Summary of the Key Points
This article, written by Zhang Wenyi, President of Visa Greater China, focuses on how AI is reshaping business. The core message is that AI doesn’t just change the way we pay; it fundamentally redefines the logic of doing business through intelligent agents (which can be thought of as “digital assistants”) – affecting how consumers seek services, the decision-making process in transactions, and the relationships between businesses, financial institutions, and customers. The article emphasizes that trust is crucial for the widespread adoption of AI in business. China, with its mature digital infrastructure and high user acceptance of new technologies, is considered a forefront for the development of AI-based commerce. Visa’s role is to build the foundational trust mechanisms that will enable the industry to establish unified standards.
Three Major Changes Brought by AI in Business
AI doesn’t make minor adjustments; it transforms the underlying logic of business in three main areas:
1. From “consumers seeking services” to “services understanding you”: In the past, you had to actively search for products, compare prices, and choose services. Now, AI can recommend things based on your habits (for example, a video platform might suggest products you like). In the future, AI might even predict your needs (for instance, it could automatically book dinner or schedule a massage after noticing you’ve been working overtime frequently). The interface for doing business will shift from a search box to an intelligent system that proactively meets your requirements.
2. From “you manually making payments” to “AI assisting in decision-making”: AI will be able to handle more tasks for you, such as finding the cheapest flight or planning a travel budget, and it might even make transactions on your behalf within the limits you set (for example, automatically renewing a subscription or purchasing limited-edition items). This brings new questions about how to confirm that the AI is acting with your authorization and who bears the responsibility for those transactions.
3. From “ Completing payments” to “Building long-term relationships”: For banks, AI isn’t just about speeding up payments; it’s also about understanding your needs better (for example, recommending a travel credit card if you travel frequently or offering financial advice if you have just had a child). The competition among banks will focus less on having the most products and more on providing continuous, personalized services.
Trust: The Lifeline of AI-Based Commerce
For AI-based commerce to scale, trust must be established. The article highlights three key aspects:
1. Identity verification: It’s essential to ensure that not only are you who you claim to be, but also that the AI is truly acting on your behalf (for example, that your digital assistant isn’t being controlled by someone else and that it follows your instructions).
2. Clear authorization: You need to understand what permissions you are giving to the AI (for example, whether it can spend up to a certain amount or only buy everyday necessities, and you should have the ability to revoke those permissions at any time). For both businesses and banks, this also means understanding their responsibilities in case the AI makes mistakes.
3. Collaborative ecosystems: AI-based commerce cannot be achieved by a single company; it requires cooperation among banks, businesses, platforms, and technology companies to establish common rules. This is similar to how QR code payment became widespread – it was only possible because of the joint efforts of the entire industry.
The Chinese Market: A Goldmine for Testing AI-Based Commerce
There are three reasons why China might be the first to see large-scale adoption of AI-based commerce:
1. Strong digital infrastructure: Mobile payments, e-commerce, and popular apps (such as WeChat and Alipay) are well-established, making it easy for AI to access and process data related to shopping, travel, and other services.
2. High user acceptance: Chinese people are quicker to adopt new digital services than in other countries; QR code payment, for example, became widely used within just a few years.
3. Diverse use cases: From retail to transportation and daily life, there are numerous opportunities for AI to provide value, as users can find everything they need on digital platforms. For instance, while using food delivery apps, AI is already helping with product recommendations; in the future, it might even place orders directly.
Visa’s Role in AI-Based Commerce: Building the Trust Bridge
Visa’s goal is not to create a specific AI payment tool but to establish a trust infrastructure that enables the industry to follow unified standards. This includes verifying the identity of intelligent agents, managing user authorization, and ensuring transaction security. The company aims to set common rules for the entire industry, just as bank card payments use global standards today. Visa’s focus is on five key areas: credible identities, clear authorization, secure credentials, payment controls, and collaborative ecosystems. The ultimate goal is to make AI-based commerce “verifiable, governable, and scalable.”
The Future
Technology may change, but trust will always remain the foundation of business. The article concludes by stating that while payment methods might evolve (perhaps through intelligent agents), trust will determine how far businesses can go. In the next decade, AI will reshape business, but only by establishing universally accepted trust rules can innovation be truly embraced. Visa’s mission is to bring trust to all forms of commerce in the future, working with Chinese partners to create a safer and more intelligent payment ecosystem.
In simple terms: AI changes how we do business, but it is trust that determines how far we can go as a society.