Speaker 1: Bloomberg Audio Studios, podcasts, radio News.
Speaker 2: We are now joined by the leader of Visa Visa CEO,
Speaker 2: Ryan McInerney. It is great to have some time with you, Ryan,
Speaker 2: and really with at this age of AI, everyone wants
Speaker 2: to talk about AGENTAKI and my question is, when it
Speaker 2: starts paying for things on my behalf, how do you
Speaker 2: make that safe? I know you're thinking a lot about
Speaker 2: it via the Visa Intelligent Comma.
Speaker 1: Yeah. Well, we made some product announcements this week at
Speaker 1: our Visa product drop that talk through a whole bunch
Speaker 1: of different ways that it's going to enable agents to
Speaker 1: buy on your behalf in a safe and secure way.
Speaker 1: And we think it's going to revolution at shopping. It's
Speaker 1: going to make it a much better, simpler, easier experience
Speaker 1: for all of us. And we're really looking forward to
Speaker 1: deploying those products out in the ecosystem with our partners.
Speaker 2: When we're talking about products, you're talking about security, personalization, tokenization.
Speaker 2: Can you explain exactly what this ultimate technology is doing?
Speaker 2: How will my future of commas look as an individual?
Speaker 1: Yeah, So, first of all, we're all going to have
Speaker 1: agents and they're going to be able to go out
Speaker 1: and scour the world's inventory and find what it is
Speaker 1: that we're looking for, either for ourselves, maybe it's tickets
Speaker 1: to a hard to get concert, or as a gift,
Speaker 1: a hyper relevant gift for my wife from other's day.
Speaker 1: And what we've announced is a set of tools that
Speaker 1: give agents the capabilities to go make payments on your behalf.
Speaker 1: Think of that as AI enabled visa credentials, and also
Speaker 1: the rules and the capabilities that will provide trust, trust
Speaker 1: that consumers will have in their agents, trust that merchants
Speaker 1: are going to have that they're going to get paid,
Speaker 1: and trust that financial institutions will have that you've actually
Speaker 1: empowered your agent to make those purchases on your behalf.
Speaker 1: So we announced AI enabled visa cards that's going to
Speaker 1: allow you to give your agent agency, giving them your
Speaker 1: visa credentials to go buy something on your behalf. But
Speaker 1: we also announced important case abilities, things that enable you
Speaker 1: to set parameters and tell your agent how long do
Speaker 1: you want them to go look for something, maybe those
Speaker 1: concert tickets we were talking about, how much are you
Speaker 1: willing for your agent to spend even to designate specific
Speaker 1: merchants that you want your agent to go look at
Speaker 1: and not go look at other merchants. So it's the products,
Speaker 1: it's the capabilities that are going to give you and
Speaker 1: everyone else trust that your agent is going to go
Speaker 1: buy exactly what you're looking for on your behalf.
Speaker 2: Okay, so that concert. What year are we talking? How
Speaker 2: are we going to start to see the companies embrace
Speaker 2: the fact that I will have an agent that will
Speaker 2: go out scouring and buying on my behalf.
Speaker 1: Yeah, you're going to see this in months. You're going
Speaker 1: to see this in the next couple quarters. We announced
Speaker 1: a series of partnerships with all of the leading players
Speaker 1: in this space, with OpenAI, with Microsoft, with Anthropic, with Perplexity,
Speaker 1: with IBM, with Stripe, with all of the key players
Speaker 1: that are building out the infrastructure to enable this type
Speaker 1: of buying and shopping experience. So it's going to be
Speaker 1: here soon.
Speaker 2: But what about the ticket marketers, the live nations, the
Speaker 2: stub hubs. When do they say, yeah, sure, bring us
Speaker 2: your agent. We don't need that relationship with you directly anymore.
Speaker 1: Caroline, Well, I think this is where Visa steps in,
Speaker 1: and this is where given the network that we have,
Speaker 1: the trust that we engender among buyers and sellers in
Speaker 1: the US and around the world. We believe that these
Speaker 1: platforms and capabilities are going to give, in your example,
Speaker 1: the ticket Masters, the trust that your agent is just
Speaker 1: someone you've extended your own desires and capabilities to and
Speaker 1: they're really an extension of what you're looking to do.
Speaker 1: So I think this is where we play an important
Speaker 1: role in building out that ecosystem.
Speaker 2: I'm really fascinated as to therefore, how to keep this
Speaker 2: analogy going. Ticketmaster then comes to me, how do they advertise?
Speaker 2: What will this do in terms of disintermediating the experience
Speaker 2: of an ad Yeah, I.
Speaker 1: Do think that over the course of time, the whole
Speaker 1: idea of advertising will need to evolve. Agents are going
Speaker 1: to make shopping a much more efficient and much more
Speaker 1: effective process on behalf of all of us, whether it's
Speaker 1: tickets or that Mother's Day gift that I mentioned. There's
Speaker 1: so much inventory out there, there's so many places to
Speaker 1: go buy, and we just don't have the time to
Speaker 1: optimize our own shopping experience. So I think shopping is
Speaker 1: going to evolve. I think advertising will have to evolve.
