Visa to Invest $100 Million in Generative AI for Commerce and Payments
This Initiative Builds Upon Visa’s Long-Standing Use of AI in Payments and Its Commitment to Driving Innovation in the Industry
Visa has launched a new $100 million generative artificial intelligence (AI) ventures initiative, aiming to invest in companies focused on developing generative AI technologies and applications that will shape the future of commerce and payments.
Generative AI, an emerging subset of AI, utilizes large language models (LLMs) to create artificial general intelligence capable of generating text, images, and other content from vast amounts of existing data.
Jack Forestell, chief product and strategy officer at Visa, said in the release: “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.”
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