Visa operates the Visa card network but does not issue most Visa cards or directly maintain cardholder accounts.
Visa began as Bank of America's BankAmericard program in 1958. The system expanded through licensing and became an international network. In 1976, the name Visa was adopted, creating a globally recognizable brand independent of the original BankAmericard identity.
Banks and other financial institutions generally issue Visa-branded cards, approve customers, set credit limits, and manage accounts. Merchants receive payments through acquiring institutions, while Visa provides the network that helps authorize, clear, and settle transactions. This division is why Visa is usually described as a payment network rather than a conventional card-issuing bank.
Visa became a public company in 2008 after an initial public offering that was among the largest in United States history at the time. Its market capitalization reflects the value of its network business and transaction volumes, not ownership of every bank that issues a Visa card.