The Visa story is not about layoffs but about two revolutions
AI challenges some tasks performed within Visa. Tokenisation challenges parts of what Visa itself does.
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Visa has to manage two technological shocks – AI and tokenisation – says the writer.
ST PHOTO: BRIAN TEO
Daniel Rabetti
When Visa announced it would cut about 2,600 jobs, or 7 per cent of its workforce, it was easy to read the decision as another sign that artificial intelligence has begun replacing white-collar workers. Visa is hardly alone. Mastercard has cut about 4 per cent of its global workforce, though it attributed the decision to a strategic review rather than to AI.
But we should be careful about drawing too straight a line from AI to layoffs.
