Visa Inc. operates the Visa network but does not issue most Visa cards directly.
Visa began as Bank of America’s BankAmericard program in 1958. The brand later expanded internationally and became Visa, a global payments-network company. Visa cards are generally issued by banks and other financial institutions, which set many customer terms.
Visa connects cardholders, merchants, acquiring banks, and issuing institutions, authorizing and routing electronic payments. This network model differs from a traditional bank that lends directly to cardholders or a retailer that manages its own payment system.
Visa’s market capitalization reflects expectations about payment volume, international growth, margins, and competition. Visa and Mastercard are often confused, but they are separate publicly traded companies with separate networks and corporate histories.