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FollowingVisa and data analysis company Artemis jointly released a research report exploring how payment infrastructure may differentiate between traditional card networks and stablecoins when AI agents begin to execute transactions independently. The report is entitled "Building an Agency Payment System from Zero."
The report divides future business activities into two major categories: macro commerce covers purchasing behaviors initiated by AI agents on behalf of humans, such as booking travel or renewing subscription services; micro commerce involves high-frequency, low-value payments between software systems, including services such as API calls and access to computing resources.
Scope of application for each payment track
Visa points out that bank card payment infrastructure is more suitable for macro business scenarios because it operates within a mature merchant network system and carries the trust framework required for such transactions. However, this system is not suitable for micro businesses, because fixed fees on existing card networks make small payments of less than a dollar uneconomical. The report mentioned that the new generation of blockchain has reduced settlement costs to less than a penny, making stablecoins a more practical option for machine-native micropayments.
Visa expects the two systems to develop in parallel rather than replace each other. The report pointed out that the trend of integration of the two is beginning to emerge: card network native protocols, including trust proxy protocols, proxy payment protocols, and Visa Smart Commerce, have begun to support stablecoin functions; and crypto-native protocols are gradually introducing traditional financial trust infrastructure elements. Visa wrote that the two camps are gradually transitioning from competing relationships to being part of the same system.
Trust and dispute resolution mechanisms still need to be improved
Current legal and regulatory frameworks assume that there is a natural person behind every transaction. Autonomous agents break this assumption, with Visa pointing out that existing rules are not formulated to entrust AI to make purchases. The company added that there was currently no clear legal precedent for such commercial activities.
Refund window periods and disputed evidence rules also pose related issues. These mechanisms are designed for transactions at human speed and cannot be directly applicable to environments where proxy chains make thousands of payments per hour. Visa said there is currently no mature mechanism to handle payment cancellations or disputes at this speed. In addition, Visa jointly launched the stablecoin "Open USD" with Stripe, MasterCard, BlackRock and Coinbase in 2026, which distributes most of its reserve income to participants.
