Mastercard CFO Says Shoppers Ready To Abandon The Web Browser In Favor Of AI Agents

Benzinga

Mastercard’s Chief Product Officer Jorn Lambert said consumers are nearing a paradigm shift from traditional browsers toward AI concierges that search and purchase products on their behalf. Lambert noted that consumers are beginning to use ChatGPT instead of Google to search for products like "best running shoes." He said it's a natural next step for users to ask the AI agent to complete the purchase. Mastercard launched Agent Pay, a system that secures AI-driven purchases by registering trusted bots and encrypting each transaction with cryptographic tokens. Online shopping fraud losses reached $750 million in 2024 amid $12.5 billion in total consumer fraud.

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00:00It's Benzinga bringing Wall Street to Main Street.

00:02MasterCard's chief product officer, Jordan Lambert, said consumers are nearing a paradigm shift

00:07from traditional browsers towards AI concierge.

00:10It's search and purchase products on their behalf.

00:12Lambert noted that consumers are beginning to use ChatGBT instead of Google

00:15to search for products like Best Running Shoes.

00:18He said it's a natural next step for users to ask the AI agent to complete the purchase.

00:22MasterCard launched AgentPay, a system that secures AI-driven purchases

00:26by registering trusted bots and encrypting each transaction with cryptographic tokens.

00:31Online shopping fraud losses reached $750 million in 2024,

00:35with a record $12.5 billion in total consumer fraud.

00:38For all things money, visit Benzinga.com slash GSTV.

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