Upheaval in Austrian online retail: When AI goes shopping

“Among younger generations, chatbots like ChatGPT have already replaced search engines. This user behavior is spreading to e-commerce,” says Brice van de Wallewho at Mastercard in Europe is responsible for solutions for payment transactions. Like other payment service providers, Mastercard is testing applications for agentic AI in payment transactions.

Tests also with Austrian banks

The AI ​​shopping assistants are also being tested by Mastercard’s rival Visa. Also local banks First bank and the RBIare taking part in the test runs in Europe “in a controlled environment under realistic conditions”. <

First, it should be validated that payments initiated by AI agents work securely and on a large scale in real environments, it is said. It should also be ensured that AI agents can act on behalf of people, but control over this remains with the users.

Liability issue

Who is liable if something goes wrong? The liability rules would not change as a result of the AI ​​agents, says Mastercard manager van de Walle. If the merchant requests authentication when paying, liability passes to the issuer, i.e. the bank that issued the credit card. If authentication is not requested, liability remains with the retailer. They don’t want to change that for the time being. If data from the tests suggest adjustments, changes are certainly conceivable.<

AI agents are considered in many areas Security risk. How do payment service providers deal with this? Van de Walle points out that it is transparent to everyone that it is an AI. The consent and intention of the users would be checked several times throughout the entire process. The credit card data is cryptographically secured, says the Mastercard manager: “We deal with it proactively.”

Far-reaching effects

It is foreseeable that online retailers will sooner or later adapt to AI shopping assistants. You have to prepare and make data available in such a way that it can be understood by the AI. Airlines and hotels are over with the sale indirect channelssuch as marketplaces and price comparison portals, are already familiar, says van de Walle. <

However, for retailers or companies that sell directly to customers, interacting with AI agents means far-reaching changes. You don’t just have to rethink like them Customer loyalty build and maintain, but also how they design the process before, during and after the purchase.

360 degree view

“They need a 360-degree view of everything that has to do with them,” says van de Walle. Because AI agents will recreate the web Reviews Browse and consider whether the dealer had any problems with exchanges or repairs when making your purchasing decision. “AI agents will access all this information and make an informed decision about what the best option is,” said the Mastercard executive. Although price will continue to play a role, other aspects will become more important.

Great potential

If market researchers are to be believed, the potential of AI shopping assistants in retail is great. McKinsey assumes that by 2030 worldwide up to $5 trillion be moved by AI in online trading. Strategy& consultants expect that in Europe by 2030 15 percent of e-commerce is handled via agentic AI. <

Van de Walle is convinced that AI will fundamentally change the way purchases are made: “People have always been looking for ways to make their lives easier. That’s why e-commerce has become so successful. Now AI will make life even easier.”