MasterCard CEO Michael Miebach discusses consumer spending trends, the impact of AI on financial security, and the future of payment technologies. Analyzing data from 160 billion transactions, Miebach notes a 3.9% increase in holiday spending, driven by apparel sales and early-season promotions, with real volume increase exceeding price increases. He addresses the arms race between cybersecurity defenders and fraudsters, highlighting tokenization, behavioral biometrics, and AI-driven threat intelligence as key tools. Miebach also explores the potential of agentic commerce to level the playing field for small businesses, while emphasizing the importance of data and collaboration in the AI era. He stresses the need for "constructive, competitive paranoia" to navigate technological discontinuities and maintain consumer trust.
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