Visa operates VisaNet, one of the world’s largest electronic payment-processing networks.
VisaNet connects merchants, banks, payment processors, and cardholders, helping authorize, clear, and settle transactions made with Visa-branded cards. Visa generally does not lend money directly to cardholders; banks and other financial institutions issue Visa cards and set many customer terms.
The company’s roots reach back to Bank of America’s BankAmericard program, launched in 1958. BankAmericard was later renamed Visa, and Visa Inc. became a publicly traded company in 2008 after one of the largest initial public offerings in U.S. history at the time.
A frequent misunderstanding is treating Visa as a bank. Visa is primarily a payments-technology network. Its market capitalization reflects the scale and profitability of transaction processing, rather than ownership of deposits or direct responsibility for most cardholder credit.