What is Visa? - Products, Service and History

Table of Contents

 

1. What is Visa?

Visa is a global leader in digital payment solutions that enable fast, secure, and convenient transactions across various platforms and devices. Visa operates a network of over 3.6 billion cards and 70 million merchant locations in more than 200 countries and territories1. Visa offers a range of products and services, such as credit cards, debit cards, prepaid cards, mobile payments, online payments, and business solutions2. Visa also supports social and environmental causes through its corporate responsibility programs3. Visa was founded in 1958 as BankAmericard, the first general-purpose credit card program, and changed its name to Visa in 19764. Visa is headquartered in Foster City, California, and has over 20,000 employees worldwide.

 

 

2. Visa: Products and Services

Visa is a digital payments company that facilitates electronic funds transfers throughout the world, most commonly through Visa-branded credit cards, debit cards and prepaid cards1. Visa’s data processing operations generate the largest portion of its revenue2. Visa’s strategy is to accelerate growth in consumer payments, new flows, and value-added services3.

Some of Visa’s core products are:

• Credit cards: Visa offers various types of credit cards for consumers and businesses, such as Visa Signature, Visa Infinite, Visa Platinum, Visa Gold, Visa Classic, and Visa Business1.
• Debit cards: Visa debit cards allow customers to access their bank accounts and pay for goods and services directly from their balance or overdraft facility1.
• Prepaid cards: Visa prepaid cards are reloadable cards that can be used for online shopping, travel, gift giving, and more. They are not linked to a bank account and can be purchased at retail locations or online1.
• Payment systems: Visa operates a global network of networks, called VisaNet, that processes transactions between consumers, merchants, and financial institutions. VisaNet consists of four secure data centers, located in the U.S., the U.K., Singapore, and Colorado, that can handle up to 100 billion computations every second1 .
• Tokenization: Visa tokenization is a technology that replaces sensitive card information with a unique digital identifier, called a token, that can be used for online and mobile payments. Tokenization enhances security and reduces fraud by preventing card data from being exposed or compromised3.
• Tap to Pay: Visa tap to pay is a contactless payment feature that allows customers to pay with their Visa cards or mobile devices by tapping them on a terminal. Tap to pay is faster, easier, and more hygienic than cash or swiping a card3.
• Click to Pay: Visa click to pay is a digital checkout solution that simplifies online shopping by eliminating the need to enter card details, billing information, or passwords. Customers can use their existing Visa cards or digital wallets to pay with a single click on participating websites3.

For more information, you can visit Visa’s official website or Wikipedia page1.

 

3. Visa: History

 Visa’s history is quite fascinating. It began in 1958 as the BankAmericard credit card program, created by Bank of America. It was the first modern credit card as we know it today. In 1966, Bank of America started to license the BankAmericard program to other financial institutions, creating a network of banks that issued and accepted the card. In 1970, Bank of America gave up direct control of the program and formed a cooperative with the other issuer banks. In 1976, the cooperative renamed itself Visa, a simple name that could be recognized globally. Since then, Visa has expanded its products and services to include debit cards, prepaid cards, payment systems, tokenization, tap to pay, and click to pay. Visa operates a global network of networks, called VisaNet, that can process up to 100 billion transactions and computations every second. Visa is the world’s second-largest card payment organization, after China UnionPay, and the largest in terms of global reach1.

For more details, you can check out these sources:

• Visa Inc. - Wikipedia
• The Fascinating History of Visa and the Credit Card Industry
• Visa History: Founding, Timeline, and Milestones - Zippia

 

 

4. Visa: Competitors

Visa is a digital payment company that facilitates electronic funds transfers throughout the world, most commonly through Visa-branded credit cards, debit cards and prepaid cards1. Visa faces competition from other payment processing companies, as well as digital wallets, banks, and fintech startups.

Some of Visa’s main competitors are:

• Mastercard: Mastercard is a financial services corporation that provides transaction processing and other payment-related products and services. Mastercard operates a global network of networks, called Mastercard Network, that can process up to 210 million transactions per hour2.
• American Express: American Express is a company that provides integrated payment solutions, including credit cards, charge cards, travel services, and loyalty programs. American Express issues its own cards and acquires transactions on its own network3.
• Discover: Discover Financial Services is a digital banking and payment services company that offers credit cards, debit cards, personal loans, student loans, and online savings accounts. Discover operates the Discover Network, which processes transactions for Discover cards and other partners4.
• PayPal: PayPal is a technology company that provides online payment solutions, such as PayPal, Venmo, Braintree, and Xoom. PayPal enables users to send and receive money, pay for goods and services, and access credit products. PayPal also owns a 70% stake in GoPay, a Chinese online payment platform.
• Capital One: Capital One is a provider of commercial and retail banking services, such as credit cards, auto loans, mortgages, and savings accounts. Capital One also offers digital products, such as Capital One Wallet, Capital One Shopping, and Eno, an intelligent assistant.
• UnionPay International: UnionPay International is a financial technology company that provides payment solutions, such as UnionPay cards, UnionPay QR code, and UnionPay mobile payment. UnionPay International is a subsidiary of China UnionPay, the largest card payment organization in the world.

 

 

5. Visa: CEO

The current CEO of Visa Inc. is Alfred F. Kelly Jr., who has served in this role since 2016 and also became the Chairman of the Board in 201912. However, Visa has announced that Ryan McInerney, the President of Visa since 2013, will succeed Kelly as the CEO effective February 1, 202313. Kelly will then assume the role of Executive Chairman of the Board13. McInerney is a seasoned leader in the payments and consumer banking industry with 20 years of experience1.

 

 

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