Visa to invest $100 million in generative AI ventures

London: Visa unveiled a $100 million plan to invest in companies focused on generative artificial intelligence.

The firm, which calls itself a pioneer of using AI in global payments since 1993, said in a statement Monday that it’s targeting ventures with the potential to shape how commerce is conducted in the future.

“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’s investment arm, Visa Ventures.

Visa, with a $483 billion market valuation, is among US financial giants rushing to harness new generations of AI within their businesses while also making early inroads with entrepreneurs. Generative AI’s ability to use large data sets to quickly acquire new skills has spurred excitement over its potential to assist with all kinds of work currently performed by humans. But the new systems will also pressure industry incumbents to adapt quickly.

“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,” Jack Forestell, Visa’s chief product and strategy officer, said in the statement.