When AI Agents Start Spending Your Money | Alex Rampell & Terry Angelos

a16z General Partner Alex Rampell sits down with VGS Executive Board Member, Terry Angelos, to unpack what happens to payments when AI agents go from recommending what to buy to actually making the purchase. Terry explains the infrastructure required to safely give agents access to payment credentials, why wallets like PayPal, Shop Pay, and Link are competing to become the default payment layer for agents, and how new agentic tokens could preserve the chargebacks, identity checks, and merchant relationships that make today's payment networks work. VGS, which already secures payment credentials across a significant share of e-commerce, is now provisioning millions of these agentic tokens each week. They also discuss what happens when merchants don't want to transact with agents, how delegated authority changes liability when an agent makes a mistake, and why AI could simultaneously increase consumer spending while eliminating the subscriptions, fees, and other forms of economic "breakage" that depend on people not paying attention.