Visa has announced its plan to allocate $100 million towards investments in companies dedicated to advancing generative AI that are poised to revolutionise the future of commerce and payments. These investments will be executed through Visa Ventures, the longstanding global corporate investment branch of the financial services giant, boasting 16 years of experience in funding promising ventures.
Jack Forestell, Chief Product and Strategy Officer of Visa, emphasised the transformative potential of generative AI, stating, “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.”
With a legacy dating back to 1993, Visa has positioned itself as a pioneer in the use of AI within the realm of payment systems. For those less familiar with the concept, generative AI represents a burgeoning subset of AI, honed through extensive exposure to existing datasets, empowering it to generate text, images, or other forms of content in response to text-based prompts.
“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 Inc.
Visa’s criteria for selecting investment targets primarily revolve around backing companies that apply generative AI to address real-world challenges in commerce, payments, and fintech. This encompasses various aspects, including B2B payment processes and infrastructure with the potential to profoundly influence commerce.
In August, Visa’s Head of Fintech, Marie-Elise Droga, highlighted the synergy between her team and Visa Ventures, characterising it as a scouting engine for Visa’s venture arm. This collaborative approach aims to propel Visa’s commitment to fostering innovation in the rapidly evolving landscape of financial technology.
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