Visa owns and operates the payment network used by cards carrying the Visa brand.
Visa began as Bank of America's BankAmericard program in 1958. The program expanded internationally and was renamed Visa in 1976. Today, Visa generally connects cardholders, merchants, banks, and payment processors rather than lending directly to cardholders in the way a card-issuing bank does.
The Visa network authorizes and routes electronic payment transactions. A bank or other financial institution typically issues the card, while merchants contract with acquiring institutions to accept payments. This division explains why a Visa card can be issued by many different banks and still use the same network.
Visa is often confused with the issuing bank printed on a card. Visa is the network and brand; the bank sets many account terms, such as interest rates and credit limits. Visa became a public company in 2008 after separating from Visa Inc.'s earlier membership association structure.