Visa, a global leader in payment processing, made a significant move on Monday by unveiling a $100 million venture fund dedicated to generative artificial intelligence (AI) startups. This strategic investment aligns Visa with a growing list of companies entering the AI sector, a hot topic in the tech world this year, fueled in part by the popularity of chatbot ChatGPT.

Prominent tech giants like Microsoft and Alphabet’s Google have already thrown their weight behind the AI space, recognizing its potential for transformative innovation.

Visa’s Chief Product and Strategy Officer, Jack Forestell, emphasized the significance of generative AI, stating, “While much of generative AI so far has been focused on tasks and content creation, this technology… will also meaningfully change commerce in ways we need to understand.”

Generative AI represents a groundbreaking technology that creates entirely new content based on patterns and insights derived from past data. It has the potential to revolutionize various aspects of commerce, and Visa intends to explore and harness its capabilities through this dedicated fund.

The fund’s launch reflects Visa’s commitment to staying at the forefront of innovation in the payment processing and financial technology space. By investing in generative AI startups, Visa aims to not only stay ahead of industry trends but also actively contribute to shaping the future of commerce through cutting-edge technology.

As generative AI continues to evolve and demonstrate its potential to reshape multiple industries, Visa’s venture fund is poised to play a pivotal role in supporting startups that drive innovation and transformative change in the field.