Visa's investment fund could benefit fintech development programs by enabling generative AI startups to expand. The company's Fintech Partner Connect program could serve as a way to efficiently connect its bank customers with generative-AI startups that have been Visa Ready certified. Other companies, including Amazon and Mastercard, are also investing in generative AI, with investors committing more than $14 billion towards generative AI companies in the first half of 2023.
Key takeaways:
- Visa has launched a $100 million initiative to invest in companies focused on generative artificial intelligence (AI), a technology that can create original content and is attracting significant interest in the financial services industry.
- Visa's scale and access to data can provide the fuel for differentiated large language models that can be applied to payment-specific problems, potentially transforming the payment experience for consumers and merchants.
- Visa's central role in the value chain means it can act as an accelerant for generative AI by connecting startups into the issuing and acquiring sides of the payments business.
- Investors committed more than $14 billion toward generative AI companies in the first half of 2023, almost double the funding made in the prior four years combined, demonstrating a bull market for generative AI investment.