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Wikipedia

Visa Inc.

"VISA" redirects here. For the document needed to enter a country's territory, see Travel visa. For other uses, see Visa (disambiguation).

Visa Inc. (; stylized as VISA) is an American multinational financial services corporation headquartered in Foster City, California, United States. It facilitates electronic funds transfers throughout the world, most commonly through Visa-branded credit cards, debit cards and prepaid cards. Visa is one of the world's most valuable companies.

Visa Inc.
Visa Inc. headquarters at Metro Center in Foster City
TypePublic
IndustryFinancial services
FoundedSeptember 18, 1958; 63 years ago (1958-09-18) (as BankAmericard)
Fresno, California, United States
FounderDee Hock
Headquarters,
United States
Area served
Worldwide
Key people
Alfred F. Kelly Jr. (CEO)
ProductsCredit cards, payment systems
RevenueUS$21.85 billion (2020)
US$14.08 billion (2020)
US$10.87 billion (2020)
Total assetsUS$80.92 billion (2020)
Total equityUS$36.21 billion (2020)
Number of employees
20,500 (2020)
Websitevisa.com

Visa does not issue cards, extend credit or set rates and fees for consumers; rather, Visa provides financial institutions with Visa-branded payment products that they then use to offer credit, debit, prepaid and cash access programs to their customers. In 2015, the Nilson Report, a publication that tracks the credit card industry, found that Visa's global network (known as VisaNet) processed 100 billion transactions during 2014 with a total volume of US$6.8 trillion.

It was launched in September 1958 by Bank of America (BofA) as the BankAmericard credit card program. In response to competitor Master Charge (now Mastercard), BofA began to license the BankAmericard program to other financial institutions in 1966. By 1970, BofA gave up direct control of the BankAmericard program, forming a consortium with the other various BankAmericard issuer banks to take over its management. It was then renamed Visa in 1976.

Nearly all Visa transactions worldwide are processed through the company's directly operated VisaNet at one of four secure data centers, located in Ashburn, Virginia; Highlands Ranch, Colorado; London, England; and Singapore. These facilities are heavily secured against natural disasters, crime, and terrorism; can operate independently of each other and from external utilities if necessary; and can handle up to 30,000 simultaneous transactions and up to 100 billion computations every second.

Visa is the world's second-largest card payment organization (debit and credit cards combined), after being surpassed by China UnionPay in 2015, based on annual value of card payments transacted and number of issued cards. However, because UnionPay's size is based primarily on the size of its domestic market in China, Visa is still considered the dominant banking card company in the rest of the world, where it commands a 50% market share of total card payments.

Contents

Old "Your BankAmericard Welcome Here" sign
A 1976 ad promoting the change of name to "Visa". Note the early Visa card shown in the ad, as well as the image of the BankAmericard that it replaced.

On September 18, 1958, Bank of America (BofA) officially launched its BankAmericard credit card program in Fresno, California. In the weeks leading up to the launch of BankAmericard, BofA had saturated Fresno mailboxes with an initial mass mailing (or "drop", as they came to be called) of 65,000 unsolicited credit cards. BankAmericard was the brainchild of BofA's in-house product development think tank, the Customer Services Research Group, and its leader, Joseph P. Williams. Williams convinced senior BofA executives in 1956 to let him pursue what became the world's first successful mass mailing of unsolicited credit cards (actual working cards, not mere applications) to a large population.

Williams' pioneering accomplishment was that he brought about the successful implementation of the all-purpose credit card (in the sense that his project was not canceled outright), not in coming up with the idea. By the mid-1950s, the typical middle-class American already maintained revolving credit accounts with several different merchants, which was clearly inefficient and inconvenient due to the need to carry so many cards and pay so many separate bills each month. The need for a unified financial instrument was already evident to the American financial services industry, but no one could figure out how to do it. There were already charge cards like Diners Club (which had to be paid in full at the end of each billing cycle), and "by the mid-1950s, there had been at least a dozen attempts to create an all-purpose credit card." However, these prior attempts had been carried out by small banks which lacked the resources to make them work. Williams and his team studied these failures carefully and believed they could avoid replicating those banks' mistakes; they also studied existing revolving credit operations at Sears and Mobil Oil to learn why they were successful. Fresno was selected for its population of 250,000 (big enough to make a credit card work, small enough to control initial startup cost), BofA's market share of that population (45%), and relative isolation, to control public relations damage in case the project failed.

