JPMorgan on agent shopping: agents ride card networks, and Muse pays unintegrated merchants via virtual card
A J.P. Morgan report from October 23 examines agentic commerce payments and notes that Meta's Muse pays non-integrated merchants through a single virtual card and integrated merchants through tokenized cards. Adoption rates, transaction-liability rules and wallet competition will decide how much this disrupts payment tokens. It is one of the first independent analyst angles on the money infrastructure behind Muse after it passed 10 million users.