Mastercard developing AI chatbots for banks and merchants, which will be available on Facebook Messenger and other messaging platforms

Briefing

October 26, 2016

Briefing	Mastercard Bot for Banks – Mastercard tapping AI platform developer for financial services, Kasisto, to create Bot for Banks, which will enable users to ask questions about accounts, review purchase history, monitor spending, learn about Mastercard benefits, receive offers, and get financial literacy help Mastercard Bot for Merchants – Allows users to shop from stores across different verticals (e.g. airlines and retail) using Masterpass payment service without visiting another app, waiting in line, or opening wallets API for Developers – Opens Bot Commerce API to developers, enabling them to create and test chatbots that support Masterpass Availability – Mastercard Bot for Banks available to U.S. customers through Facebook Messenger beginning early 2017, while Bot Commerce API opened to developers for testing in late 2016
Accelerator	Artificial Intelligence, Mobile and Wearable Devices
Market Disruption	New Payment Technologies, Seamless Multi-Channel Experiences, Unbundling Banking
Business Model and Practices Business Model and Practices	Evolved Distribution Channels
Sector	Financial Services
Organization	MasterCard Inc.
Source	"Mastercard makes commerce more conversational with launch of chatbots for banks and merchants," MasterCard, https://www.mastercard.us/; Broussard, M., "MasterCard announces Facebook messenger bot for purchases and account management", MacRumors, https://www.macrumors.com/; "Mastercard builds chatbots for banks and merchants; teams with Fit Pay," Finextra, https://www.finextra.com/; O'Shea, D., "MasterCard getting into AI game with chatbots for merchants, banks", Retail Dive, https://www.retaildive.com/; AcceleratingBiz analysis
Original Publication Date	October 25, 2016

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