Visa’s $100 Million Investment in Generative AI Ventures Shaping Commerce and Payments
Visa, a global leader in payments, is spearheading innovation in the financial technology landscape with its recent announcement of a substantial $100 million investment in the field of generative artificial intelligence (AI). This pioneering initiative, led by Visa Ventures, the company’s corporate investment arm, underscores Visa’s commitment to driving innovation within the payments industry.
Generative AI is an emerging subset of artificial intelligence, founded on Large Language Models (LLMs), designed to develop artificial general intelligence capable of generating text, images, or other content from extensive datasets when prompted. This transformative technology is set to reshape not only our daily lives but also the future of commerce, according to Jack Forestell, Chief Product and Strategy Officer at Visa.
Visa has a long history of utilizing AI in payments, dating back to 1993. This new venture builds upon their extensive experience in the field, as they seek to invest in innovative startups at the intersection of generative AI, commerce, and payments.
David Rolf, Head of Visa Ventures, emphasizes the potential of generative AI as “one of the most transformative technologies of our time.” Visa Ventures, which has been actively partnering with and investing in companies driving innovation in payments and commerce since 2007, is set to play a pivotal role in identifying and supporting promising ventures in this field.
Visa’s initiative comes at a time when generative AI is gaining significant momentum in various sectors. This technology is not limited to content creation but extends to tasks that can redefine how we live and work. Visa aims to understand and harness its impact on commerce comprehensively.
One crucial aspect of Visa’s investment criteria is the responsible use of AI. They are looking for startups that apply generative AI to address real-world challenges in commerce, payments, and fintech. This includes streamlining B2B payment processes and developing infrastructure that can significantly influence commerce. Visa intends to connect with startups that align with their values of responsible AI usage.
The investment by Visa Ventures adds another layer to Visa’s already substantial commitment to innovation. In addition to AI, Visa has been exploring cryptocurrency technology in payments, aiming to drive the mainstream adoption of public blockchain networks and stablecoin payments.