At the 10th New Finance Forum held in Beijing on November 28, 2025, Visa Global Vice President Pei Sheng delivered a keynote speech titled "The New Era of AI-Driven Commerce."

Pei Sheng highlighted that while the traditional four-party model remains foundational, the emergence of AI as a "fifth party" introduces new challenges, including security, control, and user authorization. Visa has proposed an "Intelligent Commerce Framework" to address these evolving dynamics in AI-driven commerce.

He emphasized that AI will fundamentally transform commerce, shifting from manual website navigation to conversational interactions with AI agents. Pei Sheng shared insights from his career spanning internet revolutions, mobile payments, and now generative AI. He noted that AI has evolved from predictive analytics to generative capabilities, enabling autonomous decision-making in both digital and physical realms.

A notable example involves AI agents autonomously shopping online, such as purchasing a dozen eggs for an exorbitant $35, exposing three key issues: 1. **Security risks**: AI agents accessing sensitive payment and personal data. 2. **Lack of control**: Poor cost optimization in transactions. 3. **Authorization gaps**: Unconfirmed purchases leading to disputes.

Visa’s proposed solutions include: 1. **AI-optimized payment identifiers**: Digital tokens with limited scope and duration for AI agents. 2. **Personalized services**: Leveraging Visa’s consumer data with explicit user consent. 3. **Structured transaction protocols**: Ensuring AI agents interact securely with merchants and payment systems.

Pei Sheng also introduced a "Trusted Agent Protocol" to certify legitimate AI agents, preventing them from being blocked as malicious bots. He concluded that while AI will redefine commerce, it requires rebuilding infrastructure and value chains to ensure security and efficiency.