Visa Unveils $100 Million Initiative to Drive Innovation in Generative AI

Visa, the global payment giant, is diving deep into the world of AI in commerce and settlements, unveiling a $100 million commitment to fund generative AI ventures

To propel generative AI technologies and their applications in commerce and payments. Visa Ventures, Visa's investment arm, will lead this initiative, fostering innovation since 2007

Generative AI is a groundbreaking technology capable of creating diverse content types like text, imagery, audio, and synthetic data

Visa's Chief Product and Strategy Officer, Jack Forestell, sees a bright future for generative AI in finance. It's not just about changing our lives but also transforming commerce in unprecedented ways

Visa's latest move builds on their history of AI adoption, dating back to 1993. They've been using AI for risk and fraud management, making significant strides in payment technology

In 2022, Visa's real-time payment fraud monitoring, Visa Advanced Authorization, thwarted an estimated $27 billion in fraudulent transactions. Their AI-based services are making a big impact

In 2021, Visa introduced VisaNet +AI, a suite of AI-based services. It includes features like Smarter Stand-In Processing and Smarter Posting, streamlining account balance management and consumer payments

Beyond AI, Visa has shown interest in cryptocurrency technology for payments. Their commitment to innovation is unwavering, aiming to shape the future of the payments industry.