Visa Dives into Generative AI with a US$100 Million Ventures Initiative

Visa Dives into Generative AI with a US$100 Million Ventures Initiative

This initiative aims to propel generative AI innovations in commerce and payments.

Visa, an international payment company, has recently launched a US$100 million generative AI ventures initiative. The initiative aims to support emerging companies that are dedicated to advancing generative AI technologies and applications, particularly those with the potential to influence future commerce and payment systems. 

By providing financial backing and resources to these innovative ventures, Visa is actively shaping the future of the industry and paving the way for transformative developments in how we conduct transactions and interact with financial services. The company, facilitating transactions between consumers, merchants, financial institutions and government entities across over 200 countries and regions, aspires to connect the global community through a secure, advanced and user-friendly payment network.

Generative AI in payments

Generative AI, distinguished by its reliance on Large Language Models (LLMs) to formulate text, images or other content from expansive data sets upon receiving prompts, has so far predominantly been utilized for task and content creation. 

However, Jack Forestell, Chief Product and Strategy Officer at Visa Inc., notes that the implications of this technology are far-reaching, anticipating its role in not only altering our living and working paradigms but also introducing substantial shifts in commerce, necessitating a thorough understanding.

Taking the leap into generative AI

The initiative, overseen by Visa Ventures, aims to invest in nascent companies concentrating on evolving generative AI technologies. Visa Ventures, which operates as Visa’s global corporate investment division, has championed innovation in payments and commerce since 2007 by investing in and collaborating with companies that drive progress in these sectors. 

According to David Rolf, Head of Visa Ventures, given the transformative potential of generative AI, the excitement is palpable as they broaden their investment focus to encompass ventures innovating within the generative AI, commerce and payments spectrum.

This recent move represents a continuation of Visa’s historical engagement with AI to spearhead innovations in payments, craft value for partners and clients and facilitate global commerce since its initial use of AI in payment processes back in 1993.

Generative AI technology currently stands as a hub of innovation, consistently making headlines as major industry players venture into this realm. Initially, giants like Microsoft, Google and Amazon led the way, demonstrating the potential of generative AI. Now, with Visa joining the ranks of innovators, it’s clear that this technology is on the cusp of reshaping multiple industries, promising a future marked by unprecedented advancements and transformative applications. The unfolding landscape of generative AI warrants attention as it perpetually revolutionizes our interaction with technology and data.

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Header image courtesy of Pexels

Press release link:https://www.businesswire.com/news/home/20231002039600/en/

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