Visa and Artemis Release Agentic Payments Report, x402 Protocol Processes $15 Million in Transactions in One Year

Visa, in collaboration with on-chain data analytics platform Artemis, has released the report "Agentic Payments from the Ground Up," analyzing trends in AI agentic payments. The report highlights that smart commerce is divided into macro transactions and micropayments, the latter involving high-frequency small payments between machines, with individual transactions far below $1, which traditional payment infrastructures struggle to support. The report focuses on two machine-native payment protocols: x402 and MPP. The x402 protocol, developed by Coinbase, Cloudflare, and others, is set to launch in May 2025. As of April 21, 2026, it has processed approximately $15 million in transaction volume, with 109.6 million transactions, 422,000 buyers, and around 5,300 sellers, primarily concentrated on Base, Solana, and Polygon, settling in USDC. The MPP protocol, developed by Stripe and Tempo with Visa's participation, is expected to launch in mid-March 2026, and within 33 days of its launch, it has processed about $25,000 in transaction volume and 115,000 transactions, supporting on-chain crypto payments and fiat settlements. The report suggests that improvements in AI capabilities and reductions in blockchain settlement costs make micropayments in the range of $0.01 to $1 economically viable. The boundaries between crypto-native protocols and card payments are becoming increasingly blurred, but agentic payments still face trust challenges such as erroneous purchases, adversarial attacks, and issues of liability.

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