In a pioneering move, Visa and Chinese fintech company, Lianlian, have successfully completed the first-ever business-to-business (B2B) transaction facilitated by artificial intelligence (AI) in Greater China. The transaction, which marks significant progress towards a future where AI agents independently facilitate purchases and make payments, was executed using LoopXPay, an AI agent developed by Lianlian.
In a single workflow, the agent sourced a product sample from a vendor, identified the purchasing requirement, suggested suitable suppliers, compared options, placed the order, and securely executed the payment. This process was conducted within predefined spending limits and approval ranges allowing control over the transaction to be retained, while much of the procurement process was delegated to the AI. The development exemplifies the potential for AI to progress beyond information gathering and assistance to include commercial decision-making and financial transactions.
Establishing Trust in AI-Mediated Payments
The progression also raises a fundamental question for Visa: how can merchants and financial institutions verify if an AI agent initiating a transaction is authentic and authorised to spend? In response to this, Lianlian’s LoopXPay has been registered in Visa’s Agentic Directory, a tool that allows businesses and merchants to recognise validated AI agents.
The infrastructure aids Visa’s Trusted Agent Protocol, built to offer identity, transparency, and controls for agent-facilitated transactions. “As businesses increasingly look to incorporate intelligence into purchasing and payment experiences, trust will become an essential driver of adoption,” stated Darren Parslow, Global Head of Visa Commercial Solutions.
The initiative intimates a potential new function for payment networks. As autonomous AI systems become capable of commercial decision-making, payment providers will increasingly need to establish rules governing identity, authorisation, and spending controls for machines acting on behalf of businesses.
Expanding Applications for AI Agents
Visa and Lianlian are already exploring additional applications for AI agents beyond the first transaction. These include procurement, digital advertising optimisation, and payments on B2B platforms.
Lianlian views payments as a crucial element of the emerging infrastructure supporting what it refers to as the “Agent Economy.” “AI is transforming the entire commercial value chain, where a growing number of business activities will be independently carried out by AI agents, with payments serving as the critical infrastructure linking them to global commerce,” explained Zhang Zhengyu, founder, chairman, and CEO of Lianlian DigiTech.
The collaboration between Visa and Lianlian arrives as payment networks, banks, and fintech companies progressively explore how autonomous AI agents could revolutionise commerce. If adoption accelerates, the competition may extend beyond who processes a payment to who provides the identity, trust, and authorisation infrastructure enabling AI agents to transact initially.
Questions & Answers
What was the nature of the transaction conducted by Visa and Lianlian?
The companies completed a B2B transaction driven by an AI agent. This marked a significant step towards autonomous AI systems facilitating purchases and making payments.
How do Visa and Lianlian ensure that AI-driven transactions are legitimate?
LoopXPay, the AI agent used for the transactions, is registered in Visa’s Agentic Directory. This tool allows businesses to verify AI agents, ensuring that they are legitimate and authorized to conduct transactions.
What is Lianlian’s view of the role of payments in the future of commerce?
Lianlian sees payments as a vital component of the infrastructure supporting the “Agent Economy.” They believe that AI is transforming the commercial value chain, with payments serving as a critical link connecting autonomous business activities to global commerce.
