Artificial intelligence (AI) has infiltrated nearly every aspect of our lives, from our emails to the ads we see on TV. AI is constantly using data to control what we see, when we see it and how we use the information. It should come as no surprise that major financial institutions like Visa are harnessing the power of AI to make more money by spending ours.
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Personal finance expert and national bestselling author George Kamel recently weighed in on his YouTube channel about the controversy. In a YouTube video Kamel goes over how AI is changing the way we spend money and four potential risks of letting a machine shop for you.
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AI-Powered Shopping Assistance
Major credit card companies like Visa and Mastercard have embraced the idea that AI is the future, but it comes at a cost to consumers. Earlier this year, the financial giants announced initiatives within days of each other that would allow AI agents to not only assist with researching and comparing products, but also providing them with purchasing power.
According to an April 30, 2025 press release, Visa will be collaborating with major AI players including OpenAI and Anthropic to bring consumers “Visa Intelligent Commerce.” The product allows AI agents to find and buy items based on preferences pre-selected by consumers.
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The announcement comes on the heels of a similar initiative launched by Mastercard the day before. Referred to as “Agent Pay,” the concept hopes to “scale agentic commerce.” As with Visa’s Intelligent Commerce program, Agent Pay allows AI to not only suggest products and services but also to purchase them.
Risks Associated With AI Personal Shoppers
While agentic commerce may be the future, it doesn’t come without risks. As George Kamel pointed out, having artificial intelligence select and make purchases on your behalf can lead to less control over your money. On his YouTube channel, Kamel cautioned consumers about four main reasons these new initiatives may be bad in the long run.
Frictionless Spending
One of the potential downsides of AI powered spending is that it removes any friction from the purchasing process. As Kamel pointed out, spending becomes fast and easy. It is harder to keep track of when there aren’t any checkpoints, like having to enter a credit card number to buy something. He explained that “as friction goes down, the danger of overspending goes up.”
Less Connection To Your Money
The second risk of allowing AI to do your shopping is that you may lose connection to your money. Losing connection means losing control, according to the financial expert. He recommended staying in the driver’s seat when it comes to your money by setting real goals and intentionally working towards them.
Derailing Money Goals
Kamel doubts whether AI is truly capable of understanding individual financial goals. The bots are optimized for profit and convenience, not for helping a person achieve financial freedom or long-term stability. While AI might be a useful tool for some things it should not be relied upon to make purchases or manage money.
Data Privacy
Kamel warned consumers about the privacy risks associated with allowing AI to make purchases since it needs full access to data in order to do these transactions. The technology is still new and requires more information to be shared and stored. The potential for something to be leaked or go wrong is heightened, putting shoppers at risk.
Final Considerations
While Kamel explained that he has no problem with people using AI to help them shop, he doesn’t think it’s a good idea to allow AI to make purchases or take financial control. He reminded consumers that AI is shaping how we shop, influencing and manipulating our decisions. To avoid overspending, Kamel recommended setting a budget each month and staying hands on with money.
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This article originally appeared on GOBankingRates.com: George Kamel: Visa Wants AI To Spend Your Money — 4 Reasons It’s Bad for Your Finances
