Growing Payments Integrations

The integration of payment systems into artificial intelligence (AI) platforms is expanding, with OpenAI planning to incorporate a payments checkout system within ChatGPT. This development follows earlier collaborations between ChatGPT and Shopify, which enhanced the shopping experience by enabling users to view product details including prices and reviews directly in the AI platform. Nevertheless, purchasing still required directing users to external merchant sites.

According to Reuters, consumers will soon be able to complete purchases directly on ChatGPT as OpenAI works with Shopify and other brands to develop this payment system. Merchants paying through ChatGPT will likely pay a commission to OpenAI for facilitating transactions.

The Rush Toward Agentic Commerce

This move highlights the broader trend of AI chatbots being empowered to conduct financial transactions independently. Perplexity Pro subscribers, for instance, can now make payments directly within their AI interface thanks to PayPal integration. Both PayPal and Venmo methods are supported, aiming to streamline purchases by allowing one-click payments once a product is selected.

Visa and Mastercard have also rolled out agentic commerce platforms designed to transform AI agents into comprehensive shopping assistants capable of handling every transactional aspect with minimal customer interaction. Examples include Mastercard’s Agent Pay and Visa’s Intelligent Commerce, which are built for seamless payment processes.

While these systems present significant advancements, they come with potential risks such as inaccuracies or ‘hallucinations,’ especially in the current stage of development where final payment decisions still rely on user confirmation. Nevertheless, privacy and security concerns persist as malicious actors might exploit nascent AI models to carry out phishing attacks.

Despite valid concerns, the momentum toward agentic commerce is not likely to diminish. James Wester, Co-Head of Payments at Javelin Strategy & Research, emphasizes the importance of approaching this with an open mind and recognizing its broader impact on the industry rather than dismissing it as hype.