Global payment giant Visa has reaffirmed its commitment to artificial intelligence (AI) in commerce and settlements with the launch of a new $100-million generative AI initiative. This strategic move, announced on October 2nd, reflects Visa’s dedication to investing in companies focused on advancing generative AI technologies and applications within the realms of commerce and payments.
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Visa Ventures, Visa’s global corporate investment arm, will oversee the curation of this substantial investment. Having actively supported innovation in the payments and commerce sectors since 2007, Visa Ventures is well-positioned to identify and nurture groundbreaking developments in the field.
Generative AI is a cutting-edge technology capable of producing a wide array of content, including text, imagery, audio, and synthetic data. Prominent AI chatbots like OpenAI’s ChatGPT and Google’s Bard have demonstrated the potential of generative AI by creating human-like written content.
Jack Forestell, Visa’s Chief Product and Strategy Officer, expressed optimism about the role of generative AI in the financial world and he said, “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’s recent foray into generative AI builds upon its extensive history of leveraging AI in the company’s operations. As early as 1993, Visa pioneered the use of AI in payments, primarily for risk and fraud management. In 2022, Visa’s real-time payment fraud monitoring solution, Visa Advanced Authorization, made a significant impact by preventing an estimated $27 billion in fraud.