Visa launches $100mln generative AI ventures initiative

Payments processor Visa has launched on Monday a new $100 million generative AI ventures initiative to invest in companies harnessing generative AI technologies and applications for commerce and payments.

Gen AI is particularly useful in the financial services and payments industry anywhere there is a need for large amounts of text – such as marketing emails, customer services queries, and telephony scripts.

This initiative an extension of Visa’s leadership in using AI to drive innovation in payments, create value for partners and clients, and enable and empower global commerce, the global payment firm said.