Visa operates the VisaNet network and does not issue cards directly to most consumers.
Visa began as BankAmericard, a credit-card program launched by Bank of America in 1958. The program expanded through an association of banks and adopted the Visa name internationally in 1976.
Visa's network authorizes, clears, and settles electronic payment transactions. Banks and other financial institutions generally issue Visa-branded cards, while merchants connect through acquiring institutions and payment processors.
This distinction explains why Visa can be one of the world's most valuable companies without being a conventional consumer bank. Visa and Mastercard primarily operate payment networks; American Express historically combines network operation with direct card issuance and lending.