Visa logo used from July 1, 1992 to 2000
Visa logo used from August 1998 to 2005
Visa logo used from late 2005 to May 2015
Visa logo used from January 2014 to July 2021
Visa logo used since July 2021
Visa acceptance logo from early 2015 (used only in certain Asian, American and European markets)

The 1958 test at first went smoothly, but then BofA panicked when it confirmed rumors that another bank was about to initiate its own drop in San Francisco, BofA's home market. By March 1959, drops began in San Francisco and Sacramento; by June, BofA was dropping cards in Los Angeles; by October, the entire state of California had been saturated with over 2 million credit cards and BankAmericard was being accepted by 20,000 merchants. However, the program was riddled with problems, as Williams (who had never worked in a bank's loan department) had been too earnest and trusting in his belief in the basic goodness of the bank's customers, and he resigned in December 1959. Twenty-two percent of accounts were delinquent, not the 4% expected, and police departments around the state were confronted by numerous incidents of the brand new crime of credit card fraud. Both politicians and journalists joined the general uproar against Bank of America and its newfangled credit card, especially when it was pointed out that the cardholder agreement held customers liable for all charges, even those resulting from fraud. BofA officially lost over $8.8 million on the launch of BankAmericard, but when the full cost of advertising and overhead was included, the bank's actual loss was probably around $20 million.

However, after Williams and some of his closest associates left, BofA management realized that BankAmericard was salvageable. They conducted a "massive effort" to clean up after Williams, imposed proper financial controls, published an open letter to 3 million households across the state apologizing for the credit card fraud and other issues their card raised and eventually were able to make the new financial instrument work. By May 1961, the BankAmericard program became profitable for the first time. At the time, BofA deliberately kept this information secret and allowed then-widespread negative impressions to linger in order to ward off competition. This strategy worked until 1966, when BankAmericard's profitability had become far too big to hide.

The original goal of BofA was to offer the BankAmericard product across California, but in 1966, BofA began to sign licensing agreements with a group of banks outside of California, in response to a new competitor, Master Charge (now MasterCard), which had been created by an alliance of several regional bankcard associations to compete against BankAmericard. BofA itself (like all other U.S. banks at the time) could not expand directly into other states due to federal restrictions not repealed until 1994. Over the following 11 years, various banks licensed the card system from Bank of America, thus forming a network of banks backing the BankAmericard system across the United States. The "drops" of unsolicited credit cards continued unabated, thanks to BofA and its licensees and competitors until they were outlawed in 1970, but not before over 100 million credit cards had been distributed into the American population.

During the late 1960s, BofA also licensed the BankAmericard program to banks in several other countries, which began issuing cards with localized brand names. For example:[citation needed]

In 1968, a manager at the National Bank of Commerce (later Rainier Bancorp), Dee Hock, was asked to supervise that bank's launch of its own licensed version of BankAmericard in the Pacific Northwest market. Although Bank of America had cultivated the public image that BankAmericard's troubled startup issues were now safely in the past, Hock realized that the BankAmericard licensee program itself was in terrible disarray because it had developed and grown very rapidly in an ad hoc fashion. For example, "interchange" transaction issues between banks were becoming a very serious problem, which had not been seen before when Bank of America was the sole issuer of BankAmericards. Hock suggested to other licensees that they form a committee to investigate and analyze the various problems with the licensee program; they promptly made him the chair of that committee.

