MasterCard Users Can Manage their Accounts from Facebook Messenger Soon

MasterCard has embraced Facebook’s chatbot platform, as users will be able to control their accounts by logging onto Facebook Messenger soon.

The bot is powered by KAI, Kasisto’s AI platform and allows customers to interact with the bot by asking questions, receiving alerts and offers.

The announcement was made during the Money 20/20 conference in Las Vegas this week with MasterCard stating that Facebook Messenger would allow users to “transact, manage finances, and shop via messaging platforms.”

Chatbot in Testing Pilot Mode

At present the chatbot is being tested but MasterCard said that early next year, the service would be offered to Facebook Messenger’s 1 billion users, staring in the US first.

According to Gartner “nearly $2 billion in online sales” will pass through an artificial intelligence by the end of 2016.

MasterCard will Introduce 2 Chatbots

MasterCard will introduce 2 chatbots including: MasterCard Bot for Banks and one for Merchants.

Customers will be able to chat with the bank bot and ask questions about their purchase history and account.

The tone of the bot will be conversational and MasterCard aims for the experience to be like “texting a friend.”

Shopping on Facebook Messenger and Masterpass

If customers want to shop on Facebook Messenger the MasterCard Merchant bot will help them purchase goods through Masterpass.

MasterCard stated that Facebook Messenger is just the start of apps receiving a MasterCard chatbot, with expectations to launch on “various messaging platforms.”

Facebook and the Potential of Chatbots

Since Facebook introduced chatbots to Messenger in April, other companies like American Express have introduced AI enhanced bots for users. Paypal has also expressed interest in advancing their messenger capabilities.

Use of bots is set to grow if embraced by users. Virtual assistants could speed up purchasing, pushing more sales online, and reducing the need to shop in retail stores.