# Terry Angelos

Markdown copy of https://realalpha.app/people/terry-angelos/ on Real Alpha, the best minutes from long interviews with the people building AI. Cite and link the page, not this copy.

Real Alpha has cut 7 moments of Terry Angelos (Chief strategy officer, VGS) talking, from an interview on a16z Podcast published Oct 15, 2026.

- Role: Chief strategy officer, VGS
- On X: https://x.com/terryangelos

## What Terry Angelos said

- [Agentic tokens can preserve card-network protections](https://realalpha.app/s/agentic-tokens-can-preserve-card-network-protections/)
  a16z Podcast · Oct 15, 2026 · 7 min
  > “They purchased the chandeliers on my behalf. They issued their own, actually this is like a Visa virtual card, one-time use card, made the purchase” — Terry Angelos · [21:15](https://realalpha.app/v/q8cb1XL9sXA/?t=1275)
- [Agent transactions need authorization and liability rules](https://realalpha.app/s/agent-transactions-need-authorization-and-liability-rules/)
  a16z Podcast · Oct 15, 2026 · 4 min
  > “The third question is like, is the agent of sound mind? Like, did it get it right? Was it drunk? You know, exactly. Did it hallucinate?” — Terry Angelos · [33:20](https://realalpha.app/v/q8cb1XL9sXA/?t=2000)
- [Agents may expand purchases without triggering bank runs](https://realalpha.app/s/agents-may-expand-purchases-without-triggering-bank-runs/)
  a16z Podcast · Oct 15, 2026 · 4 min
  > “I don't think we're going to get a bank run on savings deposits where agents are going to sort of maximize yield and move my money around between different accounts.” — Terry Angelos · [40:59](https://realalpha.app/v/q8cb1XL9sXA/?t=2459)
- [Retailers have different incentives to accept shopping agents](https://realalpha.app/s/retailers-have-different-incentives-to-accept-shopping/)
  a16z Podcast · Oct 15, 2026 · 3 min
  > “if you are one of the largest retailers on earth with the best last-mile delivery, that this is all good for you.” — Terry Angelos · [37:43](https://realalpha.app/v/q8cb1XL9sXA/?t=2263)
- [Large merchants use several processors to route payments](https://realalpha.app/s/large-merchants-use-several-processors-to-route-payments/)
  a16z Podcast · Oct 15, 2026 · 4 min
  > “Yeah, so about a third of all cards get turned over every single year.” — Terry Angelos · [7:57](https://realalpha.app/v/q8cb1XL9sXA/?t=477)
- [Agents may expose price thresholds and weaken card rewards](https://realalpha.app/s/agents-may-expose-price-thresholds-and-weaken-card-rewards/)
  a16z Podcast · Oct 15, 2026 · 4 min
  > “I wanted to buy a flight that was on the edge of the price that I could pay that would get me an upgrade.” — Terry Angelos · [45:56](https://realalpha.app/v/q8cb1XL9sXA/?t=2756)
- [Agent usefulness depends on wallet reach](https://realalpha.app/s/agent-usefulness-depends-on-wallet-reach/)
  a16z Podcast · Oct 15, 2026 · 7 min
  > “They have about 300 million consumers who have an account at Link.” — Terry Angelos · [14:04](https://realalpha.app/v/q8cb1XL9sXA/?t=844)

## The episode

- [Agentic Commerce: Why Your Wallet Is About to Change](https://realalpha.app/v/q8cb1XL9sXA/) · a16z Podcast · Oct 15, 2026