Visa operates the VisaNet payment network and generally does not issue the Visa-branded cards itself.
Visa connects consumers, merchants, financial institutions, and payment processors. When a customer uses a Visa card, VisaNet helps authorize, clear, and settle the transaction, while the cardholder's bank usually issues the card and the merchant's bank accepts the payment.
The company grew from Bank of America's BankAmericard program, launched in California in 1958. BankAmericard later became a nationwide and international network before adopting the Visa name in 1976. Visa became a separate public company in 2008.
This division of roles is a common source of confusion. Visa is primarily a payment network, whereas an issuing bank provides the account and often sets the credit terms. Visa earns fees connected to payment volume and network services rather than acting like a conventional retail bank.