以下文章来源于硬AI ，作者专注科技产研的 硬AI . AI时代，快人一步~ 来源 | 硬AI Visa全球市场集团总裁Oliver Jenkyn预计，随着支付巨头与人工智能企业的合作加速， 2026年"AI辅助购物"全面进入主流视野。 "到了2026年，AI支持的购物方式将全面普及。无论是在ChatGPT还是其他平台，智能助手将深度介入并协助我的购物决策。" 他还表示，从"AI辅助决策"进化到更高级的"代理式商务"（Agentic Commerce）——即由AI机器人全权代理完成支付和购买——尚需时 日。 目前的阻碍并非技术，而是消费者的心理惯性。Jenkyn分析称，大多数用户在接受AI的建议后，仍倾向于保留最终支付的控制权，"许多人 还是会点击链接，按传统方式亲自完成交易。" 因此，代理式商务的落地将呈现分层渗透的特征： 洗衣液、咖啡伴侣等标准化、高频次的日常必需品订单 ，预计将率先突破信任壁垒，由AI 代理自动完成。 全 球 支 付 巨 头 加 速 卡 位 面对这一即将到来的范式转移，全球支付巨头正加速卡位，试图在消费者转向聊天机器人这一新流量入口时占据身位。 Jenkyn透露，Visa目前正与行业内所 ...

因此，代理式商务的落地将呈现分层渗透的特征：洗衣液、咖啡伴侣等标准化、高频次的日常必需品订 单，预计将率先突破信任壁垒，由AI代理自动完成。 全球支付巨头加速卡位 面对这一即将到来的范式转移，全球支付巨头正加速卡位，试图在消费者转向聊天机器人这一新流量入 口时占据身位。 Jenkyn透露，Visa目前正与行业内所有主要参与者进行沟通。与此同时，Mastercard今年早些时候已宣 布与微软达成合作；PayPal则在今年10月与OpenAI签署协议，计划将其数字钱包直接嵌入OpenAI的聊 天机器人中。 Visa全球市场集团总裁Oliver Jenkyn预计，随着支付巨头与人工智能企业的合作加速，2026年"AI辅助 购物"全面进入主流视野。 "AI辅助购物"进入大众日常 据彭博社周六报道，Jenkyn指出，虽然基于聊天机器人的购物功能已于2025年推向市场，但真正的拐点 将在明年出现。届时，消费者在ChatGPT等生成式AI平台中进行交互式购物将不再是极客的尝鲜，而是 大众的日常。Jenkyn表示： "到了2026年，AI支持的购物方式将全面普及。无论是在ChatGPT还是其他平台，智能助手 将深度介入并协助 ...

