October 2, 2023
Visa, the global pioneer in payments technology, is embarking on a groundbreaking journey into the future of artificial intelligence with the launch of its $100 million Generative AI Ventures Initiative. This bold move demonstrates Visa’s unwavering commitment to fostering innovation in payments and commerce, marking a significant leap forward in generative AI technologies.
Since 1993, Visa has been at the forefront of harnessing the power of AI in payments. This new initiative extends Visa’s leadership in utilizing AI to drive innovation, create value for partners and clients, and facilitate global commerce. Generative AI, an emerging subset of artificial intelligence, leverages Large Language Models (LLMs) to develop artificial general intelligence capable of generating text, images, or other content based on extensive datasets and prompts. Jack Forestell, Chief Product and Strategy Officer at Visa Inc. remarked, “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 Ventures, the global corporate investment arm of Visa, will spearhead this visionary initiative. Having been at the forefront of investments and partnerships that drive innovation in payments and commerce since 2007, Visa Ventures is to propel generative AI’s potential to the forefront of transformative technologies. David Rolf, Head of Visa Ventures at Visa Inc., expressed excitement about this venture, stating, “With generative AI’s potential to be one of the most transformative technologies of our time, we are thrilled to expand our focus to invest in some of the most innovative and disruptive venture-backed startups operating at the intersection of generative AI, commerce, and payments.”
This initiative signals Visa’s dedication to shaping the future of commerce and payments and its commitment to supporting startups that drive change and innovation in this space. By harnessing the capabilities of generative AI, Visa seeks to empower businesses, individuals, and economies worldwide.
To delve deeper into the $100 million Generative AI Ventures Initiative and to explore Visa Ventures’ vision, please visit Visa.com/ventures.
About Visa
Visa (NYSE: V) is a global leader in digital payments, facilitating transactions among consumers, merchants, financial institutions, and government entities across more than 200 countries and territories. Visa aims to connect the world through the most innovative, convenient, reliable, and secure payment network, enabling individuals, businesses, and economies to thrive. Visa firmly believes that inclusive economies uplift everyone and sees access as foundational to the future of money movement. You can learn more about Visa at Visa.com. Visa’s commitment to innovation continues with the launch of the $100 million Generative AI Ventures Initiative, reinforcing its role as a trailblazer in shaping the future of commerce and payments.
