在这期由安德森·霍洛维茨基金合伙人亚历克斯·兰佩尔主持的播客节目中，VGS（Very Good Security）首席战略官兼董事会成员特里·安杰洛斯作为嘉宾加盟。两人探讨了他们20年前共同创立TrialPay的历史、支付基础设施的演变，以及向智能体商务的大规模转变。 特里解释说，VGS是一家支付基础设施企业，按商品交易总额计算，它为大约三分之一的电子商务保护凭证，并与最大的在线商户、数字银行和前沿实验室合作。VGS作为一个独立的金库和中立的基础设施，安全地捕获并保管信用卡号（主账号），并从各大卡组织（维萨、万事达、美国运通、发现）获取网络令牌。这种架构使大型商户（通常平均拥有三到四个支付处理商）能够将其处理商解耦、分片交易，并在不让自己暴露于原始数据或支付卡行业合规负担的情况下维护更新后的银行卡。 随后，对话转向了智能体商务的崛起。在过去三个月中，人工智能智能体通过利用支付凭证作为“手臂和腿”，从旁观者演变为行动者。这引发了“钱包大战”，诸如Stripe Link、ShopPay和PayPal等消费钱包竞相与人工智能智能体（如Muse和Instinct）连接，以增加其效用和默认触达范围。 由于传统的封闭花园方法（例如Stripe Link为沃尔玛购买发放一次性虚拟卡）可能会破坏标准的客户关系、退款和后续订阅，卡组织引入了“智能体令牌”。VGS通过为智能体、钱包和商户配置这些智能体令牌，正积极在该新生态系统中扮演核心角色。VGS的金库正从“单人玩家”模式（为单个订阅存储银行卡）转变为“多人玩家”模式（在多个处理商、前沿模型和自主智能体之间代理凭证）。 亚历克斯和特里还讨论了智能体商务的摩擦点，包括像亚马逊这样的商户如何为了保护其广告业务而对智能体采取对抗态度，而其他商户则将其视为新的至关重要的渠道。特里强调，未充分变现的消费者需求（例如基于推荐的冲动购买）被严重低估，而极端的金融波动则被过度炒作。 展望未来，特里概述了VGS的三个重叠时代：最初的单人玩家金库时代、网络令牌更新时代，以及当前在多个生态系统参与者之间安全代理凭证的网络时代。智能体商务成为这一最终阶段的主要燃料。

In this podcast episode hosted by Alex Rampell (partner at Andreessen Horwitz), he is joined by Terry Angelos, Chief Strategy Officer and board member at VGS (Very Good Security). The two discuss their history co-founding TrialPay 20 years ago, the evolution of payment infrastructure, and the massive shift toward agentic commerce. Terry explains that VGS is a payment infrastructure business securing credentials for about a third of all e-commerce by GMV, working with the largest online merchants, neobanks, and frontier labs. VGS acts as an independent vault and neutral infrastructure, securely capturing and vaulting credit card numbers (PANs) and obtaining network tokens from major card networks (Visa, Mastercard, Amex, Discover). This architecture allows large merchants (who typically average three to five payment processors) to unbundle their processors, shard transactions, and maintain updated cards without exposing themselves to raw data or PCI compliance burdens. The conversation then pivots to the rise of agentic commerce. In the past three months, AI agents have evolved from spectators into actors by utilizing payment credentials as "arms and legs." This has sparked "wallet wars," where consumer wallets like Stripe Link, ShopPay, and PayPal rush to connect with AI agents (such as Muse and Instinct) to increase their utility and default reach. Because traditional walled-garden methods (like Stripe Link issuing a one-time virtual card for a Walmart purchase) can break standard customer relations, chargebacks, and follow-on subscriptions, the card networks have introduced "agentic tokens." VGS is actively playing a central role in this new ecosystem by provisioning these agentic tokens for agents, wallets, and merchants. VGS's vault is shifting from a "single-player" model (storing a card for a single subscription) to a "multiplayer" model (brokering credentials across multiple processors, frontier models, and autonomous agents). Alex and Terry also discuss the friction points of agentic commerce, including how merchants like Amazon might act antagonistically toward agents to protect their advertising business, while others view them as a new vital channel. Terry highlights that under-monetized consumer demand (like impulse-buying based on recommendations) is underhyped, while extreme financial volatility is overhyped. Looking forward, Terry outlines three overlapping eras of VGS: the initial single-player vault era, the network token updates era, and the current network era of brokering credentials safely among multiple ecosystem participants. Agentic commerce acts as major fuel for this final stage.