NEW YORK & LAS VEGAS--(BUSINESS WIRE)--Today at Money 20/20, Mastercard announced its plans to launch artificial intelligence (AI) bots that allow consumers to transact, manage finances, and shop via messaging platforms. According to research firm Gartner, nearly $2 billion in online sales will be performed exclusively through mobile digital assistants by the end of 2016.1 Mastercard is developing bots for both its merchant and bank partners, which will use chat, messaging and natural language interfaces to communicate with consumers. With the Mastercard bots, partners can have a true dialogue with consumers and provide personalized service, seamless user experience and contextual offers and rewards. Mastercard KAI, the Mastercard bot for banks, will seamlessly extend Mastercard services to customers on messaging platforms and make financial information and decisions part of consumers' everyday lives. In this testing phase on Messenger, Mastercard is partnering with Kasisto, the company that created KAI Banking, the conversational artificial intelligence (AI) platform, to power branded virtual assistants and smart bots for financial services and is a current participant in the Mastercard Start Path Global program.
Mastercard has announcedplans to launch an artificial intelligence (AI) bot platform that allows consumers to transact, manage finances, and shop via messaging platforms. The Mastercard bot for banks will extend Mastercard services to customers on messaging platforms and make financial information and decisions part of consumers' everyday lives. In the pilot phase, Mastercard is partnering with Kasisto, the company that powers branded virtual assistants and smart bots for financial services and is a current participant in the Mastercard Start Path Global program. The Mastercard bot is powered by KAI Banking, a conversational AI platform with deep knowledge in financial services. It can fulfill customer requests and solve problems on messaging platforms such as Facebook Messenger and SMS, enabling financial institutions to create entirely new consumer experiences – ones that are as easy and natural as texting a friend.
BOT TO THE FUTURE: Mastercard wants to make commerce'more conversational' Mastercard has unveiled plans to launch artificial intelligence (AI) bots for its merchant and bank partners, allowing consumers to use chat, messaging and natural language interfaces to shop and manage their finances. Mastercard KAI, the payments giant's bot for banks, will allow consumers to ask the bot questions about their accounts, review purchase history, monitor spending levels and receive contextual offers. Meanwhile, the Mastercard Bot for Merchants will allow consumer to shop and transact on messaging platforms and then check out with the Masterpass global digital payment service. According to research firm Gartner, nearly US$2bn in online sales will be performed exclusively through mobile digital assistants by the end of 2016. Kiki Del Valle, SVP at Mastercard, explained to NFC World the company was aiming to make commerce "more conversational by combining secure digital payments and artificial intelligence technology".
Hot on the heels of Bank of America's announcement yesterday that it is launching a new chatbot named Erica, Mastercard has unveiled its own personal finance bot named KAI at Money 20/20. Mastercard's artificial intelligence-powered bot responds to more than 1,000 queries about personal finances and other subjects. It was developed by Kasisto, a spinoff of Siri creator SRI International. Available to US consumers later this year, Mastercard KAI will converse about a customer's account history and account balance, as well as make payments, identify spending patterns and set alerts for specific kinds of spending. In addition to the Mastercard bot for banks, the financial services provider is also launching a bot for merchants.
Today at the Facebook Developer Conference, Mastercard announced Masterpass-enabled bots to drive more seamless shopping on Facebook Messenger with FreshDirect, Subway and The Cheesecake Factory . The bots leverage artificial intelligence (AI) technologies to enable consumers to interact with the merchant brands, build their order and securely checkout via Masterpass, all without leaving the Messenger platform. Masterpass-enabled bots work across multiple verticals – from restaurants to retail – making conversational commerce frictionless while delivering a more personalized experience. The bots allow consumers to engage with brands in new places where they are already spending their time, as messaging apps and platforms like Messenger currently represent many of the top 10 global apps used by billions of people worldwide. The bots will also support all Masterpass-enabled wallets from banks including Citi and Capital One.