How AI Will Transform Consumer Experiences
Artificial intelligence is on track to dramatically change the way people shop and manage payments, according to Max Levchin, CEO and co-founder of Affirm. Speaking at the Reuters Momentum AI Finance conference in New York, Levchin explained that **AI agents** will soon handle shopping and payment tasks for consumers, making financial products more transparent and accessible.
Levchin shared that future **agentic AI**—a form of advanced, autonomous artificial intelligence needing minimal human intervention—will be capable of:
- Shopping and paying on consumers’ behalf
- Recommending the most suitable financial products for each purchase
- Instantly identifying products with high-interest rates or hidden late fees, benefiting consumers by exposing predatory pricing and business practices
He stated, "I think we're headed for a future where we have a profound elimination of business models that are designed to prey on stupidity, or lack of attention ... because it's all going to get done by the bots."
AI’s Role in Transparency and Consumer Protection
Levchin pointed out that **AI** can read the fine print in financial agreements—a task often overwhelming or purposely obscured for humans. "AI does not have a problem with that. It can read the finest of prints, it will find the 'gotcha.'" This ability will protect consumers, particularly those who might otherwise make costly mistakes, such as signing up for deferred interest credit cards without fully understanding the terms.
The Impact on Retail and Payment Providers
The widespread adoption of **agentic AI** is expected to reshape the retail and payment sectors:
- Companies relying on hidden fees or unclear business models may struggle as **AI tools** make costs transparent
- Retail and payment businesses that embrace adaptive, composable **AI solutions** are likely to thrive
Levchin highlighted that Affirm’s suite of products is designed to integrate with chatbots, internet browsers, and digital wallets, positioning the company as a leader in the evolving AI-driven market.
Buy Now, Pay Later and the Shift Online
The shift has been amplified by the growth of **buy now, pay later (BNPL)** services from providers like Affirm and Klarna, offering installment plans over periods as long as 36 months. During the pandemic, BNPL became widely popular, fueling $82.4 billion in online spending in 2024, a 9.9% increase from the previous year.
Walmart and Autonomous AI in Retail
Beyond fintech, major retailers are also investing heavily in **autonomous AI**. Walmart, for example, unveiled plans to deploy a suite of AI-powered "super agents" to improve customer experiences and streamline operations. The company aspires for online sales to account for 50% of its total revenue within five years, driven in large part by these digital innovations.
Conclusion: Winners and Losers in the Age of AI Shopping
The forthcoming era of **agentic AI** will force businesses to offer clarity and value. Companies quick to adopt adaptive, transparent AI solutions are best positioned to benefit, while those with less consumer-friendly models may be left behind. As tools like
Chatgpt and others evolve, the shopping and payments landscape is set for a fundamental transformation[1].