After lengthy negotiations, the committee led by Hock was able to persuade Bank of America that a bright future lay ahead for BankAmericard — outside Bank of America. In June 1970, Bank of America gave up control of the BankAmericard program. The various BankAmericard issuer banks took control of the program, creating National BankAmericard Inc. (NBI), an independent Delaware corporation which would be in charge of managing, promoting and developing the BankAmericard system within the United States. In other words, BankAmericard was transformed from a franchising system into a jointly controlled consortium or alliance, like its competitor Master Charge. Hock became NBI's first president and CEO.

However, Bank of America retained the right to directly license BankAmericard to banks outside the United States and continued to issue and support such licenses. By 1972, licenses had been granted in 15 countries. The international licensees soon encountered a variety of problems with their licensing programs, and they hired Hock as a consultant to help them restructure their relationship with BofA as he had done for the domestic licensees. As a result, in 1974, the International Bankcard Company (IBANCO), a multinational member corporation, was founded in order to manage the international BankAmericard program.

Sample Barclaycard (left), as issued in the UK in the 1960s/70s. Co-branded cards were also issued by affiliates, such as The Co-operative Bank and Yorkshire Bank. The Chargex logo (right) used in Canada.

In 1976, the directors of IBANCO determined that bringing the various international networks together into a single network with a single name internationally would be in the best interests of the corporation; however, in many countries, there was still great reluctance to issue a card associated with Bank of America, even though the association was entirely nominal in nature. For this reason, in 1976, BankAmericard, Barclaycard, Carte Bleue, Chargex, Sumitomo Card, and all other licensees united under the new name, "Visa", which retained the distinctive blue, white and gold flag. NBI became Visa USA and IBANCO became Visa International.

The term Visa was conceived by the company's founder, Dee Hock. He believed that the word was instantly recognizable in many languages in many countries and that it also denoted universal acceptance. In October 2007, Bank of America announced it was resurrecting the BankAmericard brand name as the "BankAmericard Rewards Visa".

Corporate structure

Prior to October 3, 2007, Visa comprised four non-stock, separately incorporated companies that employed 6,000 people worldwide: the worldwide parent entity Visa International Service Association (Visa), Visa USA Inc., Visa Canada Association, and Visa Europe Ltd. The latter three separately incorporated regions had the status of group members of Visa International Service Association.

The unincorporated regions Visa Latin America (LAC), Visa Asia Pacific and Visa Central and Eastern Europe, Middle East and Africa (CEMEA) were divisions within Visa.

Billing and finance charge methods

Initially, signed copies of sales drafts were included in each customer's monthly billing statement for verification purposes—an industry practice known as "country club billing"[citation needed]. By the late 1970s, however, billing statements no longer contained these enclosures, but rather a summary statement showing posting date, purchase date, reference number, merchant name, and the dollar amount of each purchase.[citation needed] At the same time, many issuers, particularly Bank of America, were in the process of changing their methods of finance charge calculation. Initially, a "previous balance" method was used—calculation of finance charge on the unpaid balance shown on the prior month's statement. Later, it was decided to use "average daily balance" which resulted in increased revenue for the issuers by calculating the number of days each purchase was included on the prior month's statement. Several years later, "new average daily balance"—in which transactions from previous and current billing cycles were used in the calculation—was introduced. By the early 1980s, many issuers introduced the concept of the annual fee as yet another revenue enhancer.[citation needed]

IPO and restructuring

On October 11, 2006, Visa announced that some of its businesses would be merged and become a publicly traded company, Visa Inc. Under the IPO restructuring, Visa Canada, Visa International, and Visa USA were merged into the new public company. Visa's Western Europe operation became a separate company, owned by its member banks who will also have a minority stake in Visa Inc. In total, more than 35 investment banks participated in the deal in several capacities, most notably as underwriters.

