Emmanuel OchayiVisa, a global card payment company, has launched a visionary $100 million initiative to propel the next wave of generative AI innovation within the realm of commerce and payments. This ambitious endeavor is set to reshape the future of how transactions are conducted.
Visa’s Chief Product and Strategy Officer, Jack Forestell, spoke passionately about the transformative potential of generative AI, stating, “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.”
The initiative, led by Visa Ventures, the corporate investment arm with a rich history of backing payment and commerce innovators since 2007, is set to usher in a new era of artificial general intelligence.
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This AI subset, exemplified by OpenAI’s ChatGPT, leverages Large Language Models (LLMs) to generate text, images, and more from vast datasets, unlocking unprecedented possibilities in commerce and payments.
David Rolf, Head of Visa Ventures, expressed Visa’s enthusiasm, saying, “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.”
Visa’s move echoes a broader trend of tech giants investing heavily in AI. Just last week, Amazon committed to a substantial investment of up to $4 billion in the AI startup Anthropic, marking a pivotal moment in the tech industry’s AI race. Microsoft, too, solidified its commitment to AI through a multi-billion-dollar partnership extension with OpenAI, the creators of ChatGPT.
As the world becomes increasingly interconnected and reliant on AI, Visa’s bold initiative stands as a testament to the limitless possibilities in the ever-evolving landscape of commerce and payments.
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