Visa, the payment processing giant, has announced its intention to invest $100 million in companies that are actively developing groundbreaking artificial intelligence (AI) technologies and applications with significant implications for the future of commerce and payments.
Visa is now part of a growing list of investors who have shown keen interest in the AI sector this year, aligning itself with prominent AI players like Microsoft and Google.
For 16 years, Visa Ventures, the company's global investment arm, has been actively involved in the AI sector. Visa even claims to have been at the forefront of incorporating AI into payment systems since as far back as 1993.
Jack Forrestel, Visa's Chief Product and Strategy Officer, emphasized, "Much of the current generative AI is concentrated on tasks and content creation, and this technology is reshaping our lifestyles and work dynamics, fundamentally altering the landscape of commerce in ways we must comprehend."
With the launch of the new $100 million fund, Visa Ventures retains a considerable level of flexibility when it comes to the number of investments it will make. The company anticipates making a variety of smaller investments, typically in the range of a few million dollars each, owing to the relatively nascent stage of the AI industry. However, when a compelling rationale arises, Visa has the capacity to make substantial investments.
Visa's primary objective is to support enterprises that leverage generative AI to tackle tangible challenges in commerce, payments, and financial technology. This encompasses areas like B2B payment operations and infrastructure, which have the potential to significantly reshape the landscape of commerce.
Visa is interested in engaging with companies operating across different levels of the AI spectrum, from data organization to generative AI, and intends to influence the user experiences within both professional and personal contexts.
The company stated, "We can play a transformative role for companies addressing the next wave of challenges in expanding commerce more broadly, and this represents our commitment to collaborating with startups in this endeavor."
Visa joins the ranks of major American financial institutions that are swiftly adopting the capabilities of the new AI generations into their operations. With early success stories involving entrepreneurs, Visa currently boasts a substantial market capitalization of $483 billion.
Comments
Post a Comment