On October 3, 2007, Visa completed its corporate restructuring with the formation of Visa Inc. The new company was the first step towards Visa's IPO. The second step came on November 9, 2007, when the new Visa Inc. submitted its $10 billion IPO filing with the U.S. Securities and Exchange Commission (SEC). On February 25, 2008, Visa announced it would go ahead with an IPO of half its shares. The IPO took place on March 18, 2008. Visa sold 406 million shares at US$44 per share ($2 above the high end of the expected $37–42 pricing range), raising US$17.9 billion in what was then the largest initial public offering in U.S. history. On March 20, 2008, the IPO underwriters (including JP Morgan, Goldman Sachs & Co., Banc of America Securities LLC, Citi, HSBC, Merrill Lynch & Co., UBS Investment Bank and Wachovia Securities) exercised their overallotment option, purchasing an additional 40.6 million shares, bringing Visa's total IPO share count to 446.6 million, and bringing the total proceeds to US$19.1 billion. Visa now trades under the ticker symbol "V" on the New York Stock Exchange.

Visa Europe

Visa Europe Ltd. was a membership association and cooperative of over 3,700 European banks and other payment service providers that operated Visa branded products and services within Europe. Visa Europe was a company entirely separate from Visa Inc. having gained independence of Visa International Service Association in October 2007 when Visa Inc. became a publicly traded company on the New York Stock Exchange. Visa Inc. announced the plan to acquire Visa Europe on November 5, 2015, creating a single global company. On April 21, 2016, the agreement was amended in response to the feedback of European Commission. The acquisition of Visa Europe was completed on June 21, 2016.

Acquisition of Plaid

On January 13, 2020, Plaid announced that it had signed a definitive agreement to be acquired by Visa for $5.3 billion. The deal was double the company's most recent Series C round valuation of $2.65 billion, and was expected to close in the next 3–6 months, subject to regulatory review and closing conditions. According to the deal, Visa would pay $4.9 billion in cash and approximately $400 million of retention equity and deferred equity, according to a presentation deck prepared by Visa.

On November 5, 2020, the United States Department of Justice filed a lawsuit seeking to block the acquisition, arguing that Visa is a monopolist trying to eliminate a competitive threat by purchasing Plaid. Visa said it disagrees with the lawsuit and "intends to defend the transaction vigorously."

Digital Currencies

This article contains content that is written like an advertisement. Please help improve it by removing promotional content and inappropriate external links, and by adding encyclopedic content written from a neutral point of view.(February 2021) ()

On February 3, 2021, Visa announced a partnership with First Boulevard, a neobank focused on building generational wealth for the Black community. First Boulevard will be first to pilot Visa's new suite of cryptocurrency APIs, which will enable their customers to buy, sell, hold, and trade digital assets held by Anchorage, a federally chartered digital asset bank. The pilot will serve as a key first step in supporting API capabilities that help additional Visa clients access and integrate cryptocurrencies.

On March 29, 2021, Visa announced the acceptance of stable coin USDC to settle transactions on its network.

Visa Foundation

Registered in the United States as a 501(c)(3) entity, the Visa Foundation was created with the mission of supporting inclusive economies. In particular, economies in which individuals, businesses and communities can thrive with the support of grants and investments. Supporting resiliency, as well as the growth, of micro and small businesses that benefit women is a priority of the Visa Foundation. Furthermore, the Foundation prioritizes providing support to the community from a broad standpoint, as well as responding to disasters during crisis.

Other Initiatives

In December 2020, Visa Announced the launch of a new accelerator program across Asia Pacific to further develop the region's financial technology ecosystem. The accelerator program aims to find and partner with startup companies providing financial and payments technologies that could potentially leverage on Visa's network of bank and merchant partners in the region.

For the fiscal year 2018, Visa reported earnings of US$10.3 billion, with an annual revenue of US$20.61 billion, an increase of 12.3% over the previous fiscal cycle. Visa's shares traded at over $143 per share, and its market capitalization was valued at over US$280.2 billion in September 2018. As of 2018, the company ranked 161st on the Fortune 500 list of the largest United States corporations by revenue.

