Visa: AI agent payments are accelerating, with x402 having processed about $15 million in on-chain transaction volume

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Mars Finance reported that on July 16, Visa released a joint research report with Artemis titled “Agentic Payments from the Ground Up”, analyzing the development of payments by AI agents (AI Agents) and on-chain data. The report shows that AI agent payments are mainly divided into two categories: one is “large-value commercial payments,” where agents carry out tasks such as flight bookings and subscription management on behalf of users; the other is small payments between machines, such as API calls and purchases of computing resources, which are usually under 1 US dollar. Since the machine payments protocol x402, incubated by Coinbase and Cloudflare and later managed by the Linux Foundation, went live in May 2025, it has processed about $15 million in adjusted transaction volume and accumulated about 109.6 million transactions, with most activity concentrated on the Base, Solana, and Polygon networks. Another machine payments protocol, Machine Payments Protocol (MPP), is built by Stripe and Tempo, and supported by contributions from Visa; since it went live in March 2026, it has completed about $25,000 in settlements and processed about 115,000 transactions. Visa said that the development of AI agent payments is driving demand for low-cost, high-frequency machine-native payment infrastructure, and that stablecoins and blockchain networks may become an important part of micro-payment scenarios. The report believes that in the future, the payment system may not be replaced by either bank cards or stablecoins alone, but instead the two may be integrated across different scenarios.
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