Visa, a global leader in payments, has established a substantial $100 million fund through its corporate investing arm, Visa Ventures. This fund is dedicated to supporting innovative applications of generative artificial intelligence (AI) within the realm of payments and commerce.
Visa's history with AI in payments spans an impressive 30 years. However, this significant fund allocation underscores their commitment to pushing the boundaries of generative AI. This technology leverages large language models (LLMs) to generate diverse content, including text and images, from extensive datasets.
Additionally, in the financial services and payments sector, generative AI proves particularly valuable for tasks involving large volumes of text. This encompasses applications like crafting marketing emails, addressing customer service inquiries, and scripting telephony interactions. Moreover, its potential extends to streamlining internal processes, ultimately reducing time spent on arduous and repetitive operations.
Experts widely agree that generative AI is poised to be a transformative force in the coming decades. Bloomberg Intelligence predicts a staggering growth trajectory, forecasting a $1.3 trillion industry by 2032, up from a modest $40 billion just the previous year. This represents an astounding surge of 3,250% within a mere decade. The demand for generative AI is so pronounced that Bloomberg anticipates it could introduce approximately $280 billion in new software revenue. Co-pilots that speed up coding processes, innovative infrastructure products, and specialized assistants will be the driving forces behind this surge.
Further, Jack Forestell, Chief Product and Strategy Officer at Visa, emphasizes that while the focus of generative AI has predominantly been on task automation and content creation, its influence is poised to extend far beyond, fundamentally reshaping our daily lives and professional landscapes. It is anticipated to wield substantial influence over the commerce sector, necessitating a comprehensive understanding of its potential impacts.
David Rolf, Head of Visa Ventures, concurs, expressing excitement over the transformative potential of generative AI. By directing their investment focus toward forward-thinking startups in the generative AI, commerce, and payments spaces, Visa is positioning itself at the forefront of this groundbreaking technological evolution.
As generative AI continues its meteoric rise, it is poised to reshape the landscape of commerce and payments, fundamentally altering how we live and work in the process.