Visa launches $100M generative AI ventures initiative

Visa announced a new $100M generative AI ventures initiative to invest in the next generation of companies focused on developing generative AI technologies and applications that will impact the future of commerce and payments. As a pioneer of AI use in payments since 1993, Visa considers this initiative an extension of Visa’s leadership in using AI to drive innovation in payments, create value for partners and clients, and enable and empower global commerce. Generative AI is an emerging subset of AI that is built on Large Language Models to develop artificial general intelligence capable of generating text, images or other content from large sets of existing data when given prompts. “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,” said Jack Forestell, Chief Product and Strategy Officer, Visa Inc.