Visa joins the list of companies with a pronounced interest in technology that invest in AI. For this, the company has reserved 100 million dollarsthat will be used to support entities that they are developing generative Artificial Intelligence technologies and applications designed to have an impact on the future of payments and electronic commerce.
The investments will be made through Visa Ventures, the company’s venture capital division. At the moment it is unknown if they have already chosen a particular company to make the first investments, as well as the money that will be allocated to each of them.
Visa Ventures has been in the investment sector for 16 years. Specifically, since 2007, when it began investing and partnering with companies focused on creating innovation in the payments and commerce sectors, both physical and online. Now, those responsible will continue with their work, adding startups dedicated to the development of AI to their portfolio of possible investment objectives.
In the statement in which they confirm the step, those responsible point out that Visa has been a pioneer of Artificial Intelligence in payments since 1993, and that “Although most generative AI until now has been focused on completing tasks and creating content, this technology will not only soon change how we live and work, but will also change commerce in ways we need to understand.«. This is what he assures Jack Forestell, Head of Product and Strategy at Visa.
Among the selection criteria that they will use to invest is that the companies chosen to boost them are applying generative Artificial Intelligence to «solve real problems in commerce, payments or the fintech sector«. Visa views this initiative as an extension of its expertise in using AI to advance the payments industry and create value for partners and customers. Also to give a boost, and means, to trade at a global level. That is why it has focused on generative AI.
