WEBVTT - Visa CEO Ryan McInerney Talks AI

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<v Speaker 1>Bloomberg Audio Studios, podcasts, radio News.

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<v Speaker 2>We are now joined by the leader of Visa Visa CEO,

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<v Speaker 2>Ryan McInerney. It is great to have some time with you, Ryan,

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<v Speaker 2>and really with at this age of AI, everyone wants

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<v Speaker 2>to talk about AGENTAKI and my question is, when it

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<v Speaker 2>starts paying for things on my behalf, how do you

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<v Speaker 2>make that safe? I know you're thinking a lot about

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<v Speaker 2>it via the Visa Intelligent Comma.

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<v Speaker 1>Yeah. Well, we made some product announcements this week at

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<v Speaker 1>our Visa product drop that talk through a whole bunch

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<v Speaker 1>of different ways that it's going to enable agents to

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<v Speaker 1>buy on your behalf in a safe and secure way.

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<v Speaker 1>And we think it's going to revolution at shopping. It's

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<v Speaker 1>going to make it a much better, simpler, easier experience

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<v Speaker 1>for all of us. And we're really looking forward to

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<v Speaker 1>deploying those products out in the ecosystem with our partners.

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<v Speaker 2>When we're talking about products, you're talking about security, personalization, tokenization.

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<v Speaker 2>Can you explain exactly what this ultimate technology is doing?

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<v Speaker 2>How will my future of commas look as an individual?

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<v Speaker 1>Yeah, So, first of all, we're all going to have

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<v Speaker 1>agents and they're going to be able to go out

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<v Speaker 1>and scour the world's inventory and find what it is

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<v Speaker 1>that we're looking for, either for ourselves, maybe it's tickets

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<v Speaker 1>to a hard to get concert, or as a gift,

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<v Speaker 1>a hyper relevant gift for my wife from other's day.

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<v Speaker 1>And what we've announced is a set of tools that

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<v Speaker 1>give agents the capabilities to go make payments on your behalf.

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<v Speaker 1>Think of that as AI enabled visa credentials, and also

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<v Speaker 1>the rules and the capabilities that will provide trust, trust

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<v Speaker 1>that consumers will have in their agents, trust that merchants

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<v Speaker 1>are going to have that they're going to get paid,

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<v Speaker 1>and trust that financial institutions will have that you've actually

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<v Speaker 1>empowered your agent to make those purchases on your behalf.

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<v Speaker 1>So we announced AI enabled visa cards that's going to

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<v Speaker 1>allow you to give your agent agency, giving them your

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<v Speaker 1>visa credentials to go buy something on your behalf. But

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<v Speaker 1>we also announced important case abilities, things that enable you

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<v Speaker 1>to set parameters and tell your agent how long do

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<v Speaker 1>you want them to go look for something, maybe those

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<v Speaker 1>concert tickets we were talking about, how much are you

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<v Speaker 1>willing for your agent to spend even to designate specific

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<v Speaker 1>merchants that you want your agent to go look at

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<v Speaker 1>and not go look at other merchants. So it's the products,

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<v Speaker 1>it's the capabilities that are going to give you and

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<v Speaker 1>everyone else trust that your agent is going to go

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<v Speaker 1>buy exactly what you're looking for on your behalf.

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<v Speaker 2>Okay, so that concert. What year are we talking? How

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<v Speaker 2>are we going to start to see the companies embrace

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<v Speaker 2>the fact that I will have an agent that will

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<v Speaker 2>go out scouring and buying on my behalf.

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<v Speaker 1>Yeah, you're going to see this in months. You're going

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<v Speaker 1>to see this in the next couple quarters. We announced

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<v Speaker 1>a series of partnerships with all of the leading players

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<v Speaker 1>in this space, with OpenAI, with Microsoft, with Anthropic, with Perplexity,

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<v Speaker 1>with IBM, with Stripe, with all of the key players

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<v Speaker 1>that are building out the infrastructure to enable this type

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<v Speaker 1>of buying and shopping experience. So it's going to be

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<v Speaker 1>here soon.

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<v Speaker 2>But what about the ticket marketers, the live nations, the

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<v Speaker 2>stub hubs. When do they say, yeah, sure, bring us

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<v Speaker 2>your agent. We don't need that relationship with you directly anymore.

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<v Speaker 1>Caroline, Well, I think this is where Visa steps in,

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<v Speaker 1>and this is where given the network that we have,

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<v Speaker 1>the trust that we engender among buyers and sellers in

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<v Speaker 1>the US and around the world. We believe that these

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<v Speaker 1>platforms and capabilities are going to give, in your example,

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<v Speaker 1>the ticket Masters, the trust that your agent is just

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<v Speaker 1>someone you've extended your own desires and capabilities to and

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<v Speaker 1>they're really an extension of what you're looking to do.

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<v Speaker 1>So I think this is where we play an important

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<v Speaker 1>role in building out that ecosystem.

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<v Speaker 2>I'm really fascinated as to therefore, how to keep this

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<v Speaker 2>analogy going. Ticketmaster then comes to me, how do they advertise?

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<v Speaker 2>What will this do in terms of disintermediating the experience

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<v Speaker 2>of an ad Yeah, I.

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<v Speaker 1>Do think that over the course of time, the whole

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<v Speaker 1>idea of advertising will need to evolve. Agents are going

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<v Speaker 1>to make shopping a much more efficient and much more

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<v Speaker 1>effective process on behalf of all of us, whether it's

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<v Speaker 1>tickets or that Mother's Day gift that I mentioned. There's

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<v Speaker 1>so much inventory out there, there's so many places to

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<v Speaker 1>go buy, and we just don't have the time to

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<v Speaker 1>optimize our own shopping experience. So I think shopping is

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<v Speaker 1>going to evolve. I think advertising will have to evolve.

