Visa has announced its intention to invest $100 million in companies focused on developing generative AI technologies and applications that are poised to shape the future of commerce and payments.

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These investments will be channeled through Visa Ventures, the company's global corporate investment arm, which has been operating for 16 years. Visa emphasizes its pioneering role in the application of AI in payments, dating back to 1993. Generative AI, an emerging subset of AI, employs vast datasets to generate text, images, and other content based on given prompts.

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Visa's Chief Product and Strategy Officer, Jack Forestell, believes that generative AI will not only transform the way we live and work but will also have a significant impact on commerce.

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Visa Ventures aims to support companies utilizing GenAI to solve real-world challenges in commerce, payments, and fintech, including B2B processes and infrastructure improvements. The company is interested in startups at various levels of the technology stack, from data organization to user experiences, while emphasizing responsible AI usage in line with Visa's policies.

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