Mastercard demonstrates readiness for a new era of AI-powered payments

He noted that while consumers currently navigate multiple applications for daily tasks like bill payments or food ordering, the integration of intelligent agents will soon automate these processes through single conversational interfaces.

Aggarwal highlighted the shift away from manual human interaction in routine digital commerce. "Whether it is buying food, ordering food or booking a restaurant table or even potentially paying your bills, the way it works is you visit different apps, and then you enter your credentials, and then you go show me my bills if you're paying. There is a lot of human interaction, right? Which a lot of this can be sort of automated. And it doesn't have to, I don't want to go to 20 different apps," he said.

He explained that platforms offering conversational ability allow users to execute detailed commands without visiting individual websites. According to Aggarwal, these authenticated, trusted agents interact in the background to perform activities on behalf of the user, potentially saving significant time by handling mundane daily tasks.

Addressing the security implications of increased digital interactions, Aggarwal emphasised that fraud detection remains a core component of the company's infrastructure. He acknowledged that as digital payments continue to grow, attempts at fraud will also increase.

"Whether agents or non-agents, our underlying technologies are quite the same. Now, yes, there is no fault in saying that as digital payments or digital interactions continue, attempts to potentially defraud will also increase," Aggarwal remarked. He further noted that "security is by default embedded in the Mastercard system and process."

Mastercard views AI as a multifaceted tool that serves as a consumer, an innovator, and a revenue generator. Aggarwal explained that AI is used for productivity enhancements and as a differentiator through fraud prevention offerings.

"We are saying standalone, we can sell some cybersecurity products which are around fraud prevention, fraud detection, and potentially in the future we can also do data analytics that can allow you to do marketing better," he stated. He added that for the company, AI serves as an innovator and a standalone revenue generator, with all pillars being equally important.

Reflecting on the broader impact of AI on the workforce, Aggarwal compared the current technological shift to historical milestones like industrialisation and the introduction of computers.

He dismissed concerns over massive job displacement, suggesting that AI will instead allow people to become more productive and focus on different tasks.

Regarding India's position in the global landscape, he asserted that the country is a tier-I player in AI-based innovation. "India is not a third-world country when it comes to AI, right? India is in the tier-I countries," Aggarwal said. (ANI)