San Francisco, Oct 3 (IANS) Global card payments leader Visa (NYSE: V ) has announced a new $100 million generative AI initiative to invest in the next generation of companies focused on developing AI technologies and applications that will impact the future of commerce and payments. The investments will be made through Visa Ventures, the company’s 16-year-old global corporate investment arm.
"As a pioneer of AI in payments since 1993, Visa considers this initiative an extension of the company's leadership in AI use to drive innovation in payments, create value for partners and clients and enable and empower global commerce," the company said in a statement late on Monday.
Generative AI is an emerging subset of AI that is built on Large Language Models (LLMs) to develop artificial general intelligence capable of generating text, images or other content from large sets of existing data when given prompts.
"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," said Jack Forestell, Chief Product and Strategy Officer, Visa.
Visa Ventures has been investing in and partnering with companies driving innovation in payments and commerce since 2007. "With generative AI's potential to be one of the most transformative technologies of our time, we are excited to expand our focus to invest in some of the most innovative and disruptive venture-backed startups building across generative AI, commerce and payments," said David Rolf, Head of Visa Ventures.
Visa facilitates transactions between consumers, merchants, financial institutions and government entities across more than 200 countries and territories.
Add Chart to Comment
We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
- Enrich the conversation
- Stay focused and on track. Only post material that’s relevant to the topic being discussed.
- Be respectful. Even negative opinions can be framed positively and diplomatically.
- Use standard writing style. Include punctuation and upper and lower cases.
- NOTE: Spam and/or promotional messages and links within a comment will be removed
- Avoid profanity, slander or personal attacks directed at an author or another user.
- Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
- Only English comments will be allowed.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.