Infinite Curiosity Pod with Prateek Joshi AI Agents Have Brains, But Where Are Their Wallets?
Dec 10, 2024
Amias Gerety, partner at QED Investors and former Assistant Secretary at the US Treasury, dives into the challenges AI agents face in online purchases. He discusses the need for a dedicated financial infrastructure for these agents and highlights lessons learned from historical events like the Knight Capital disaster. Gerety also explores the evolving role of payment processors like Stripe, the risks of chargebacks, and the future of agentic commerce. With insights on trust, identity verification, and the transformative potential of AI in finance, it's a fascinating conversation.
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Current AI Agent Purchases Are Limited
- AI agents making purchases today mostly occur in limited, often fraudulent contexts like organized crime and bots.
- Genuine agentic commerce requires new infrastructure distinct from current fraud patterns.
Existing Payment Infrastructure Explained
- Online payments rely on complex merchant acquiring systems ensuring safety and fraud control.
- Existing automation includes autocomplete and recurring payments, but bots still face major barriers.
AI Agents Need Special Financial Infra
- AI agents need specialized financial infrastructure similar to recurring payments with unique rules and permissions.
- Historical examples like eBay auctions and sniping algorithms reveal how new behaviors require tailored payment solutions.
