Mastercard teams up with OpenAI and Tencent so AI can shop for you

Mastercard is working with OpenAI and Tencent so AI shopping helpers can pay for things on your behalf. The OpenAI deal came up on Mastercard's Oct. 29 earnings call. The Tencent deal was announced Nov. 2.

What changed

CEO Michael Miebach said the OpenAI agreement includes Agent Pay and "goes well beyond." Agent Pay is Mastercard's system for payments made by AI agents. He said Mastercard wants these agents to use tokenized versions of your chosen card. That means a secure digital stand-in, not your real card number. Shopify's Shop Pay already uses Agent Pay.

On Nov. 2, Mastercard signed a memorandum of understanding with TenPay Global, Tencent's cross-border payment platform. That is a preliminary agreement to explore working together. The plan covers QR code payments for international visitors in mainland China, money transfers into WeChat, and AI-enabled shopping.

What is not known yet

No launch dates were given. The material does not say when shoppers could use an AI agent with Agent Pay, or what the OpenAI deal looks like in practice. The Tencent deal is only an agreement to explore.

Miebach named two hurdles. Shoppers must feel comfortable, and he said using Agent Pay and having a registered agent is key. Shops also need to be discoverable, meaning an AI agent can find them. He said that piece is slightly behind.