Angelos, of the payments-security company VGS, on what happens when AI agents read the fine print that people skip. Card rewards work because people don't always use the best card for every purchase. An agent that always does could break that model, along with others that rely on customers not claiming what they're owed.
Yeah. Right.
…line because I'm not giving something to his agent. And that's going to, because right now, again, that's what I mean by the asymmetry. It's like the small number of insiders have this tool, but you know what? It's not going to, you can't scale that infinitely because the world is going to adapt.
…me an upgrade. And that's a kind of hard thing to do. Sometimes I overshoot it. My agent did that perfectly. Or, you know, sort of any case where it's very difficult to uncover the terms and conditions. A good example might be: what happens to rewards? Like, rewards and cards are only there because I get you this very sort of big headline reward on dining, but then you also spend it on fuel. And if agents are intermediating all of our transactions and I'm only getting points on the card that gets me, I'm only using the card where I get points, the whole points reward ecosystem falls apart. So many, many of these things could start. Anything with a sort of breakage model in it is going to start to fall apart. And then we'll have to have new terms and conditions. So maybe that's better. Maybe that's worse. I don't know, but it'll certainly be different.
And maybe what are you kind of with all of these themes? Like, where do you think VGS is going to go? Because, again, I find it so interesting because it's the world's most boring business around it's this giant vault that stores all of the payment credentials for like most like everybody who's…
Yeah. So I think there's sort of three eras of VGS that are kind of overlapping and compounding. And you've talked about the first area, which is the vault. This is 10 years as sort of becoming the most trusted store for credentials across the internet. Very hard business to execute on, but that's…
Well, Terry, this is a. This has been fun down memory lane. One of these days we should do. Did we ever do? I think we actually did a history of Trial Pay 1 a long time ago.