US payment provider Visa to invest $100 million in generative AI

New York, Oct. 3 (BNA): US payments provider Visa announced on Monday it will invest $100 million in companies developing generative artificial intelligence (AI) technologies and applications.

 

The investments will be made through Visa Ventures, the company said in a statement, according to dpa.

 

“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,” Visa’s chief product and strategy officer Jack Forestell said.

 

Visa said it considered the initiative an extension of its leadership in using AI to drive innovation in payments, create value for partners and clients, and enable and empower global commerce.

 

Generative AI is an emerging subset of AI that is built on Large Language Models to develop artificial general intelligence capable of generating text, images or other content from large sets of existing data when given prompts.

 

 



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