The service focuses on delivering practical insights and recommendations to enable clients to take advantage of the potential of AI, emphasising the use of generative AI.
According to the company press release, Visa has been at the forefront of AI utilisation in the past three decades and commited to an investment of more than USD 3 billion in the last decade alone. In this context, the company has prioritised enhancing services, ensuring secure transactions, and preventing fraud through AI and data infrastructure. VCA, in the past year, has executed numerous AI-related paid engagements, utilising over 150 unique models. This experience has paved the way for the launch of a specialised AI advisory service, strategically improving Visa's suite of value-added services.
Regarding this new development, officials from Visa emphasised the transformative impact of AI on industries around the world, particularly in the payments sector. They highlighted Visa's commitment to not only improving payment experiences but also leveraging AI to support clients in areas like acquisition, engagement, retention, and risk management.
The new AI Advisory Practice taps into VCA's network of consultants, data scientists, and product experts across several offices on six continents. In essence, this initiative aims to assist clients in comprehending the AI landscape, including the potential role of generative AI.
VCA's services cover the entire AI journey, including discovery, planning, and implementation. This collaborative approach intends to help clients define a responsible AI strategy, utilising AI to achieve business goals such as market expansion, product design, customer acquisition, engagement improvement, authorisation and fraud optimisation.
In November 2023, Visa expanded its Real Time Visa Account Updater (VAU) to selected markets in Asia Pacific. Through this launch, Visa aimed to simplify the payment experience for merchants and customers by offering cardholders a single credential for life. By introducing the service to Asia Pacific, consumers and merchants could access Real Time VAU across subscription services, including ride-hailing, food delivery, and monthly utility payments, among others.
In October 2023, Visa partnered with US-based BMO Financial Group to provide Canada-based cardholders with access to Installments. The service allows consumers to convert qualifying purchases into smaller, equal payments over a defined period. Through this partnership, BMO will become the latest Canadian issuer to introduce instalments in partnership with Visa.
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