Visa, a global leader in payments, on Monday announced the launch of its new USD 100 million generative AI ventures initiative. The company’s initiative will invest in start-ups and players developing generative AI technologies and applications for commerce and payments.
“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,” said Jack Forestell, Chief Product and Strategy Officer, Visa Inc.
Visa calls itself a pioneer when it comes to the use of AI models in payments three decades ago, resulting in maximizing value and security across the ecosystem. The investments will be carried out by its global corporate investment arm, Visa Ventures.
“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 David Rolf, Head of Visa Ventures, Visa Inc.
Source: Entrepreneur
