Visa operates one of the world’s largest card networks but does not issue most cards itself.
Visa provides payment-network infrastructure that connects consumers, merchants, financial institutions, and payment processors. Banks and other issuers generally provide Visa-branded cards, set customer terms, and extend credit or access to deposit accounts. Merchants and acquiring institutions process the transactions.
This network model distinguishes Visa from a traditional card issuer. Visa typically earns fees for processing payments and related services rather than lending directly to most cardholders. Mastercard follows a broadly similar network structure.
Visa began as BankAmericard, a credit-card program launched by Bank of America in 1958. The Visa name was adopted in 1976, and Visa Inc. became a publicly traded company in 2008. Its enormous transaction volume and asset-light model have supported a very high market capitalization.