In the wake of the successful ChatGPT chatbot, several prominent companies such as Microsoft and Google have thrown their weight behind the AI sector, making it a focal point within the tech community this year.

Jack Forestell, Visa’s Chief Product and Strategy Officer, articulated in a statement that, “While much of generative AI has thus far concentrated on tasks and content creation, this technology…will also bring about meaningful transformations in commerce that we must comprehend.” Generative AI, as a system, generates entirely novel content by drawing on knowledge derived from previously amassed data.