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Visa Gets Creative with $100 Million Generative AI Fund to Power the Future of Digital Commerce
Visa is investing big in the revolutionary technologies that will transform how we shop, pay and do business online. The global payment giant just launched a $100 million venture initiative focused on generative AI - an emerging form of artificial intelligence that uses deep learning to automatically generate new text, images, and other content.
By funding startups at the cutting edge of generative AI, Visa hopes to stay ahead of the curve as this technology revolutionizes digital commerce. Generative AI models are already being used to quickly create all sorts of digital content on demand. But Visa believes this is just the beginning - soon, generative AI will disrupt entire industries and change how we experience the digital world.
"While much of generative AI so far has focused on simple content creation tasks, this technology will profoundly alter how we live and work and deeply impact commerce," said Jack Forestell, Chief Product and Strategy Officer at Visa. "We want to understand these changes and help shape how generative AI evolves."
Visa Ventures, the company's global investment arm, will lead the new $100 million initiative. For over 15 years, Visa Ventures has backed innovative payments startups. Now, it's expanding its focus to include generative AI firms revolutionizing both commerce and financial services.
"Generative AI has the potential to be one of the most transformative technologies of our time," said David Rolf, Head of Visa Ventures. "We're excited to invest in the startups developing the generative AI advancing both payments and digital business worldwide."
By getting creative with generative AI itself, Visa aims to stay one step ahead and ensure this groundbreaking technology enhances global digital commerce for years to come.