Visa operates the Visa payment network, originally created as BankAmericard in 1958.
Bank of America launched BankAmericard in Fresno, California, in September 1958. It was one of the first general-purpose credit-card programs, allowing customers to carry balances rather than paying the full amount immediately. The program expanded through licensing agreements with banks in other regions.
The international organization adopted the name Visa in 1976. Visa does not generally lend money directly to cardholders or issue most Visa-branded cards itself; banks and other financial institutions issue the cards, while Visa operates the network that authorizes and settles transactions. This distinction separates Visa from many banks and helps explain why its business model differs from a conventional lender. Visa became a publicly traded company in 2008 after an initial public offering.