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<v Speaker 1>We know that payments is going to evolve to enable

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<v Speaker 1>all of this, and we're excited about the role that

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<v Speaker 1>we play in that part of it.

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<v Speaker 2>And you've been making that role clear and investing and

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<v Speaker 2>innovating at a time where companies are kind of a

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<v Speaker 2>bit nervous to spend any sort of money. Right now,

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<v Speaker 2>I know what to do with it. I know you're

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<v Speaker 2>in quiet period and you can't really talk more broad

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<v Speaker 2>about what the consumer's feeling. But what about you as

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<v Speaker 2>a leader in this moment, how do you have the

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<v Speaker 2>conviction to spend.

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<v Speaker 1>Yeah, we're looking at the medium and long term opportunities

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<v Speaker 1>for our company and for our clients and for the ecosystem,

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<v Speaker 1>and we're very excited about the future of not just

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<v Speaker 1>a gentic commerce that you and I were talking about,

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<v Speaker 1>but enabling digital payments and commerce all around the world.

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<v Speaker 1>In the two hundre d plus countries and territories in

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<v Speaker 1>which we operate with you know, fifteen thousand financial institutions

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<v Speaker 1>and consumers that have you know, more than four and

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<v Speaker 1>a half billion credentials out there. We see enormous opportunity

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<v Speaker 1>one year, five year, ten years out and we remain

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<v Speaker 1>very committed to investing to deliver that opportunity for our

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<v Speaker 1>clients and our partners and our investors, and.

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<v Speaker 2>More broadly, do you think that you and Visa ultimately

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<v Speaker 2>will remain the rails with which we do all of this.

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<v Speaker 1>Yeah, we see Visa as an incredibly important platform enabling

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<v Speaker 1>digital commerce all around the world, not just today, but

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<v Speaker 1>for the foreseeable future. You know, this is the type

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<v Speaker 1>of innovation that we have said we're committed to. If

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<v Speaker 1>you look back in time, you look at the rise

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<v Speaker 1>of e commerce, Visa was essential in making that happen.

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<v Speaker 1>You look at the rise of mobile payments, Visa was

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<v Speaker 1>essential in making that happen. Now you look at the

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<v Speaker 1>rise of his agentic payments and agentic commerce, and with

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<v Speaker 1>the investments that we've been making and the products that

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<v Speaker 1>we announced this week, we believe will be essential and

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<v Speaker 1>very real event with this next wave of commerce that

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<v Speaker 1>emerges from here.

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<v Speaker 2>And you, as someone who's continuing to steer this business

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<v Speaker 2>in this moment, how have you found just as a

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<v Speaker 2>CEO trying to make decisions? Have you found this moment

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<v Speaker 2>compared to I mean, I know that you're leading this

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<v Speaker 2>Visa into this new age. Has it been destabilizing to

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<v Speaker 2>try and make to make executive decisions when you don't

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<v Speaker 2>know where the next political discernment and disagreement is going

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<v Speaker 2>to erupt. Yeah.

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<v Speaker 1>I think what we as a leadership team are committed

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<v Speaker 1>to is supporting our clients, supporting our innovation roadmap. There

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<v Speaker 1>is uncertainty in the world today, there's no question about that.

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<v Speaker 1>But what our north star is is having a vision

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<v Speaker 1>seeing where commerce is ultimately going, seeing what consumers and

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<v Speaker 1>buyers and sellers are ultimately looking for, and then designing

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<v Speaker 1>and delivering the future of commerce to enable that. And

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<v Speaker 1>you know, we're going to be in uncertain times in

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<v Speaker 1>some ways, that's what gives us enthusiasm and excitement about

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<v Speaker 1>the type of products and solutions we're bringing market to

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<v Speaker 1>bring in to market to enable this roadmap.

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<v Speaker 2>What about the regulatory environment because for many perhaps it

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<v Speaker 2>hasn't quite panned out as many and a thought within

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<v Speaker 2>the new administration in the DOJ.

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<v Speaker 1>The regulatory environment in the US and all around the

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<v Speaker 1>world evolves all the time. For us, as you can imagine,

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<v Speaker 1>our regulators in the two hundred countries that we do

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<v Speaker 1>business around the world are very interested in US, and

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<v Speaker 1>we're engaging with them every day. You know, we're working

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<v Speaker 1>hard to give them certainty on what we're committed to,

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<v Speaker 1>what we're delivering how we're ultimately supporting the economies in

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<v Speaker 1>which we do business around the world. And you know,

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<v Speaker 1>those relationships evolve over time as different administrations in different

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<v Speaker 1>countries have different priorities, But we remain committed to serving

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<v Speaker 1>the countries in which we do business and ultimately enabling

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<v Speaker 1>their economies to grow and.

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<v Speaker 2>Through an artificial intelligence future. Is there enough rules of

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<v Speaker 2>the game there for you to continue to innovate in

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<v Speaker 2>the space.

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<v Speaker 1>Well, I think that's where we again play an important role.

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<v Speaker 1>We need to provide as it relates to payments, the rules,

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<v Speaker 1>this standards, helping the whole ecosystem understand when there's a

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<v Speaker 1>dispute or a chargeback or fraud driven by agents, how

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<v Speaker 1>does that work when you either use or accept visa credentials?

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<v Speaker 1>And those are the types of things we've been working

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<v Speaker 1>hard on with the partners that I mentioned earlier, and

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<v Speaker 1>we think those are in part the rules and capabilities

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<v Speaker 1>that are going to provide trust between consumers, merchants, financial institutions,

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<v Speaker 1>and ultimately the agents affecting commerce on behalf of all

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<v Speaker 1>of us