Visa has established a $100 million fund through its corporate investing arm, Visa Ventures, to support innovative applications of Generative AI in the payments and commerce sector.
This substantial fund will be utilized to invest in companies at the forefront of developing transformative Generative AI technologies and applications in the payments industry.
Visa has been leveraging AI in payments for three decades, making this move a significant affirmation of the potential of Generative AI. Generative AI, powered by large language models (LLMs), can generate text, images, and other content when prompted by extensive datasets.
In the financial services and payments sector, Generative AI is especially valuable for handling large volumes of text, such as in marketing emails, customer service inquiries, and telephony scripts. Additionally, it has broader applications in optimizing internal processes and reducing the time spent on repetitive tasks.
David Rolf, Head of Visa Ventures, says: “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.”
