Mastercard and Alchemy’s deal will bring Mastercard-backed virtual cards, spending limits and approval controls to AI shopping agents. If agents prioritize cost, they could eventually move payments to cheaper stablecoin rails, putting Mastercard’s network fees at risk.
Alchemy’s AgentCard integrates with Mastercard Agent Pay, allowing developers to issue the virtual cards and restrict what and where an agent can buy. Cardholders can pre-approve purchases within set parameters or require the agent to seek approval before each transaction.
A January Omnisend survey found only 8.29% of U.S. shoppers were fully comfortable with AI completing online purchases. Citrini Research’s February scenario, explicitly a thought experiment rather than a forecast, imagined cost-focused agents shifting transactions from card rails, where interchange is commonly cited at 2%–3%, to stablecoin rails costing a fraction of a cent per transaction. Issuing banks receive interchange; Mastercard earns network fees on transaction volume, so migration away from its system would reduce its revenue.
