Visa, the global payment firm, has announced the launch of a $100 million initiative to invest in the development of generative artificial intelligence (AI) technologies and applications. The initiative aims to support the next generation of companies focused on advancing generative AI, which is an emerging subset of AI that uses Large Language Models (LLMs) to generate text, images, or other content from existing data.
Visa has been at the forefront of using AI in payments since 1993 and sees this initiative as an extension of its leadership in driving innovation in payments. The company believes that generative AI will not only reshape how we live and work but will also have a significant impact on the future of commerce and payments.
The $100 million initiative will be led by Visa Ventures, the company’s global corporate investment arm, which has been investing in and partnering with innovative payment and commerce companies since 2007. With generative AI being viewed as one of the most transformative technologies of our time, Visa Ventures is excited to expand its focus and invest in startups that are driving innovation across generative AI, commerce, and payments.
Visa is a world leader in digital payments, operating in more than 200 countries and territories, facilitating transactions between consumers, merchants, financial institutions, and government entities. The company’s mission is to connect the world through an innovative, convenient, reliable, and secure payment network, enabling individuals, businesses, and economies to thrive. Visa believes in creating inclusive economies that uplift everyone and see access to financial services as crucial for the future of money movement.
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