Visa Invests $100M in Generative AI
Global payment leader Visa is stepping into the world of AI, unveiling a new $100 million fund designed to support generative AI ventures. Visa, a powerhouse in digital payments, operates in over 200 countries and territories. The company facilitates transactions among consumers, merchants, financial institutions, and government entities.
Generative AI, at the forefront of AI research, uses Large Language Models (LLMs) to create artificial general intelligence. It can generate text, images, and other content from vast existing data. Visa’s $100 million initiative is starting its new AI journey. It underscores Visa’s commitment to using AI for innovation, partnering, and global commerce.
Jack Forestell, Chief Product and Strategy Officer at Visa Inc., envisions generative AI going beyond its current role in content creation, fundamentally reshaping daily life and commerce.
Visa’s Commitment to Innovation
Visa’s worldwide corporate investment arm, Visa Ventures, will spearhead the $100 million initiative. David Rolf, the head of Visa Ventures at Visa Inc., showed enthusiasm for investing in forward-thinking firms focused on generative AI, commerce, and payments. He regards generative AI as one of the most revolutionary technologies of our time.
Visa’s bold move into generative AI aligns with the ongoing momentum in the tech industry. Major players like Amazon, OpenAI, and Meta have been actively investing in AI-focused projects.
As Visa paves the way for generative AI’s integration into the world of finance, the impact is expected to reach far beyond content creation. It promises to redefine how we live and work and bring about transformative changes in commerce.