PayPal Holdings FY Conference Summary Company Overview - **Company**: PayPal Holdings (NasdaqGS:PYPL) - **Date of Conference**: November 19, 2025 Key Points Company Progress and Transformation - Over the past two years, PayPal has undergone significant transformation, becoming a fundamentally stronger company with a projected transaction margin growth of 6% to 7% for the year [3][4] - The processing business has turned from negative to positive margins, and the Venmo business, previously stagnant, is now experiencing exciting growth [3][4] Ecosystem and Commerce Platform Vision - PayPal aims to leverage its dual-sided ecosystem (consumers and merchants) to create a network effect, enhancing the commerce experience [5][6] - Partnerships, such as with the Big 12 and Big 10 for NIL athlete payments via Venmo, exemplify the company's strategy to connect consumers and merchants [5][6] Consumer Spending Trends - There has been a noted slowdown in discretionary spending among middle to low-income consumers in the U.S. and Europe, which is expected to impact branded checkout growth [8][9] - The shift towards buy now, pay later (BNPL) options is seen as an opportunity for PayPal to capture market share [9][10] Buy Now, Pay Later (BNPL) Growth - BNPL volume and monthly active accounts (MAA) have grown by 20%, with expectations of reaching a $40 billion volume business this year [10][11] - PayPal plans to enhance visibility of BNPL options on product pages to increase conversion rates, which currently see a 10% lift when BNPL is presented earlier in the shopping process [12][13][14] Venmo's Performance - Venmo has seen a 40% growth in volume for payments and a 65% growth in debit card usage, attributed to focused execution and partnerships with key merchants [18][19] - The company is on track to generate $2 billion in revenue from Venmo, with significant potential for further growth [22] Processing Business Improvement - The processing business has been turned around from negative margins to healthier margins through renegotiated contracts and investment in value-added services [25][26][27] - PayPal is now positioned to grow transaction margins through multiple business lines, including processing, Venmo, and BNPL [27][28] Branded Checkout Challenges - Branded checkout growth has been slower than expected, with online growth at 5% in Q3, and anticipated to be lower in Q4 due to economic pressures [32][33] - The company is focused on improving the checkout experience, particularly on mobile, to reduce friction and enhance conversion rates [35][36] Future Investments and Strategy - PayPal plans to invest in growth areas such as agentic commerce and BNPL, which may temporarily impact transaction margin growth in 2026 [60][61] - The company is committed to building a robust ecosystem for the long term, with a focus on consumer trust and seamless experiences [55][58] Agentic Commerce Potential - PayPal is positioned to lead in agentic commerce due to its trusted two-sided network, allowing for secure transactions and buyer protection [53][55] - The revenue model for agentic commerce will remain similar to branded checkout transactions, providing opportunities for market share growth [57] Long-Term Growth Projections - PayPal maintains long-term growth targets of 10% for transaction margin dollars and 20% for EPS growth, while being flexible in investment strategies to adapt to market shifts [59][60] Additional Insights - The company is aware of the need for consistent integration patterns with merchants, which has been a challenge due to historical practices [39][41] - PayPal's strategy includes leveraging cashback offers and marketing investments to drive consumer engagement and conversion [44][46] This summary encapsulates the key insights and strategic directions discussed during the PayPal Holdings FY Conference, highlighting the company's current performance, challenges, and future growth opportunities.

Summary of Opera's Conference Call Company Overview - **Company**: Opera - **Industry**: Internet Browsers - **Headquarters**: Norway - **User Base**: Approximately 300 million monthly users - **Public Since**: 2018 - **CAGR Growth**: Over 20% since going public - **Profitability**: The company is profitable and pays a dividend with a recurring yield exceeding 5% [3][30][29] Core Business and Monetization - **Primary Product**: Opera browser, with a focus on driving traffic to partners such as search engines and advertisers [3][4] - **New Product**: Neon browser, which offers advanced agentic capabilities for a monthly subscription, targeting enthusiasts who want more control and automation in their browsing experience [11][12] Competitive Landscape - **Emerging Competitors**: AI-native companies like Perplexity and OpenAI are entering the browser space, which Opera views as an opportunity rather than a threat [4][5] - **Differentiation Strategy**: Opera aims to remain agnostic and independent, allowing users to utilize multiple AI platforms without being locked into one [6][30] Technological Advancements - **AI Integration**: Opera uses a combination of models, including Gemini and ChatGPT, to enhance user experience and browser capabilities [7][10] - **Agentic Capabilities**: The browser is designed to assist users in tasks such as research and e-commerce, with the goal of improving efficiency and user satisfaction [13][24] Revenue Streams - **Query Revenue**: Approximately one-third of revenue comes from query revenue, which has seen a tripling in growth over the past year [16][18] - **Advertising Revenue**: Roughly two-thirds of revenue, with e-commerce advertising growing rapidly, expected to represent half of advertising revenue by Q4 [19][21] - **Performance-Based Advertising**: Opera focuses on performance-based advertising, which is seen as more beneficial for partners compared to traditional display advertising [20][21] E-commerce Strategy - **Key Partners**: Major e-commerce partners include Amazon, Booking, Temu, and Shein, with a focus on driving traffic to these platforms [22][21] - **User Engagement**: The browser aims to present users with options while allowing agents to facilitate transactions, ensuring that advertising opportunities remain intact [23][25] Financial Discipline and Future Outlook - **Profitability**: Opera maintains a strong EBITDA margin of 24% and has returned approximately $500 million to shareholders since 2020 through buybacks and dividends [33][47] - **Opay Stake**: Opera holds a 9.4% stake in Opay, a successful mobile wallet in Nigeria, which is expected to go public, potentially generating significant gains for Opera [40][42] New Initiatives - **MiniPay**: A non-custodial wallet focused on stablecoins, aimed at emerging markets, which has quickly grown to 10 million wallets [34][35] - **Market Positioning**: Opera positions MiniPay as a trusted solution in regions where it has established a long-standing presence [36][38] Misunderstandings in the Market - **Market Perception**: Opera is not a direct competitor to large language models (LLMs) but rather aims to integrate and enhance user experiences through its browser [28][30] - **Partnerships**: The company emphasizes the importance of long-term partnerships, particularly with Google, which have been beneficial for its business model [31][32] This summary encapsulates the key points discussed during the conference call, highlighting Opera's strategic positioning, technological advancements, revenue generation, and future outlook in the competitive landscape of internet browsers.

