According to the official press release, the payments provider seeks to invest in the new generation of businesses that focus on developing generative AI technologies and apps that will have an impact on the future of commerce and payments.
Visa has purportedly been a pioneer in the use of AI in payments since 1993 and regards this initiative as an extension of its larger efforts to leverage AI to drive developments in payments.
This particular endeavour will reportedly be headed by Visa Ventures, the company’s global corporate investment arm. Visa Ventures officials have emphasised the company’s commitment to expand their focus and invest in disruptive venture-backed startups building across generative AI, commerce, and payments. They further added that they strive to harness generative AI’s potential to be one of the most influential technologies of its time
GenAI is a rising subset of AI created using Large Language Models (LLMs) in an effort to develop artificial general intelligence that has the capacity to generate text, images, or other content – from existing and extensive datasets – when given prompts. Visa officials stated in the official release that they believe that, whilst this technology has primarily been used on tasks and contact creation, generative AI is on the verge of reshaping commerce, as well as the way people live and work.
Visa is a global digital payments provider that facilitates transactions between consumers, merchants, financial institutions, and government entities across over 200 countries and territories.
Earlier in 2023, the company announced a series of collaborations with partners like Paysend, YellowPepper and ABHI, Lloyds Bank, Cashflows, and Expel, among others.
Moreover, Visa introduced a number of new offerings addressed to businesses, such as the Visa Cross-Border Solutions – a product that the company developed following a collaboration with Currencycloud. With this new cross-border solution, Visa reportedly aims to deliver cross-border money movement services for fintechs, financial institutions, banks, FX brokers, corporates, and other payment institutions.
Also in 2023, it was revealed that Visa made changes to its dispute handling, and, consequently, it now provides SMEs with more tools to fight first-party misuse for card-not-present transactions.
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