Visa Launches $100 Million Fund for Generative AI Ventures
Global payment giant Visa is doubling down on artificial intelligence (AI) in commerce and settlements with the establishment of a new fund aimed at investing in generative AI ventures.
The company recently announced a $100 million generative AI initiative that will focus on supporting companies involved in developing generative AI technologies and applications related to commerce and payments.
Investment Curated by Visa Ventures
The investment will be managed by Visa’s global corporate investment arm, Visa Ventures, which has been actively supporting innovation in payments and commerce since 2007.
Understanding Generative AI
Generative AI is a type of AI technology that can create various forms of content, including text, imagery, audio, and synthetic data. This technology has been showcased through major AI chatbots like OpenAI’s ChatGPT and Google’s Bard, which demonstrate the ability to comprehend and produce human-like writing.
Promising Future in Finance
Visa’s Chief Product and Strategy Officer, Jack Forestell, believes that generative AI holds great promise for the financial world. He stated that this technology will not only reshape how we live and work but also significantly impact commerce.
Visa’s Commitment to AI
This latest move into generative AI builds upon Visa’s extensive efforts to apply AI technology within its ecosystem. The company was one of the pioneers in using AI for payments back in 1993. They have since continued to develop AI-based solutions for risk and fraud management.
VisaNet +AI Suite
In 2021, Visa introduced VisaNet +AI, a suite of AI-based services aimed at resolving delays and confusion in managing account balances and daily settlement issues for financial institutions. This suite includes tools such as Smarter Stand-In Processing, which improves payment experiences during outages, and Smarter Posting, which enables faster consumer payment experiences.
Visa’s Interest in Cryptocurrency
In addition to investing in AI, Visa has also shown enthusiasm for cryptocurrency technology in payments. They previously announced plans for a new crypto product designed to drive mainstream adoption of public blockchain networks and stablecoin payments.
Hot Take: Visa Boosts Commitment to Generative AI
Visa’s $100 million investment fund for generative AI ventures highlights the company’s dedication to leveraging AI technology in commerce and payments. As generative AI continues to evolve and demonstrate its potential across various industries, Visa recognizes its importance in shaping the future of finance. By actively supporting companies involved in developing generative AI technologies, Visa aims to stay at the forefront of innovation and ensure that it can adapt to the changing landscape of commerce. With its track record of pioneering AI use in payments and commitment to cryptocurrency technology, Visa is positioning itself as a leader in the intersection of finance, AI, and emerging technologies.
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