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Invite colleaguesAgentic commerce and payments : Exploring the implications of robots paying robots
Abstract
A new frontier for payments is emerging where the ‘traditional’ world of machine-to-machine and automated payments intersects with the rapidly evolving world of artificial intelligence (AI). As the bots evolve from simple chatbots to intelligent agents, known as Agentic AI, they will evolve from machines (in the most general sense) under our control into robots capable of making their own decisions and, by implication, their own payments. This is where we see an emerging demand for robot-to-robot (R2R) payments and the commensurate need for a strategic response from the payments sector to meet this need. While early experiments in machine payments have used existing mechanisms (eg blockchain and payment cards) it is not clear that these mechanisms can satisfy the needs of the emerging sector. This paper extends a taxonomy of payment types to include AI and looks at the specific needs of the R2R subsector. It presents some of the opportunities for FinTechs to create new products and services to complement the offerings of the ‘traditional’ players at the intersection of AI, machine payments and financial services. It concludes that the smart wallet (ie a digital wallet that can be operated by a robot) will be the central orchestration mechanism. We see the potential for a new payments infrastructure emerging to both re-energise past propositions (eg micropayments) and create entirely new ones (supply-chain currencies). New transactions and new trade mean new prosperity. With the right governance in place, the payments industry can explore this entirely new frontier to the great benefit of the economy as a whole.
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Author's Biography
David G. W. Birch is an author, adviser and commentator on digital financial services. A recognised thought leader in digital identity and digital money, he holds a number of board and advisory roles across these fields. He is a Forbes contributor and a columnist for Financial World, and is proud to have been named one of Wired magazine’s top 15 global sources of business information.
Debbie Gamble is a renowned global leader in the field of payments, with particular expertise in secure transaction technologies. She has spearheaded groundbreaking digital identity, cryptocurrencies and mobile commerce initiatives. Debbie’s contributions have earned her numerous industry accolades, including recognition as one of the Top 50 Canadian Executives, FemTech Leader of the Year, Top 50 Women in FinTech, and one of the Most Influential Women in Payments.