Visa has unveiled a plan to invest in companies that operate in the sphere of generative artificial intelligence.
The giant of the payment industry intends to allocate funds in the amount of $100 million to support technological initiatives for the development of AI. This decision of the company is appropriate since the integration of machine intelligence into the space of human activity is scaling rapidly, which is why the digital mind will soon form something like a base of action in various industries. Also, many experts say that in the foreseeable future, artificial intelligence will have a transformative impact on the sphere of commerce.
Visa has been calling itself a pioneer in the use of AI in global payments since 1993. Last Monday, October 2, the company announced its focus on interacting with firms that could potentially become a transformative influence on how commerce will be conducted in the future.
David Rolf, head of the investment division of Visa Ventures, noted the potential of generative artificial intelligence as one of the most transformative technologies of our time. He announced the company’s readiness to invest in some of the most innovative and breakthrough venture startups operating in the areas of machine intelligence, payments, and commerce.
Currently, the market value of Visa is $483 billion. The company is among the financial giants of the United States that are striving to introduce new generations of artificial intelligence into their business. Visa is also ready to interact with firms that are in the early stages of existence.
Generative artificial intelligence is able to acquire new skills in the shortest possible time through the use of large amounts of information. Such feature of this form of digital thinking existing in the virtual space has become the reason for the enthusiasm about the potential of AI to help in all kinds of work that people traditionally do. In some cases, artificial intelligence can replace a person. At the same time, this ability of machine intelligence raises concerns about the situation in the labor market against the background of scaling integration of advanced technology into work processes and also in the context of reasoning about the degree of AI powers in the space of human life. Many experts do not share the pessimistic mood, arguing that artificial intelligence will be an auxiliary tool.
Jack Forestell, Visa’s director of products and strategy, is convinced that in the near future, AI will change not only how people live and work, but also transform commerce in ways that have yet to be understood.
Experts say that advanced artificial intelligence tools have gone beyond isolated automation solutions, which has marked the beginning of a new era for financial directors. This toolkit frees employees from the need to perform routine tasks of secondary importance and increases the level of analytical abilities, contributing to the achievement of business goals.
Michael Jabbara, vice president and global head of fraud services at Visa, noted that under one of the use cases, AI can help collect data and turn it into signals that provide effective analysis to prevent fraud.
As we have reported earlier, Visa Launches Africa Fintech Accelerator.