Visa has initiated a $100 million investment fund aimed at supporting companies that are leveraging generative AI technologies and applications to enhance commerce and payment systems.
The initiative will be spearheaded by Visa Ventures, the global corporate investment division of Visa. David Rolf, head of Visa Ventures, expressed enthusiasm about the project, stating, “Generative AI has the potential to be one of the most transformative technologies of our era. We’re eager to invest in innovative and disruptive startups that are exploring the intersections of generative AI, commerce, and payments.”
Jack Forestell, Visa’s Chief Product and Strategy Officer, emphasized that the endeavor is focused not only on financial returns but also on understanding the transformative capabilities of generative AI. “While much of the attention on generative AI has centered on tasks and content creation, this technology is poised to fundamentally alter our everyday lives and the landscape of commerce in ways that we must comprehend,” he noted.