本报告为高盛对美国支付与金融科技行业的行业研究，核心主题为"代理型商务"（agentic commerce，即AI代理参与购物与支付）。报告梳理了该领域的关键投资者争论：谁掌握消费者、代理型商务是促进中小商户被发现还是强化规模优势、搜索颠覆是否只是再造新的"过路收费者"，以及信任基础设施能否跟上产品创新步伐。我们认为，胜出者更多取决于分销渠道、消费者信任、商户参与度、交易基础设施与捕获商业意图的能力，而非单纯的AI能力，受益方向包括电商与商业基础设施、支付、身份认证、反欺诈与网络安全；并估计近期各零售品类中近3万亿美元的商业活动可能成为代理型商务的可及市场。报告对卡组织（Visa、万事达）及现代消费信贷（先买后付）发行人持建设性观点，认为现有支付生态参与者最具优势，并专章分析处理环节及Stripe Link for Agents的应用流程。
This Goldman Sachs report examines the Americas Payments & Financial Technology sector, with agentic commerce as its central theme. It lays out the key investor debates surrounding agentic commerce: who owns the consumer; whether agentic commerce democratizes discovery or reinforces scale; whether search disruption simply creates a new toll collector; and whether trust infrastructure can keep pace with product innovation. We believe winners will be determined less by raw AI capability than by distribution, consumer trust, merchant participation, transaction infrastructure and the ability to capture commercial intent, with eCommerce and commerce infrastructure, payments, identity, fraud prevention and cybersecurity among the key beneficiaries. We estimate nearly $3tn in commerce activity could be addressable for agentic commerce in the nearer term across retail categories. We remain constructive on card networks and modern credit (BNPL) issuers, arguing that existing payment ecosystem p