Mastercard Makes Commerce More Conversational, Launches Chatbots for Banks and Merchants
Mastercard, a technology company in the global payments industry, has announced its plans to launch artificial intelligence (AI) bots that allow consumers to transact, manage finances, and shop via messaging platforms. Mastercard Bot for Banks will be first available on Facebook Messenger. 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 Bot for Banks 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 KAI is powered by KAI Banking’s deep knowledge in financial services and conversational AI. It can fulfill customer requests and solve problems, enabling financial institutions to create entirely new consumer experiences – ones that are as easy and natural as texting a friend. Starting early next year, consumers based in the United States can ask the bot questions about their accounts, review purchase history, monitor spending levels, learn about Mastercard cardholder benefits, receive contextual offers through integration with Mastercard Priceless experiences, and get help with financial literacy. “We’re excited to partner with Mastercard to help drive conversational commerce and engage with consumers where they spend their digital lives – on messaging platforms,” said Zor Gorelov, CEO and co-founder, Kasisto. “This bot enables entirely new experiences, bringing Mastercard benefits and offers to consumers with human-like conversations that are personal and contextual. We’re powering conversational commerce, anytime, anywhere – just as consumers have come to expect.” Currently in pilot testing on Messenger, Mastercard KAI will eventually roll out to the 1 billion people who use Messenger every month. Mastercard Bot for Merchants With the Mastercard bot for merchants, consumers will be able to shop and transact on messaging platforms and then check out with the Masterpass global digital payment service. Developed by Mastercard Labs, the bot enables 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. The bot works across multiple verticals – from airlines to retail – and runs on various messaging platforms, making commerce more frictionless than ever before. To accelerate development of conversational commerce among merchant partners, Mastercard plans to open up its experimental Bot Commerce API on Mastercard Developers platform later this year. Merchants can use this API in a sandbox to begin testing chatbots powered by Masterpass. “At Mastercard, we believe that AI-driven conversations between companies and their customers can drive better customer experiences in places and platforms that consumers are already engaging in.,” said Kiki Del Valle, senior vice president, Commerce for Every Device, Mastercard. “Mastercard Labs has been testing integration of key Mastercard products and services within different messaging platforms and we’re thrilled to test Mastercard KAI on Messenger first. We will keep moving this test-and-learn approach to the next phase by developing chatbots that are naturally ingrained into a consumer’s daily life and helps our partners stimulate business interactions that are more conversational.”
Mastercard, a technology company in the global payments industry, has announced its plans to launch artificial intelligence (AI) bots that allow consumers to transact, manage finances, and shop via messaging platforms. Mastercard Bot for Banks will be first available on Facebook Messenger. Mastercard is developing bots for both its merchant and bank partners, which will […]
Mastercard, a technology company in the global payments industry, has announced its plans to launch artificial intelligence (AI) bots that allow consumers
["AI Chatbot", "banking AI"]
["banking AI", "Go", "API", "artificial intelligence", "AI", "AI Chatbot", "chatbots", "ML", "RPA", "virtual assistants", "Git", "R"]
["AI", "artificial intelligence", "ML", "chatbots", "virtual assistants", "R", "Go", "Git", "API", "RPA"]
Manisha is a Senior Content Analyst with Analytics India Magazine.  Apart from writing &amp; editing articles and taking interviews, she is also responsible for covering analytics news, and handling social media for AIM.  She can be contacted on manisha.salecha@analyticsindiamag.com.