Visa Inc. unveiled a $100 million plan to invest in companies focused on generative artificial intelligence. The firm, which calls itself a pioneer of using AI in global payments since 1993, said in a statement Monday that it’s targeting ventures with the potential to shape how commerce is conducted in the future.
Visa, with a $483 billion market valuation, is among US financial giants rushing to harness new generations of AI within their businesses while also making early inroads with entrepreneurs. Generative AI’s ability to use large data sets to quickly acquire new skills has spurred excitement over its potential to assist with all kinds of work currently performed by humans. But the new systems will also pressure industry incumbents to adapt quickly.
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