The investments will be led by Visa’s global corporate investment arm Visa Ventures. Credit: profivideos/Pixabay.

US-based payments technology major Visa has announced plans to invest $100m in companies developing generative artificial intelligence (AI) technologies and applications.

The initiative will focus on investing in ventures that can change how commerce and payment is done in future.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

Visa, which claims to be the pioneer in using AI in payments since 1993, expects the investment to drive innovation, create value and support commerce across the world.

Generative AI is a new branch of AI that is built on large language models to create artificial general intelligence.

When given prompts, the generative AI-powered applications can produce text, graphics, or other types of content.

Visa chief product and strategy officer Jack Forestell 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.”

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

The investments will be led by Visa’s global corporate investment arm Visa Ventures, which has been investing in companies since 2007.

Visa Ventures head David Rolf 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.”

With the investment, Visa joins other technology companies across the globe trying to enhance generative AI capabilities.

Last week, Indian IT services provider Infosys joined forces with Microsoft to develop solutions powered by generative AI.

Amazon too announced its plans last week to invest $4bn in Anthropic, an AI startup, as part of efforts to boost AI capabilities.