Visa has revealed a new 100-million-dollar program named Generative AI Ventures to invest in the coming wave of businesses operating to establish generative AI applications and technology.
The card payment corporation’s program is a part of the company’s dedication to AI utilization to boost innovation in payments, establish benefits for users and customers, and aid and boost international commerce.
The program will be hosted by Visa Ventures, the international corporate investment branch of Visa. Visa Ventures has been funding and collaborating with other firms that are driving technological advancement in payments and commerce for over 15 years.
ChatGPT a popular Open AI, is an example of Generative AI. It is a developing subset of AI that is constructed on Large Language Models (LLMs) to create artificial general intelligence with the ability to produce text, images, or other contents from huge sets of existing information with prompts.
Jack Forestell, the company’s chief product and strategy officer, said, “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 Head of Visa Ventures, Visa Inc, David Rolf, further said “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.”