The wallet wars are here. Very Good Security chief strategy officer Terry Angelos joins a16z's Alex Rampell, his TrialPay co-founder from back in 2006 (TrialPay was later acquired by Visa), to discuss how agents are learning to spend money. "Agents have all of a sudden become significantly more helpful and useful because they effectively have arms and legs, which are payment credentials." VGS holds the payment credentials behind about 1/3 of all e-commerce, and now it's helping AI agents pay merchants. If you've bought anything online, there's a good chance VGS has already helped keep your card safe. In the last three months, Terry says agents went from "spectators to actors." Once an agent has your payment credentials, it can book the piano teacher it previously could only find and recommend. Now Stripe's Link, Shopify's Shop Pay, and PayPal are racing to connect to agents. It's all headed toward open standards from the card networks: agentic tokens that let an agent pay with your actual card. VGS went from zero agentic tokens to a few million a week in three months. 0:55 From TrialPay to Visa to VGS 2:05 How VGS vaults 1/3 of e-commerce 6:05 Why big merchants use 3-5 processors 9:55 Why AI agents need a payment vault 12:15 Agents go from "spectators to actors" 13:40 The wallet wars, old and new 19:55 Walled gardens vs open standards 23:55 How agents can pay with your real card 26:40 Your saved card goes multiplayer 29:40 How do you trust an agent's purchase? 32:35 Who pays when your agent gets it wrong 35:40 Why Amazon blocks agents 39:50 What's overhyped and underhyped 43:35 When merchants get agents too 45:40 Why agents could break card rewards 47:00 VGS's eras: vault, updates, network @terryangelos @arampell