Visa has set aside $100m to invest in companies developing generative AI

Payment system Visa will set aside $100 million to invest in startups developing generative artificial intelligence technologies and applications that "that will impact the future of commerce and payments".

Here's What We Know

The investment will be made through Visa Ventures. Chief executive David Rolf said that generative AI has the potential to become one of the most transformative technologies of our time.

Visa Ventures "had a lot of flexibility" in terms of the number of investments from the new fund and average cheque size, he said.

"Given the early stage of the industry we’d expect to make a range of smaller investments of a few $M" - said Rolf.

However, he noted that the fund has the ability to make larger investments if there is a compelling reason to do so.

The main criteria for getting funding is to apply generative AI to solve problems in commerce, payments and fintech.

Source: TechCrunch