Speaker 1: We know that payments is going to evolve to enable
Speaker 1: all of this, and we're excited about the role that
Speaker 1: we play in that part of it.
Speaker 2: And you've been making that role clear and investing and
Speaker 2: innovating at a time where companies are kind of a
Speaker 2: bit nervous to spend any sort of money. Right now,
Speaker 2: I know what to do with it. I know you're
Speaker 2: in quiet period and you can't really talk more broad
Speaker 2: about what the consumer's feeling. But what about you as
Speaker 2: a leader in this moment, how do you have the
Speaker 2: conviction to spend.
Speaker 1: Yeah, we're looking at the medium and long term opportunities
Speaker 1: for our company and for our clients and for the ecosystem,
Speaker 1: and we're very excited about the future of not just
Speaker 1: a gentic commerce that you and I were talking about,
Speaker 1: but enabling digital payments and commerce all around the world.
Speaker 1: In the two hundre d plus countries and territories in
Speaker 1: which we operate with you know, fifteen thousand financial institutions
Speaker 1: and consumers that have you know, more than four and
Speaker 1: a half billion credentials out there. We see enormous opportunity
Speaker 1: one year, five year, ten years out and we remain
Speaker 1: very committed to investing to deliver that opportunity for our
Speaker 1: clients and our partners and our investors, and.
Speaker 2: More broadly, do you think that you and Visa ultimately
Speaker 2: will remain the rails with which we do all of this.
Speaker 1: Yeah, we see Visa as an incredibly important platform enabling
Speaker 1: digital commerce all around the world, not just today, but
Speaker 1: for the foreseeable future. You know, this is the type
Speaker 1: of innovation that we have said we're committed to. If
Speaker 1: you look back in time, you look at the rise
Speaker 1: of e commerce, Visa was essential in making that happen.
Speaker 1: You look at the rise of mobile payments, Visa was
Speaker 1: essential in making that happen. Now you look at the
Speaker 1: rise of his agentic payments and agentic commerce, and with
Speaker 1: the investments that we've been making and the products that
Speaker 1: we announced this week, we believe will be essential and
Speaker 1: very real event with this next wave of commerce that
Speaker 1: emerges from here.
Speaker 2: And you, as someone who's continuing to steer this business
Speaker 2: in this moment, how have you found just as a
Speaker 2: CEO trying to make decisions? Have you found this moment
Speaker 2: compared to I mean, I know that you're leading this
Speaker 2: Visa into this new age. Has it been destabilizing to
Speaker 2: try and make to make executive decisions when you don't
Speaker 2: know where the next political discernment and disagreement is going
Speaker 2: to erupt. Yeah.
Speaker 1: I think what we as a leadership team are committed
Speaker 1: to is supporting our clients, supporting our innovation roadmap. There
Speaker 1: is uncertainty in the world today, there's no question about that.
Speaker 1: But what our north star is is having a vision
Speaker 1: seeing where commerce is ultimately going, seeing what consumers and
Speaker 1: buyers and sellers are ultimately looking for, and then designing
Speaker 1: and delivering the future of commerce to enable that. And
Speaker 1: you know, we're going to be in uncertain times in
Speaker 1: some ways, that's what gives us enthusiasm and excitement about
Speaker 1: the type of products and solutions we're bringing market to
Speaker 1: bring in to market to enable this roadmap.
Speaker 2: What about the regulatory environment because for many perhaps it
Speaker 2: hasn't quite panned out as many and a thought within
Speaker 2: the new administration in the DOJ.
Speaker 1: The regulatory environment in the US and all around the
Speaker 1: world evolves all the time. For us, as you can imagine,
Speaker 1: our regulators in the two hundred countries that we do
Speaker 1: business around the world are very interested in US, and
Speaker 1: we're engaging with them every day. You know, we're working
Speaker 1: hard to give them certainty on what we're committed to,
Speaker 1: what we're delivering how we're ultimately supporting the economies in
Speaker 1: which we do business around the world. And you know,
Speaker 1: those relationships evolve over time as different administrations in different
Speaker 1: countries have different priorities, But we remain committed to serving
Speaker 1: the countries in which we do business and ultimately enabling
Speaker 1: their economies to grow and.
Speaker 2: Through an artificial intelligence future. Is there enough rules of
Speaker 2: the game there for you to continue to innovate in
Speaker 2: the space.
Speaker 1: Well, I think that's where we again play an important role.
Speaker 1: We need to provide as it relates to payments, the rules,
Speaker 1: this standards, helping the whole ecosystem understand when there's a
Speaker 1: dispute or a chargeback or fraud driven by agents, how
Speaker 1: does that work when you either use or accept visa credentials?
Speaker 1: And those are the types of things we've been working
Speaker 1: hard on with the partners that I mentioned earlier, and
Speaker 1: we think those are in part the rules and capabilities
Speaker 1: that are going to provide trust between consumers, merchants, financial institutions,
Speaker 1: and ultimately the agents affecting commerce on behalf of all
Speaker 1: of us