Mastercard CEO says one-time virtual cards for AI agents are not a long-term solution
For the card payments head at an issuing bank
Mastercard CEO Michael Miebach said on the company's third-quarter earnings call on Oct. 29 that the company will not support, over the long term, one-time virtual cards inserted into AI agent purchases, according to PYMNTS.1
Mastercard wants agents to use network tokens, which replace sensitive card details while keeping the purchase connected to the underlying card, PYMNTS reported.1 Miebach called a virtual card number a processor decision and a bridge to a fully tokenized transaction, according to PYMNTS.1
"We're cognizant that this ecosystem needs to get there, no question about it, but that's not a long-term solution that we will support," Miebach said.1
Miebach said Shopify's Shop Pay is using Agent Pay and Mastercard network tokens to preserve consumers' credentials throughout the payment, PYMNTS reported.1
PYMNTS reported that Mastercard Agent Pay incorporates tokenization and verifies that agents are authorized by buyers, and that a new OpenAI agreement includes Agent Pay.1
Chief Financial Officer Ling Hai identified additional token functionality for agents as an area for development and pricing, according to PYMNTS; the source did not give prices, terms or who would pay.1
Banks that issue cards may be asked to support network tokens for agent purchases and could face fees for added token features, while processors using virtual cards may need to change their setup. Issuers should also expect questions on who is liable when an agent errs, since Payments Dive reports no settled liability rules for agent transactions.
Miebach said he expects consumer use of agent shopping to build during holiday shopping, according to PYMNTS.1
Our take. A one-time virtual card in an agent checkout means your customer buys with a number you didn't issue. Mastercard says it won't support that long-term, and its CFO plans to price agent token features. Provision first.
Action. Card product: Confirm your processor provisions Mastercard network tokens for agent checkouts, not one-time virtual cards, and map which rewards and controls carry over.
What our records say
Mastercard's AI strategy is a trust layer for agent payments plus AI-powered services: it registers and tokenizes AI agents (Agent Pay), proves what a user authorized (Verifiable Intent), and sells AI fraud, cyber and advisory services built on its network data.1 Mastercard Agent Pay launched on 29 April 2025 with Agentic Tokens and a requirement that AI agents be registered and verified.2
From our records
- Mastercardfintech · company Card network, founded 1966, United States · bank partners Citi, U.S. Bank, HSBC
- ChatGPT Enterprise (OpenAI)vendor · banks using it (14) Morgan Stanley, BNY, Customers Bank · alternatives Microsoft Copilot, Claude, Gemini Enterprise
Sources
- ReportPYMNTS | Mastercard Pushes Back on Card Substitutes in AI Shopping PYMNTS
- Also reported byLiability looms over AI shopping Paymentsdive