Core Insights - PayPal has entered a significant partnership with OpenAI to integrate its digital wallet into ChatGPT, marking its entry into AI-driven e-commerce [1][4] - The collaboration is expected to enhance user experience by allowing seamless transactions while searching for products through ChatGPT [1][6] Partnership Details - Starting next year, ChatGPT will incorporate a complete payment wallet, enabling users to convert search intent into actual purchases with PayPal's underlying payment technology [1][4] - PayPal will utilize the Agentic Commerce Protocol (ACP) to provide comprehensive backend infrastructure for transactions within ChatGPT, handling merchant routing, payment verification, and global transaction coordination [5] User Experience and Security - Users will have the option to pay using linked bank accounts, credit cards, or balances in their PayPal wallets, benefiting from buyer and seller protections, package tracking, and dispute resolution services [5] - The partnership aims to build a two-way trust network, leveraging PayPal's extensive verified user and merchant network [5] AI-Driven Shopping Model - The collaboration is seen as a step towards a new shopping paradigm driven by agentic AI, where AI acts as a personal shopping assistant [6] - By 2026, PayPal plans to introduce millions of products from small and medium-sized enterprises and global brands into ChatGPT, covering various categories [6] Financial Performance - PayPal reported strong Q3 earnings, raising its adjusted EPS guidance to $5.35-$5.39, exceeding previous expectations [7] - Q3 net revenue reached $8.42 billion, with adjusted EPS of $1.34 and adjusted free cash flow of $2.3 billion, all surpassing market forecasts [7] - Despite a 4.5% year-over-year decline in payment transaction volume to 6.33 billion, the partnership with OpenAI is viewed as a strategic move to overcome growth challenges [7]

Frasers Group and NoFraud Partnership - Frasers Group is partnering with Commercetools to enhance its brands' participation in agentic commerce, focusing on real-time risk management for merchants [1][6] - The partnership will involve three of Frasers' brands—Sports Direct, Flannels, and Frasers—utilizing Commercetools' agentic commerce suite to improve customer experiences through large language models [6][7] - The integration aims to meet evolving consumer expectations and deliver a more personalized shopping experience [7][9] NoFraud and Yofi AI Acquisition - NoFraud has acquired Yofi AI to bolster its capabilities in combating fraud and abusive shopping patterns, particularly ahead of the holiday season [2][4] - Yofi AI's technology is designed to help retailers identify and mitigate policy abuse, which has become a significant threat to retail margins, costing merchants billions [2][3] - The financial terms of the acquisition were not disclosed, but Yofi AI has received backing from notable venture capital firms [3] Industry Trends and Innovations - The retail industry is experiencing a shift towards agentic commerce, where customers delegate shopping tasks to AI agents, necessitating seamless and trusted retail experiences [9] - Companies like Google are expanding their AI capabilities, such as virtual try-on tools, to enhance consumer engagement and customization in shopping [10][12] - First Insight is testing a new conversational AI co-pilot named Ellis, aimed at helping retailers make data-driven decisions in real-time, especially critical during the holiday season [13][18]