Visa, a leading international provider of digital payments, recently announced that it will invest $100 million in businesses that are using generative AI technology and applications for commerce and payments.
This initiative, in the eyes of Visa, is a continuation of Visa's leadership in utilising AI to propel payment innovation, create value for partners and clients, and enable and empower global trade.
Since 1993, Visa has been a leader in the application of AI to payments. Generative AI, an emerging branch of artificial intelligence (AI) based on Large Language Models (LLMs), is the creation of artificial general intelligence (AGI) capable of synthesising text, visuals, or other content from enormous amounts of existing data in response to prompts.
The global corporate investment arm of Visa, Visa Ventures, will oversee this project. Since 2007, Visa Ventures has partnered with and invested in businesses that are advancing innovation in payments and commerce.
David Rolf, head of Visa Ventures said, “With generative AI’s potential to be one of the most transformative technologies of our time, we are excited to expand our focus to invest in some of the most innovative and disruptive venture-backed startups building across generative AI, commerce and payments.”
The initiative is about understanding the disruptive potential of generative AI as much as it is about revenue generation, according to Jack Forestell, chief product and strategy officer at Visa.
“While much of generative AI so far has been focused on tasks and content creation, this technology will soon not only reshape how we live and work, but it will also meaningfully change commerce in ways we need to understand,” he explains.
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