Visa Releases US$100m Generative AI Initiative
(3 October 2023 - United States) Visa has announced a new US$100 million generative artificial intelligence (AI) ventures initiative.
Visa’s generative AI ventures initiative, led by Visa Ventures, seeks to invest in companies focused on developing generative AI technologies and applications that will shape the future of commerce and payments. The initiative builds upon Visa’s long-standing use of AI in payments and its commitment to driving innovation in the payments sector.
An emergent generation of AI tools that move beyond rudimentary automation functions are hastening a new era for CFOs. Exciting new AI tools are freeing up employees from cumbersome, time-intensive processes and augmenting analytical strengths in a way that is rapidly scaling up strategic priorities.
“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" stated Visa Chief Product and Strategy Officer, Jack Forestell.
“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." said Visa Ventures Head, David Rolf.