Year Revenue
in mil. USD$
Net income
in mil. USD$
Employees
2005 2,665 360
2006 2,948 455
2007 3,590 −1,076 5,479
2008 6,263 804 5,765
2009 6,911 2,353 5,700
2010 8,065 2,966 6,800
2011 9,188 3,650 7,500
2012 10,421 2,144 8,500
2013 11,778 4,980 9,600
2014 12,702 5,438 9,500
2015 13,880 6,328 11,300
2016 15,082 5,991 11,300
2017 18,358 6,699 12,400
2018 20,609 10,301 15,000
2019 22,977 12,080 19,500
2020 21,846 10,866 20,500

WikiLeaks

Visa Europe began suspending payments to WikiLeaks on December 7, 2010. The company said it was awaiting an investigation into 'the nature of its business and whether it contravenes Visa operating rules' – though it did not go into details. In return DataCell, the IT company that enables WikiLeaks to accept credit and debit card donations, announced that it would take legal action against Visa Europe. On December 8, the group Anonymous performed a DDoS attack on visa.com, bringing the site down. Although the Norway-based financial services company Teller AS, which Visa ordered to look into WikiLeaks and its fundraising body, the Sunshine Press, found no proof of any wrongdoing, Salon reported in January 2011 that Visa Europe "would continue blocking donations to the secret-spilling site until it completes its own investigation".

The United Nations High Commissioner for Human Rights Navi Pillay stated that Visa may be "violating WikiLeaks' right to freedom of expression" by withdrawing their services.

In July 2012, the Reykjavík District Court decided that Valitor (the Icelandic partner of Visa and MasterCard) was violating the law when it prevented donations to the site by credit card. It was ruled that the donations be allowed to return to the site within 14 days or they would be fined in the amount of US$6,000 per day.

Litigation and regulatory actions

Anti-competitive conduct in Australia

In 2015, the Australian Federal Court ordered Visa to pay a pecuniary penalty of $20 million (including legal fees) for engaging in anti-competitive conduct against dynamic currency conversion operators, in proceedings brought by the Australian Competition and Consumer Commission.

Antitrust lawsuit by ATM operators

In 2011, MasterCard and Visa were sued in a class action by ATM operators claiming the credit card networks' rules effectively fix ATM access fees. The suit claimed that this is a restraint on trade in violation of US federal law. The lawsuit was filed by the National ATM Council and independent operators of automated teller machines. More specifically, it is alleged that MasterCard's and Visa's network rules prohibit ATM operators from offering lower prices for transactions over PIN-debit networks that are not affiliated with Visa or MasterCard. The suit says that this price-fixing artificially raises the price that consumers pay using ATMs, limits the revenue that ATM-operators earn, and violates the Sherman Act's prohibition against unreasonable restraints of trade.

Johnathan Rubin, an attorney for the plaintiffs said, "Visa and MasterCard are the ringleaders, organizers, and enforcers of a conspiracy among U.S. banks to fix the price of ATM access fees in order to keep the competition at bay."

In 2017, a US district court denied the ATM operators' request to stop Visa from enforcing the ATM fees.

Debit card swipe fees

Visa settled a 1996 antitrust lawsuit brought by a class of U.S. merchants, including Walmart, for billions of dollars in 2003. Over 4 million class members were represented by the plaintiffs. According to a website associated with the suit, Visa and MasterCard settled the plaintiffs' claims for a total of $3.05 billion. Visa's share of this settlement is reported to have been the larger.

U.S. Justice Department actions

In October 2010, Visa and MasterCard reached a settlement with the U.S. Justice Department in another antitrust case. The companies agreed to allow merchants displaying their logos to decline certain types of cards (because interchange fees differ), or to offer consumers discounts for using cheaper cards.

In 1998, the Department of Justice sued Visa over rules prohibiting its issuing banks from doing business with American Express and Discover. The Department of Justice won its case at trial in 2001 and the verdict was upheld on appeal. American Express and Discover filed suit as well.

Antitrust issues in Europe

In 2002, the European Commission exempted Visa's multilateral interchange fees from Article 81 of the EC Treaty that prohibits anti-competitive arrangements. However, this exemption expired on December 31, 2007. In the United Kingdom, Mastercard has reduced its interchange fees while it is under investigation by the Office of Fair Trading.

