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Rain, Visa, Mastercard, Fiserv, Circle and Remitly have formed the Agentic Payments Alliance with about two dozen members, explicitly modelled on EMV. Plan to conform, not to define.
The Investor · Invest desk
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Rain, Visa, Mastercard, Fiserv, Circle and Remitly are founding members of a new group called the Agentic Payments Alliance, which starts with roughly two dozen companies and is recruiting more over the coming months [1][2]. Its stated job is to standardize the competing protocols and internal systems now being built for agentic commerce, starting with how agents get authorized [3] - and the comparison the members themselves reach for is EMV [4].
That word choice is the story. EMVCo pulled American Express, Discover, JCB, Mastercard, UnionPay and Visa into one body that has driven card security standards for years, according to Celent director Zil Bareisis [5]. The mechanism was never a debate club: it produced a specification, and everyone who wanted to accept a card implemented it. Notably, only two of those six EMVCo members appear on the APA founding list; American Express, Discover, JCB and UnionPay do not [6][7].
The early work is narrow and revealing: shared research and tests for AI agent identification and authorization, plus collective advocacy on the regulatory questions agentic commerce raises [8]. Governance is described as a working coalition run collectively by founding members rather than owned by one company, with members setting the charter together [9]. Rain CEO Farooq Malik said in a release that "no single company should get to decide how agents transact on someone's behalf" [10]. Mastercard's Sherri Haymond framed the risk as alignment rather than speed: "The risk in a moment like this is not that the industry moves too slowly - it's that innovation outpaces alignment" [11].
Read that alongside what the networks say when they are not being collegial. Visa CEO Ryan McInerney told an earnings call that "agentic commerce is a when, not an if" and that Visa is building "the products, the services, the protocols" [12]. PYMNTS reported earlier this month that Visa, Mastercard, American Express and Capital One are all developing the rails for agentic commerce [13]. Bareisis expects the forerunners' separate standards to converge, because divergent approaches lack interoperability, raise industry costs and undermine trust [14]. Convergence in payments has historically meant convergence onto whatever the networks certify.
The gap the APA is aiming at is real. Darwinium's bank research found 48% of respondents allow AI transactions by default and rely on after-the-fact monitoring, while 31% block them unless explicitly allowed [15][16] - leaving about a fifth doing neither cleanly [17]. Rain's own head of payments, Sophia Goldberg, told American Banker that agentic commerce is very early and everyone is asking when volume arrives [18]. The number being used to justify the urgency is McKinsey's projection of $3 trillion to $5 trillion in global agentic commerce by 2030 [19].
Two details worth holding onto. The convener is not a network: Rain's business is letting companies issue payment cards funded by users' stablecoin deposits [20], and it brings an Agent Control Layer and Scoped Cards, which it describes as limited, widely accepted agent credentials [21], plus an accelerator it will open to members [22]. And the founding roster is unusually crypto-heavy for a card-standards effort - by my count 10 of the 26 named founders are digital-asset infrastructure firms, including Solana, Avalanche, Monad and Uniswap Labs [23][7].
If you are building agent checkout, the practical read is that identity and authorization semantics are being drafted in a room you are probably not in, and the output will arrive as something to certify against.
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Ranked by verification strength, evidence, and original report placement.
Rain, the big card networks and other companies have formed the Agentic Payments Alliance; Mastercard, Fiserv, Circle, Remitly and others are early members.
The firms hope to standardize the different protocols and internal systems for agentic commerce, such as authorization and other risks.
The Agentic Payments Alliance will guide development of new forms of AI inside the payments industry, acting as an "EMV" equivalent to ease communication between AI programs and the emerging market of AI protocols.
The APA's founding members include Avalanche, Basis Theory, Chainalysis, Circle, Coinflow, Crossmint, delta Network, Episode Six, Evertec, Fireblocks, Fiserv, Kala, Lithic, Mastercard, Monad, PayOS, Rain, Remitly, Rialo by Subzero Labs, Sardine, Shift4, Solana, Turnkey, Uniswap Labs, Visa and Yuno.
The APA's first initiatives include shared research and tests for AI agent identification and authorization, and the group will also develop collective advocacy on regulatory issues tied to agentic commerce.
Rain said the Alliance is a working coalition, run collectively by its founding members rather than owned by any one company, and that members will set its charter and mission together.
Evidence-backed comparisons of source perspectives and observed adoption signals. Read the methodology
Which Builder, Operator, and Investor concerns the observed source mix emphasized—not a truth score.
Evidence, demonstrated adoption, hype gap, incentives, and confidence are assessed independently, each on its own current evidence. How these are measured.
Named membership is verifiable; the standard itself is not
Two independent trade publishers report the launch and one publishes the complete 26-name founding roster, an on-record Mastercard executive quote, an independent Celent analyst assessment and third-party survey data. But both accounts derive from a single launch release, and no charter, specification, governance rules, timeline or conformance artifact is published, so the substance of the 'EMV equivalent' claim is unverified.
Institutional sign-up without usage
Adoption to date is membership, not deployment: about two dozen firms have attached their names, and Rain has shipped agent-credential products, but American Banker states AI agents are not widely used to make purchases, Rain's own head of payments says volume has not hit, and bank controls over agent transactions remain split with 48% simply allowing by default. No APA specification exists for anyone to implement.
EMVCo framing outruns a launch-day coalition
The 'EMV equivalent' and 'referee for agent checkout' framing is materially ahead of what exists. EMVCo unites all six major card networks; the APA's roster includes only Visa and Mastercard, with American Express, Discover, JCB and UnionPay absent - and Amex was reported weeks earlier to be building its own rails. Pair that with a $3T-$5T 2030 projection cited inside the convenor's own release, no published charter or specification, and negligible current volume, and the claim outpaces the evidence. It is not pure vapour: real networks, processors and an independent analyst endorse the convergence logic, which caps the gap.
Convenor and networks both sell into the standard they are shaping
Rain convened the alliance and simultaneously sells the Agent Control Layer, Scoped Cards and stablecoin-funded card issuing that a scoped-credential standard would validate; it also contributes an accelerator that routes startups toward APA membership. Visa's participation is framed by its CEO on an earnings call as a 'positive tailwind for Visa', and both articles rest on the launch release. Mastercard's 'innovation outpaces alignment' line is incumbent framing for slowing fragmentation. Disclosure is reasonably transparent, which prevents a top-of-scale reading.
Facts of the launch are solid; consequences are not yet testable
Confidence is moderate: membership, quotes, stated workstreams and the survey figures are directly attributable and consistently reported across two trade publishers, and the derived observations follow arithmetically from a published list. What cannot be assessed from these sources is whether the APA becomes the operative standards body - no charter, governance mechanics, deliverable dates or competing-protocol relationships are disclosed, and both articles trace to one release.
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1 article · August 18, 2026
1 article · August 18, 2026