On Monday, Visa, the US payments provider, announced its intention to invest $100 million in companies dedicated to the development of generative artificial intelligence (AI) technologies and applications.

Visa plans to make these investments through Visa Ventures, as stated in their official announcement, reported by dpa.

Jack Forestell, Visa's Chief Product and Strategy Officer, emphasized the significance of this move by saying, "While much of the focus in generative AI has centered on tasks and content creation thus far, this technology is poised to not only transform our way of life and work but also significantly impact commerce in ways that require our understanding."

Visa views this initiative as an extension of its leadership role in utilizing AI to drive innovation in the realm of payments, generate value for its partners and clients, and foster and empower global commerce.

Generative AI represents an emerging field within AI, leveraging Large Language Models to advance artificial general intelligence capable of generating text, images, or other content based on extensive datasets when provided with prompts.