Visa, the global card giant, is investing a whopping $100 million in companies that are developing generative AI technologies and applications. Generative AI, a subset of AI, is trained on existing data to generate text, images, or other content based on given text prompts. Visa claims to have been a pioneer in AI use in payments since 1993 and believes that generative AI has the potential to be one of the most transformative technologies of our time.
Visa Ventures, the company’s investment arm, will make these investments. The arm, which has been around for 16 years, has a lot of flexibility in terms of how many investments it will make and the size of the checks. Visa is particularly interested in supporting companies that are applying generative AI to solve real problems in commerce, payments, and fintech.
David Rolf, head of Visa Ventures, stated that they are looking for companies at multiple levels of the stack, from data organization for generative AI to the experiences that users will have in their personal and work lives. They are also keen on companies that practice responsible use of AI, in line with Visa’s policies.
This investment by Visa highlights the company’s commitment to staying at the forefront of technological advancements and driving innovation in the future of commerce and payments. With generative AI poised to reshape how we live and work, Visa aims to be a key player in this transformation.
What do you think about Visa’s investment in generative AI? Do you believe it will truly impact the future of commerce and payments? Share your thoughts in the comments below!
IntelliPrompt curated this article: Read the full story at the original source by clicking here