[JPMorgan: AI Shopping Agent Deployed, Payments Still Utilize Bank Card Networks] According to a research report by TechFlow on October 23, 2026, JPMorgan Chase's AI assistant, Muse, has approximately 12 million downloads globally, with 25% of users using it for shopping, averaging $200 per transaction. AI shopping agents (AI assistants that search, compare prices, and place orders on behalf of users) still utilize bank card networks for payments, completing transactions through virtual and tokenized cards. Based on a scenario of 60 million users and an average annual expenditure of $6,000 per user, AI shopping agent purchases would account for 3.4% of Visa and Mastercard purchases in the US in 2026; with 100 million users and an average annual expenditure of $10,000 per user, this would account for 9.3%. JPMorgan Chase believes that the AI shopping agent process is more like traditional e-commerce, and its short-term impact on payment stocks is limited. Payment networks benefit from bank card transactions; the trust and lending barriers of online checkout remain, and the environment for traditional acquiring merchants is improving. In terms of ratings, Affirm, Chime, Marqeta, Remitly, and Toast are rated "Overweight," PayPal and Klarna are rated "Neutral," and Western Union is rated "Underweight."