Investing.com -- Concerns that Ai could weaken the role of card networks such as Visa and Mastercard are growing, though the risk to their long-term business models remains uncertain, according to analysts at Evercore.

Agentic commerce is where AI assistants make purchases on behalf of consumers and select payment methods automatically.

In theory, that shift could move control of payment choices away from the checkout page and toward software platforms that prioritize lower transaction costs or faster settlement. Analysts say that could allow merchants or AI agents to steer payments toward alternatives to traditional card rails.

Under the most extreme scenario, AI systems could route transactions directly between parties using stablecoins or other payment rails, potentially reducing the role of card networks in the payments chain and weakening their pricing power over time.

Evercore said that outcome would require a long sequence of changes across the payments ecosystem, including merchant approval for automated purchasing, shifts in consumer funding behavior, new liability frameworks and broader acceptance of alternative payment rails.

Those hurdles remain significant in developed markets, the analysts said.

The rise of AI-driven shopping has nonetheless weighed on investor sentiment toward the card networks, contributing to recent pressure on valuation multiples as markets try to assess long-term disruption risk.

Evercore said its current view is more balanced. While AI agents could increase the ability of merchants or platforms to steer payments toward cheaper options, the firm’s research suggests the transition would be gradual.

Key constraints include merchant incentives, consumer habits and trust in payment systems, along with the legal frameworks that determine liability in digital transactions.

The firm said the near-term impact of agentic commerce will likely center on which companies control the customer interface and how payment options are optimized, rather than a rapid shift away from cards.

Visa and Mastercard could remain central to the system by providing services such as tokenization, security, identity verification and settlement infrastructure, allowing them to participate in the next phase of digital commerce rather than be displaced by it.