Tag: COMMERCE

Visa Announces $100 Million Fund for Generative AI in Commerce and Payments

by Blockchain News

On October 2, 2023, Visa Inc., a global leader in payment solutions, announced a $100 million fund dedicated to generative artificial intelligence (AI). The fund is designed to invest in startups and established businesses that are at the forefront of developing generative AI technologies and applications, particularly those that have potential applications in commerce and payments.

Visa Ventures, the corporate investment division of Visa, will be responsible for overseeing the fund’s investment activities. Established in 2007, Visa Ventures has a history of backing innovative projects in the payment and commerce sectors. David Rolf, Head of Visa Ventures, expressed enthusiasm about the initiative, stating, “Generative AI has the potential to be one of the most transformative technologies of our time. We are excited to expand our focus to invest in some of the most innovative and disruptive venture-backed startups in the fields of generative AI, commerce, and payments.”

The Capabilities of Generative AI

Generative AI is a type of artificial intelligence that can produce a wide array of content, from text and images to audio and synthetic data. The technology has already shown its capabilities through major AI chatbots like OpenAI’s ChatGPT and Google’s Bard, which can generate text that closely resembles human writing. This opens up new avenues for how AI can be utilized in various sectors, including commerce and payments.

Visa’s Long-standing Commitment to AI

Visa has been a pioneer in the adoption of artificial intelligence technologies. As early as 1993, the company implemented AI-based systems for risk and fraud management. In 2022, Visa Advanced Authorization, the company’s real-time fraud monitoring system, was credited with preventing approximately $27 billion in fraudulent activities. Last year, Visa also launched VisaNet +AI, a suite of AI-based services aimed at helping financial institutions tackle challenges related to daily settlement operations.

Beyond its investments in AI, Visa has also been exploring other technological frontiers. The company has shown a positive stance on the incorporation of blockchain technology, particularly Bitcoin, into payment systems. Jack Forestell, Chief Product and Strategy Officer at Visa, believes that generative AI holds significant promise in reshaping the financial landscape.

The $100 million fund is a significant step in Visa’s broader strategy to stay ahead in the rapidly evolving technological landscape. It not only reinforces the company’s leadership in AI but also signals its intent to be at the forefront of future innovations that could redefine commerce and payments.

Image source: Shutterstock

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Dogecoin becomes the 7th cryptocurrency accepted on Coinbase Commerce

by Cointelegraph

Coinbase Commerce, the e-commerce arm of the United States-based crypto exchange, has added support for Dogecoin payments.

According to a Twitter announcement, Dogecoin became the seventh cryptocurrency for merchants to accept payments on Coinbase’s e-commerce portal. The platform currently supports Bitcoin (BTC), Bitcoin Cash (BCH), Ether (ETH), Litecoin (LTC) along with stablecoins Dai (DAI) and USD Coin (USDC).

An integration with Coinbase.com enables Coinbase Commerce customers to convert their crypto payments into U.S. dollars, euros, pounds or USDC without leaving the e-commerce portal. According to a blog post dated October 2020, the same integration for Coinbase Prime and Pro accounts will be available soon.

Coinbase Commerce recently took the stage as Sotheby’s payment partner during the auction offering Banksy’s iconic protest artwork Love is in the Air.

At the 14-minute bidding battle, which was marked by the auction house as the first time cryptocurrency was accepted as a payment option for a piece of physical artwork, bidders could pay using Bitcoin or Ether through the partnership with Coinbase Commerce. Sotheby sold Banksy’s art for $12.9 million, but the auction house didn’t comment on whether the final payment was made with crypto.

Related: Coinbase sued over Dogecoin sweepstake ad campaign

In March 2020, nearly two years after its inception, Coinbase Commerce surpassed $200 million in total transactions processed with 8,000 retailers using Coinbase for payment services.

Product lead John Zettler then said that Bitcoin was by far the preferred payment method among the available cryptocurrencies on the platform, adding that “Merchant customers often tell us it’s the crypto they’re most familiar with and the one they trust the most.”