Visa与OpenAI合作及万事达卡机器代理支付：信用卡正式进入代理时代

Visa-OpenAI Partnership, Mastercard Agent Pay for Machines:Cards firmly enter the agentic era Visa today announced a partnership with OpenAI (link) to essentially enable agenticcommerce, conversational agentic workflows and developer experiences through VisaIntelligent Commerce (including Visa agent tokens) and services. Visa and OpenAI are solvingfor two key focus areas 1) seamless agentic commerce experiences, 2) exploring futureagentic economy use cases including developer-focused autonomous agent experiencespowered by Codex, and conversational automated workflows. For anyone who has doubted Harshita Rawat, CFA+1 917 344 8485harshita.rawat@bernsteinsg.com Viola Chen+1 917 344 8614viola.chen@bernsteinsg.com Simran Ratani+1 917 344 8329simran.ratani@bernsteinsg.com V (and MA) are networks of trust(and often misunderstood as backend money movementwhich settlement layers handle).Agents will (eventually) bring a paradigm shift in howwe engage in commerce experiences, and simultaneously bring new economic OpenAI’s comment in the release was quite noteworthy:“Commerce is going to happenin many more places and in many more ways than it does today, and agents will play anincreasingly important role in helping people complete tasks that involve money—frompurchases and payments to more complex transactions,”. “By integrating with Visa Intelligent The announcements todaynot only provide a big stamp of approval for agentic cardtokens but also a proof point that value-added services’ (VAS) growth opportunitywill be enhanced with agentic(e.g., around authentication tokenization, risk, fraud).Forexample, Visa announced new services today — Agent Score(allows merchants to Concurrently, with this announcement, Visa also announced enhancements to itstokens —bringing more data (e.g., on transaction type, where token is being used and whois making the payment), assurance (using token history to generate a signal of trust behind It is likely that OpenAI announces a partnership around Mastercard AgentPay foragentic commerce,but unclear if it will include the future enterprise machine paymentuse-case.Separately, we note that Mastercard also introduced Agent Pay forMachines (AP4M) today, a new credentialed multi-rail service to enable permissioned Taking a step back, Agentic Commerce is often discussed as a potential risk forVisa/Mastercard. It’s very much the opposite(more digitization, transactions, & VAS). In the agentic world (where trust will be scarce), cards (with an array of services, 7B+credentials, 100m+ merchants) will quite likely be the payment method of choice. Cardscan also easily adjust their commercial models to accommodate autonomous agenttransactions (including very small ticket transactions for compute, tokens, images). V/MAhave done this historically to make transit and vending machine small-ticket transactions We wonder if the news including the ones from today help the narrative around thenetworks transition from an ‘AI trade funding source trade’ to ‘AI winners’. We alsonote that several key overhangs are now somewhat behind us including CCCA (likelihoodquite low vs. beginning of the year), the MDL settlement and Illinois card fee lawsuit. Also, INVESTMENT IMPLICATIONS We rate V, MA, TOST, Adyen, XYZ OP. We rate FISV, FIS, GPN, KLAR and PYPL MP. PLEASE SEE LINKS TO OUR PREVIOUS RELATED NOTES: •Payments: Visa/Mastercard merchant settlement preliminary approval; A closure, finally?(June 2026)•The Long View: Payments - Does Cash Digitization Runway Still Exist?(June 2026)•Weekend Tech Byte: The 'cost' of cards — the often misleading comparisons; our perspectives in key charts (June 2026)•Visa: Reflections on our Fireside Chat with CEO Ryan McInerney (May 2026) BERNSTEIN TICKER TABLE DISCLOSURE APPENDIX I. REQUIRED DISCLOSURES References to "Bernstein" or the “Firm” in these disclosures relate to the following entities: Bernstein Institutional Services LLC(April 1, 2024 onwards), Sanford C. Bernstein & Co., LLC (pre April 1, 2024), Bernstein Autonomous LLP, BSG France S.A. (April 1,2024 onwards), Sanford C. Bernstein (Hong Kong) Limited盛博香港有限公司,Sanford C. Bernstein (Canada) Limited, SanfordC. Bernstein (India) Private Limited (SEBI registration no. INH000006378), Sanford C. Bernstein (Singapore) Private Limited,Sanford C. Bernstein Japan KK(サンフォード・C・バーンスタイン株式会社)and analysts employed by Société GénéraleAfrica Technologies & Services to produce Bernstein research under a Global Services Agreement in place between Bernstein Bernstein is part of a joint venture between Société Générale (SG) and AllianceBernstein, L.P. (AB). Unless specifically notedotherwise, for purposes of these disclosures, references to Bernstein’s “affiliates” relate to both SG and AB and their respectiveaffiliates. VALUATION METHODOLOGY This research publication covers six or more companies. For valuation methodology and other company disclosures:Please visit: https://bernstein-autonomous.bluematrix.com/sellside/Discl