Visa, the renowned payments processor, has introduced a $100 million venture fund dedicated to supporting generative artificial intelligence (AI) startups. This move by Visa aligns with the growing trend of investors showing substantial interest in the AI sector throughout this year. Notable names such as Microsoft and Alphabet’s Google have already ventured into the AI space, driven by the remarkable popularity of chatbot ChatGPT.

Generative AI, which has garnered significant attention within the technology landscape, is a transformative technology that generates entirely new content by leveraging knowledge acquired from historical data.

Jack Forestell, Chief Product and Strategy Officer at Visa, highlighted the significance of generative AI by stating, “While much of generative AI so far has been focused on tasks and content creation, this technology… will also meaningfully change commerce in ways we need to understand.”

Visa’s venture fund signals a strategic move to explore and invest in the potential of generative AI, recognizing its capability to bring about substantial changes in various aspects of commerce and beyond.

By Impact Lab