Following a series of investments in AI that are being announced by global tech giants, leading global payments provider, Visa has unveiled a groundbreaking $100 million generative AI ventures initiative aimed at fostering innovation in the field.

This initiative seeks to invest in forward-thinking companies dedicated to advancing generative AI technologies and applications that promise to revolutionize the future of commerce and payments.

As a pioneer of AI use in payments since 1993, Visa which is renowned for its global footprint in digital payments, connecting consumers, merchants, financial institutions, and government entities across more than 200 countries and territories, considers this initiative an extension of Visa’s leadership in using AI to drive innovation in payments, create value for partners and clients, and enable and empower global commerce.

The company aims to facilitate convenient, reliable, and secure payments, promoting growth for individuals, businesses, and economies worldwide.

Heading this transformative initiative is Visa Ventures, the global corporate investment arm of Visa, with a track record of backing and collaborating with companies driving innovation in payments and commerce since 2007.

Visa's foray into AI investments aligns with a recent trend where major tech giants are venturing into AI with substantial investments. Just a week ago, Amazon revealed plans to invest up to $4 billion in the AI startup Anthropic, emphasizing the growing significance of AI across various industries.

Additionally, Microsoft's extended partnership with OpenAI, ChatGPT creator underscores the pivotal role of AI technology in shaping the future strategies of leading tech companies.