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Mastercard brings agentic payments to life in Singapore with DBS and UOB
Mastercard, in collaboration with DBS and UOB, two of Southeast Asia's largest banks, has completed its first live, authenticated agent-based payment transaction in Singapore. The demonstration showcased an autonomous artificial intelligence (AI) agent booking appointments and making payments on behalf of its users.
The use of AI technology in payments represents a significant advancement in the field, moving this AI payment concept from proof of concept to standard commercial applications. This increased accessibility will make it easier for businesses to incorporate AI-powered payment systems, accelerating the adoption of autonomous AI commerce.
The agent-based payments transaction was made possible through Mastercard's Vocal Pass, a voice-operated payment solution, and an AI system equipped with natural language processing (NLP) capabilities. DBS and UOB acted as participants in the testing phase of this technology, ensuring their platforms were equipped to handle these types of transactions.
Mastercard's chief innovation officer, Rakesh Singh, emphasized that this was a momentous occasion for the company, taking AI commerce from the laboratory into the everyday life of consumers. The successful transaction was the result of a year-long effort cultivated by the three organizations involved, according to Singh.
This represents another milestone in Mastercard's ongoing mission to integrate AI technologies into its payment solutions. The payment platforms developed by the company have always been focused on delivering frictionless, secure shopping experiences. The introduction of AI capabilities like those displayed by Vocal Pass and the NLP system only serves to expand on those goals, yielding more seamless interactions for both users and businesses.
As automated AI-driven payments become more common, organizations across various industries can expect to witness significant improvements in their operational efficiency. Automated transactions allow for quicker processing times, reducing the chance of human error and speeding up the approval process. With the help of
Source: AI News, Link
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