TLDR
- Mastercard partnered with fintech startup Alchemy to link its agentic payment framework with Alchemy’s AgentCard infrastructure
- The tool lets AI agents make purchases on behalf of users, with spending caps and retailer restrictions set by the cardholder
- Alchemy previously partnered with Visa in June, meaning most major credit cards can now work with the tool
- Mastercard uses “agentic tokens” generated by issuing banks to keep transactions within authorized boundaries
- Both Mastercard and Visa stock were flat on the news; Alchemy is not publicly traded
Mastercard has rolled out an AI payment system that allows a virtual credit card to be issued directly to a user’s AI agent. The agent can then make purchases at any online merchant that accepts Mastercard, without asking the cardholder for approval each time.
The product was announced through a partnership with San Francisco-based fintech startup Alchemy, whose toolkit is called AgentCard. Alchemy first launched AgentCard in March 2026, and unveiled a partnership with Visa in June.
Mastercard stock (MA) was trading up around 0.15% on the day, essentially flat on the news.
Users connect an existing AI agent to their Mastercard account through Alchemy and set their own rules. Those rules can include spending caps, limits on which retailers the agent can buy from, and an option to require the agent to check in before completing a transaction.
Mastercard’s system relies on what the company calls “agentic tokens.” These are generated by the issuing bank and bundle together the cardholder’s stated intent and transaction details, so the network can verify the agent is staying within approved limits.
Mastercard Chief Product Officer Jorn Lambert made the company’s position clear. “We believe it’s not about if, it’s about when and how quickly,” Lambert said. “Nothing happens overnight.”
A Crowded Field
Mastercard is not alone in building out agentic payment tools. PayPal and Stripe are both developing their own systems. Visa, Mastercard, and American Express have each announced separate tools and standards to support AI-driven purchases.
Mastercard has also been building out partnerships across the tech industry. The company has previously teamed up with Microsoft and IBM as part of its broader push into agentic commerce.
With Alchemy now connected to both Visa and Mastercard, a large portion of credit cards in circulation can work with the AgentCard tool.
Trust Is Still the Barrier
Adoption faces a real obstacle: consumer trust. Many users are not comfortable handing their financial details to an AI agent, and worry about unauthorized charges.
Brendan Coughlin, president of Citizens Financial Group, acknowledged the concept has merit but added that “it is certainly not without its risks.”
Regulatory questions also remain unresolved. It is still unclear who bears responsibility if an AI agent completes a transaction the cardholder never intended, whether through a malfunction or by acting outside its set boundaries.
Bank executives, including Coughlin, remain cautious about how quickly this technology will reshape the payments landscape.
Alchemy is a private company based in San Francisco and is not publicly traded. Mastercard did not immediately respond to a request for comment from Barron’s.
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