Visa operates the VisaNet global transaction-processing network.
VisaNet is Visa's electronic payments network, connecting financial institutions, merchants and cardholders. It authorizes, clears and settles transactions, although Visa generally does not issue cards or provide consumer credit directly. Banks and other institutions issue Visa-branded cards.
Visa began with Bank of America's BankAmericard program, launched in California in 1958. The system expanded nationally and internationally, and the company adopted the Visa name in 1976. Visa Inc. became a publicly traded company in 2008 after separating from Visa's member-owned predecessor.
A common mix-up is treating Visa as a bank. Its core role is payments-network operation, while card issuers set customer terms and often extend credit. Visa's enormous transaction volume and asset-light network model help explain why it has frequently ranked among the world's largest companies by market capitalization.