Artificial intelligence is set to move payments from digital commerce to "delegated commerce", where machines can discover products, negotiate as well as transact on behalf of consumers, making trust, intent, and real-time controls the new building blocks of the financial system, said top executives from JP Morgan, Standard Chartered, Visa and Coinbase at The Economic Times World Leaders Forum during a panel discussion titled 'AI, Trust, and the Future of Money'.
"Today, how people are discovering and purchasing stuff is going to be a very critical determinant as to how payments evolve," said Suresh Sethi, group country manager for India and South Asia, Visa. "We are talking about a time when the entire experience can be delegated. You have agents today going out, doing the purchase for you, and they are going to an extent of even enabling payments to happen," he added.
That transition will require the payments industry to move beyond simply authenticating customers and payment credentials.
"Now, we are looking at a scenario where the trust has to be actually built into intent," Sethi said. "The human intent of whatever you are giving as the program decision and the permission has to stay corrected."
Trust, he noted, will increasingly be "at the bedrock rather than just looking at how you make the journey faster."
