Home Artificial Intelligence Visa to Invest $100 Million in Generative AI for Commerce and Payments

Visa to Invest $100 Million in Generative AI for Commerce and Payments

by Joey De Leon

Visa, the global payments company, has recently launched a $100 million generative artificial intelligence (AI) ventures initiative. The aim of this initiative is to invest in companies that are focused on developing generative AI technologies and applications that will shape the future of commerce and payments.

Generative AI is an emerging subset of AI that utilizes large language models (LLMs) to create artificial general intelligence capable of generating text, images, and other content from vast amounts of existing data. Visa recognizes the potential of generative AI to not only reshape how we live and work but also meaningfully change commerce.

This new initiative builds upon Visa’s long-standing use of AI in payments and its commitment to driving innovation in the industry. It will be led by Visa Ventures, the company’s global corporate investment arm, which has been investing in and partnering with companies driving innovation in payments and commerce since 2007.

According to Jack Forestell, chief product and strategy officer at Visa, generative AI technology will have a significant impact on commerce and payments. He believes that while much of generative AI has been focused on tasks and content creation, it will soon reshape how we live and work, and it is crucial for Visa to understand these changes.

David Rolf, head of Visa Ventures, also recognizes the transformative potential of generative AI. He expressed excitement at expanding the focus of Visa Ventures to invest in innovative and disruptive venture-backed startups building across generative AI, commerce, and payments.

The article also mentions that AI tools, particularly those that move beyond siloed automation solutions, are ushering in a new era for chief financial officers (CFOs). These tools are freeing up employees from less rewarding work and augmenting human-level analytical strengths to achieve key business goals.

One application of generative AI technology is in fraud prevention. AI can help harvest data and turn it into actionable intelligence for detecting fraudulent transactions. Michael Jabbara, Vice President and Global Head of Fraud Services at Visa, highlights how AI can detect fraudulent activities and automate the process of distinguishing fraudulent transactions from legitimate ones.

Visa’s new generative AI ventures initiative demonstrates the company’s commitment to pushing boundaries and investing in innovative technologies that will shape the future of commerce and payments. As generative AI continues to evolve, it will be interesting to see how it transforms various industries and improves the customer experience in the years to come.

You may also like