“AI is transforming shopping and payments” - Virtual agents will recommend the best products to consumers
American financial company Affirm, which offers "buy now, pay later" services, warned that artificial intelligence will transform shopping, taking over tasks from humans and making financial products more transparent.
Virtual agents will soon be able to instantly exclude products with unacceptable interest rates or late fees, forcing businesses to review fee structures, a senior company official said.
“I think we are moving towards a future where there will be an elimination of business models that are designed to exploit lack of knowledge or carelessness… because everything will be done by digital assistants,” he said.
These assistants require minimal human intervention to make decisions and are widely considered the next generation of generative artificial intelligence. Soon, they will make purchases and payments on behalf of consumers, as well as recommend the best financial products to suit their purchases.
“Buy now, pay later” providers like Affirm and Klarna offer loans that buyers repay in installments spread over up to 36 months, although the most common plan features four payments.
This format became extremely popular after the COVID-19 pandemic forced more shoppers to search online and has grown rapidly, driving $82.4 billion in online spending in 2024, a 9.9% increase from 2023.
Among the big companies turning to autonomous artificial intelligence, Walmart revealed plans in July to launch a series of “super agents” to help customers and streamline operations. The retailer is investing heavily in the new technology to drive the growth of online commerce, aiming for online sales to account for 50% of total sales within five years.
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