --> 00:05:16,840 Speaker 1: very committed to investing to deliver that opportunity for our 107 00:05:16,839 --> 00:05:19,240 Speaker 1: clients and our partners and our investors, and. 108 00:05:19,440 --> 00:05:23,000 Speaker 2: More broadly, do you think that you and Visa ultimately 109 00:05:23,040 --> 00:05:25,760 Speaker 2: will remain the rails with which we do all of this. 110 00:05:27,240 --> 00:05:31,720 Speaker 1: Yeah, we see Visa as an incredibly important platform enabling 111 00:05:31,800 --> 00:05:35,000 Speaker 1: digital commerce all around the world, not just today, but 112 00:05:35,080 --> 00:05:38,119 Speaker 1: for the foreseeable future. You know, this is the type 113 00:05:38,120 --> 00:05:41,040 Speaker 1: of innovation that we have said we're committed to. If 114 00:05:41,080 --> 00:05:42,760 Speaker 1: you look back in time, you look at the rise 115 00:05:42,760 --> 00:05:45,440 Speaker 1: of e commerce, Visa was essential in making that happen. 116 00:05:45,600 --> 00:05:47,880 Speaker 1: You look at the rise of mobile payments, Visa was 117 00:05:48,000 --> 00:05:50,200 Speaker 1: essential in making that happen. Now you look at the 118 00:05:50,279 --> 00:05:53,560 Speaker 1: rise of his agentic payments and agentic commerce, and with 119 00:05:53,640 --> 00:05:56,400 Speaker 1: the investments that we've been making and the products that 120 00:05:56,440 --> 00:05:59,479 Speaker 1: we announced this week, we believe will be essential and 121 00:05:59,600 --> 00:06:03,000 Speaker 1: very real event with this next wave of commerce that 122 00:06:03,040 --> 00:06:03,880 Speaker 1: emerges from here. 123 00:06:04,560 --> 00:06:09,080 Speaker 2: And you, as someone who's continuing to steer this business 124 00:06:09,160 --> 00:06:12,560 Speaker 2: in this moment, how have you found just as a 125 00:06:12,600 --> 00:06:15,479 Speaker 2: CEO trying to make decisions? Have you found this moment 126 00:06:15,600 --> 00:06:17,640 Speaker 2: compared to I mean, I know that you're leading this 127 00:06:17,760 --> 00:06:21,039 Speaker 2: Visa into this new age. Has it been destabilizing to 128 00:06:21,080 --> 00:06:24,240 Speaker 2: try and make to make executive decisions when you don't 129 00:06:24,240 --> 00:06:27,359 Speaker 2: know where the next political discernment and disagreement is going 130 00:06:27,440 --> 00:06:29,120 Speaker 2: to erupt. Yeah. 131 00:06:29,160 --> 00:06:31,159 Speaker 1: I think what we as a leadership team are committed 132 00:06:31,200 --> 00:06:34,719 Speaker 1: to is supporting our clients, supporting our innovation roadmap. There 133 00:06:34,720 --> 00:06:37,240 Speaker 1: is uncertainty in the world today, there's no question about that. 134 00:06:37,680 --> 00:06:40,240 Speaker 1: But what our north star is is having a vision 135 00:06:40,600 --> 00:06:44,400 Speaker 1: seeing where commerce is ultimately going, seeing what consumers and 136 00:06:44,440 --> 00:06:47,800 Speaker 1: buyers and sellers are ultimately looking for, and then designing 137 00:06:47,839 --> 00:06:50,000 Speaker 1: and delivering the future of commerce to enable that. And 138 00:06:50,360 --> 00:06:52,360 Speaker 1: you know, we're going to be in uncertain times in 139 00:06:52,400 --> 00:06:56,440 Speaker 1: some ways, that's what gives us enthusiasm and excitement about 140 00:06:56,440 --> 00:06:59,039 Speaker 1: the type of products and solutions we're bringing market to 141 00:06:59,240 --> 00:07:01,320 Speaker 1: bring in to market to enable this roadmap. 142 00:07:01,720 --> 00:07:05,880 Speaker 2: What about the regulatory environment because for many perhaps it 143 00:07:05,920 --> 00:07:07,920 Speaker 2: hasn't quite panned out as many and a thought within 144 00:07:07,960 --> 00:07:09,480 Speaker 2: the new administration in the DOJ. 145 00:07:11,480 --> 00:07:14,080 Speaker 1: The regulatory environment in the US and all around the 146 00:07:14,080 --> 00:07:17,160 Speaker 1: world evolves all the time. For us, as you can imagine, 147 00:07:17,520 --> 00:07:19,960 Speaker 1: our regulators in the two hundred countries that we do 148 00:07:20,000 --> 00:07:22,640 Speaker 1: business around the world are very interested in US, and 149 00:07:22,720 --> 00:07:25,720 Speaker 1: we're engaging with them every day. You know, we're working 150 00:07:25,800 --> 00:07:28,120 Speaker 1: hard to give them certainty on what we're committed to, 151 00:07:28,160 --> 00:07:31,720 Speaker 1: what we're delivering how we're ultimately supporting the economies in 152 00:07:31,720 --> 00:07:34,160 Speaker 1: which we do business around the world. And you know, 153 00:07:34,240 --> 00:07:37,760 Speaker 1: those relationships evolve over time as different administrations in different 154 00:07:37,800 --> 00:07:42,640 Speaker 1: countries have different priorities, But we remain committed to serving 155 00:07:42,680 --> 00:07:45,520 Speaker 1: the countries in which we do business and ultimately enabling 156 00:07:45,560 --> 00:07:47,240 Speaker 1: their economies to grow and. 157 00:07:47,320 --> 00:07:51,000 Speaker 2: Through an artificial intelligence future. Is there enough rules of 158 00:07:51,040 --> 00:07:52,920 Speaker 2: the game there for you to continue to innovate in 159 00:07:52,920 --> 00:07:53,360 Speaker 2: the space. 160 00:07:54,400 --> 00:07:56,600 Speaker 1: Well, I think that's where we again play an important role. 161 00:07:57,040 --> 00:07:59,800 Speaker 1: We need to provide as it relates to payments, the rules, 162 00:07:59,800 --> 00:08:04,560 Speaker 1: this standards, helping the whole ecosystem understand when there's a 163 00:08:04,600 --> 00:08:08,360 Speaker 1: dispute or a chargeback or fraud driven by agents, how 164 00:08:08,360 --> 00:08:12,320 Speaker 1: does that work when you either use or accept visa credentials? 165 00:08:12,320 --> 00:08:14,680 Speaker 1: And those are the types of things we've been working 166 00:08:14,720 --> 00:08:18,280 Speaker 1: hard on with the partners that I mentioned earlier, and 167 00:08:18,400 --> 00:08:21,920 Speaker 1: we think those are in part the rules and capabilities 168 00:08:21,920 --> 00:08:27,080 Speaker 1: that are going to provide trust between consumers, merchants, financial institutions, 169 00:08:27,120 --> 00:08:30,480 Speaker 1: and ultimately the agents affecting commerce on behalf of all 170 00:08:30,520 --> 00:08:30,800 Speaker 1: of us