Visa is cutting 7% of its workforce, targeting technology and product teams, as the payment giant opts to increase its reliance on AI.

Around 2,600 workers are set to be let go – the payments firm had around 34,100 employees at the end of the last fiscal year.

Visa CEO Ryan McInerney said in an internal memo to staff, as reported by Bloomberg, that Visa “must continue evolving how we work.”

He wrote: “I have deep conviction that we are doing what is right for Visa, our clients and our partners as we continue to focus on driving efficiency across the company in order to reinvest in our highest potential opportunities.

“To capture the opportunities ahead and best position Visa to lead this transformation, we must continue evolving how we work.

“AI is also helping to accelerate this evolution and shape the way work gets done at Visa.”

AI has already become an integral part of Visa’s infrastructure, with Visa leading the table when it comes to AI use in the payments industry.

While AI is a driver of the layoffs – and layoffs across the tech industry – an unnamed individual reportedly close to the matter said that this was not the only factor leading to the layoffs.

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Visa is set to invest in other growth areas, such as its more affluent customers, business payments, cross-border payments, expansion, and even stablecoins

“As a result of the choices we have made over the past few years, we are entering a new era in commerce with a business that has real momentum,” McInerney said.