Visa Plans to Invest in Productive AI Companies

Visa announced plans to invest $100 million in companies developing productive AI technologies and applications that will "impact the future of commerce and payments"! The investments will be made through Visa Ventures, the card giant's 16-year-old global corporate investment arm. The company claims that it has been "pioneering the use of artificial intelligence in payments" since 1993. For those who do not know. Generative AI is an emerging subset of artificial intelligence trained on existing large datasets to create text, images or other content when given text commands.

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Explanations Related to Investment

Visa Inc. is an American multinational payment card services company headquartered in San Francisco, California. It facilitates electronic funds transfers worldwide, mostly through Visa-branded credit cards, debit cards and prepaid cards. Visa is one of the world's most valuable companies. Visa does not issue cards, extend credit or set tariffs and fees to consumers; instead, Visa provides financial institutions with Visa-branded payment products that they then use to offer credit, debit, prepaid and cash access programmes to their customers. In 2015, the Nilson Report, a publication that monitors the credit card industry, revealed that Visa's global network (known as VisaNet) processed 100 billion transactions totalling US$6.8 trillion in 2014.