Visa has announced a $100 million initiative to invest in companies focused on developing generative AI technologies for commerce and payments.
Built on Large Language Models (LLMs) to create artificial intelligence capable of generating text, images and other content from large sets of existing data, generative AI is increasingly used for content creation purposes.
Visa’s generative AI initiative aims to look past existing use cases for generative AI to understand its long-term impact on payments and commerce, according to Visa Inc’s Chief Product and Strategy Officer, Jack Forestell.
“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,” he said.
The initiative will be led by Visa Ventures, Visa’s global corporate investment arm, which has been driving investment in payments and commerce technology since 2007.
Head of Visa Ventures at Visa Inc, David Rolf, said “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.”
© Adaugeo Media Ltd