Visa Unveils New Generative AI Initiative With Hefty $100M Investment

Visa Inc. V has unveiled a $100 million initiative aimed at fostering the development of generative AI technologies and applications. This investment underscores the payment giant's commitment to pioneering innovative solutions that will shape the future of commerce and payments.

The initiative, spearheaded by the company's investment arm Visa Ventures, seeks to nurture and invest in companies that are at the forefront of developing generative AI technologies. 

These technologies, based on Large Language Models (LLMs), are anticipated to revolutionize content creation and task execution, with far-reaching implications for commerce, the company said in a statement.

Also Read: Unmasking AI: Pentagon Seeks Transparency From Top LLM Companies To Confront Ethical Challenges

Visa has been at the forefront of integrating AI into payments since 1993. This new venture is seen as an extension of the company's ongoing efforts to drive innovation, offer value to partners and clients, and facilitate global commerce.

Recognizing the challenges faced by fintechs and non-banking entities, Visa has launched the Visa Ready to Launch (VRTL) program. 

Related: Visa In the Digital Age: Regulatory Adaptations, Fintech Collaborations, and Staying Ahead of Digital Payment Rivals

"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," said David Rolf, Head of Visa Ventures, Visa.

Moreover, Visa's expansion strategies are evident in its installment program collaborations with companies like Air Transat and London Drugs, offering enhanced payment flexibility to Canadian credit card holders.

Price Action: V shares are trading lower by 0.33% in the premarket to $230.50 on the last check Tuesday.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.