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Visa, the global card payment powerhouse, has unveiled ambitious plans to allocate a substantial $100 million in funding to support companies dedicated to advancing generative AI technologies. These investments will be channeled through Visa Ventures, the company’s longstanding corporate investment division with a 16-year track record.
Visa has indisputably been at the forefront of integrating AI into the realm of payments, deploying AI-driven technology extensively for activities such as risk assessment and fraud prevention. In 2021, the company introduced VisaNet +AI, a suite of AI-powered services specifically designed to address issues such as the management of account balances and streamlining daily settlements for financial institutions. Remarkably, Visa’s Advanced Authorization system, implemented in 2022, played a pivotal role in preventing an estimated $27 billion worth of fraudulent transactions.
Visa’s latest undertaking represents an extension of its pioneering role in utilizing AI to foster innovation within the payments sector. The initiative aims to create substantial value for both Visa’s partners and clients while serving as an enabler of global commerce. According to Jack Forestell, Visa’s Chief Product and Strategy Officer, the potential of generative AI within the financial landscape is highly promising. Forestell commented:
“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.”
Regarding the selection criteria for potential investments, Visa is actively seeking out companies that leverage generative AI to address tangible challenges within the spheres of commerce, payments, and fintech.
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