Visa Pledges $100 Million towards Generative AI Technology

Visa, a global leader in digital payments, has recently announced that it is setting aside $100 million to invest in companies developing generative AI technologies and applications that are anticipated to impact the future of commerce and payments significantly.

Visa’s historic move to bolster generative AI technologies, reshaping the future of commerce and payments.

The investments will be facilitated through Visa Ventures, the payment giant’s corporate investment arm, which has been active for 16 years. Visa has been utilizing artificial intelligence in payments since 1993, positioning it as a pioneer.

Generative AI: A Gamechanger in Commerce and Payments

Generative AI, a burgeoning subset of AI, is trained on vast sets of existing data to generate various types of content, including text and images when provided with text prompts. This revolutionary technology has the potential to reshape not only our work and personal lives but also commerce in unprecedented ways.

Jack Forestell, the Chief Product and Strategy Officer of Visa, stated that while generative AI has primarily been employed in tasks and content creation, it will soon bring about significant changes in commerce, necessitating a comprehensive understanding of these transformations.

David Rolf, the Head of Visa Ventures, echoed Forestell’s sentiments, labeling generative AI as “one of the most transformative technologies of our time.” He also mentioned that Visa Ventures has considerable flexibility regarding the number and size of investments it can make from its new fund, with the potential to make more significant investments when there is compelling justification.

Investing in the Future of Generative AI

As per Rolf, Visa is keen on supporting companies utilizing generative AI to resolve real-world issues in commerce, payments, and fintech. This includes B2B processes related to charges and infrastructure that can profoundly influence trade.

Visa is interested in companies operating at multiple levels of the stack, from data organization for generative AI to users’ experiences at work or in their personal lives. It can significantly enable these companies to overcome challenges and unlock new potential in commerce. One crucial factor that Visa considers is whether these companies practice responsible use of AI, aligning with Visa’s policies.

This move by Visa aligns with their new head of fintech, Marie-Elise Droga’s vision. She mentioned in a previous interview that her team frequently collaborates with the Visa Ventures team, acting as a catalyst for Visa’s venture arm.

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