MasterCard has unveiled its plans to roll out artificial intelligence (AI) interactive bots for both merchant and bank partners that allow users to transact, manage finances, and shop through messaging platforms.
The MasterCard bot for banks, known as MasterCard KAI, will extend MasterCard services to customers on messaging platforms and make financial information and decisions part of consumers’ everyday lives. MasterCard KAI will be first available on Facebook messenger.
During its trail stage on messenger, MasterCard has collaborated 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.
MasterCard bot for merchants will empower users to shop and transact on messaging platforms and then check out with the Masterpass global digital payment service.
Developed by MasterCard Labs, the bot allows consumers to start a simple conversation with a merchant and complete a transaction without opening their wallets, visiting the merchant’s app or waiting in line.
MasterCard plans to open up its experimental Bot Commerce API on MasterCard Developers platform later this year, to speed up development of conversational commerce among merchant partners.
Merchants can use this API in a sandbox to start testing chatbots powered by Masterpass.