Visa, one of the world’s largest card payment companies, has announced its plan to invest $100 million in companies developing generative AI technologies and applications that will impact the future of commerce and payments. These investments will be made through Visa Ventures, the company’s global corporate investment arm.
Visa claims to have been a pioneer of AI use in payments since 1993. Generative AI is an emerging subset of AI that is trained on large sets of existing data to generate text, images, or other content when given text prompts. The company believes that generative AI technology has the potential to reshape the way we live and work, as well as revolutionize the field of commerce.
According to Jack Forestell, the Chief Product and Strategy Officer of Visa, generative AI will not only change how we live and work but will also meaningfully transform commerce. David Rolf, the head of Visa Ventures, described generative AI as one of the most transformative technologies of our time.
Visa Ventures has a lot of flexibility when it comes to the number of investments it will make and the average check size. The company expects to make a range of smaller investments in the early stage of the industry but also has the ability to make larger investments if there is a strong rationale to do so.
Visa is looking to back companies that apply generative AI to solve real problems in commerce, payments, and fintech. This includes B2B processes around payments and infrastructure that can have a profound impact on commerce. The company is interested in startups that practice responsible use of AI, in line with Visa’s policies.
Marie-Elise Droga, Visa’s head of fintech, mentioned that her team often collaborates with the Visa Ventures team, serving as a scout engine for Visa’s venture arm.
Generative AI has the potential to revolutionize various industries, including finance and payments. With Visa’s $100 million investment, we can expect to see innovative applications and technologies that will shape the future of commerce and payments.