- Visa, a global leader in payments, has unveiled a new $100 million initiative called "Generative AI Ventures" to invest in companies dedicated to developing generative AI technologies and applications that will shape the future of commerce and payments. As pioneers of AI use in payments dating back to 1993, Visa sees this initiative as an extension of their commitment to driving innovation in payments through AI.
- Jack Forestell, Chief Product and Strategy Officer at Visa, emphasized the potential impact of generative AI on commerce, 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." Visa, with a market value of $483 billion, is among the US financial giants that are rushing to harness new generations of artificial intelligence within their businesses, while making early progress with entrepreneurs.
Why it matters
Visa's Generative AI Ventures initiative will be spearheaded by Visa Ventures, the company's global corporate investment division, which has been investing in and partnering with innovative firms in the payments and commerce sectors since 2007. David Rolf, Head of Visa Ventures, highlighted the significance of generative AI and expressed enthusiasm for supporting innovative startups working in this space.