In January 2007, the European Commission issued the results of a two-year inquiry into the retail banking sector. The report focuses on payment cards and interchange fees. Upon publishing the report, Commissioner Neelie Kroes said the "present level of interchange fees in many of the schemes we have examined does not seem justified." The report called for further study of the issue.

On March 26, 2008, the European Commission opened an investigation into Visa's multilateral interchange fees for cross-border transactions within the EEA as well as into the "Honor All Cards" rule (under which merchants are required to accept all valid Visa-branded cards).[needs update]

The antitrust authorities of EU member states (other than the United Kingdom) also investigated Mastercard's and Visa's interchange fees. For example, on January 4, 2007, the Polish Office of Competition and Consumer Protection fined twenty banks a total of PLN 164 million (about $56 million) for jointly setting Mastercard's and Visa's interchange fees.

In December 2010, Visa reached a settlement with the European Union in yet another antitrust case, promising to reduce debit card payments to 0.2 percent of a purchase. A senior official from the European Central Bank called for a break-up of the Visa/Mastercard duopoly by creation of a new European debit card for use in the Single Euro Payments Area (SEPA). After Visa's blocking of payments to WikiLeaks, members of the European Parliament expressed concern that payments from European citizens to a European corporation could apparently be blocked by the US, and called for a further reduction in the dominance of Visa and Mastercard in the European payment system.

Payment Card Interchange Fee and Merchant Discount Antitrust Litigation

On November 27, 2012, a federal judge entered an order granting preliminary approval to a proposed settlement to a class-action lawsuit filed in 2005 by merchants and trade associations against Mastercard and Visa. The suit was filed due to alleged price-fixing practices employed by Mastercard and Visa. About one-quarter of the named class plaintiffs have decided to opt "out of the settlement". Opponents object to provisions that would bar future lawsuits and even prevent merchants from opting out of significant portions of the proposed settlement.

Plaintiffs allege that Visa and Mastercard fixed interchange fees, also known as swipe fees, that are charged to merchants for the privilege of accepting payment cards. In their complaint, the plaintiffs also alleged that the defendants unfairly interfere with merchants from encouraging customers to use less expensive forms of payment such as lower-cost cards, cash, and checks.

A settlement of US$6.24 billion has been reached and a court is scheduled to approve or deny the agreement on November 7, 2019.

High swipe fees in Poland

Very high interchange fee for Visa (1.5–1.6% from every transaction's final price, which also includes VAT) in Poland started discussion about legality and need for government regulations of interchange fees to avoid high costs for business (which also block electronic payment market and acceptability of cards). This situation also led to the birth of new methods of payment in the year 2013, which avoid the need for go-between (middleman) companies like Visa or Mastercard, for example mobile application issued by major banks, and system by big chain of discount shops, or older public transport tickets buying systems.

Confrontation with Walmart over high fees

In June 2016, the Wall Street Journal reported that Walmart threatened to stop accepting Visa cards in Canada. Visa objected saying that consumers should not be dragged into a dispute between the companies. In January 2017, Walmart Canada and Visa reached a deal to allow the continued acceptance of Visa.

Dispute with Kroger over high credit card fees

In March 2019, U.S. retailer Kroger announced that its 250-strong Smith's chain would stop accepting Visa credit cards as of April 3, 2019, due to the cards’ high ‘swipe’ fees. Kroger's California-based Foods Co stores stopped accepting Visa cards in August 2018. Mike Schlotman, Kroger's executive vice president/chief financial officer, said Visa had been “misusing its position and charging retailers excessive fees for a long time.” In response, Visa issued a statement saying it was “unfair and disappointing that Kroger is putting shoppers in the middle of a business dispute.” As of October 31, 2019, Kroger has settled their dispute with Visa and is now accepting the payment method.

Antitrust investigation over debit card practices

In March 2021, the United States Justice Department announced its investigation with Visa to discover if the company is engaging in anticompetitive practices in the debit card market. The main question at hand is whether or not Visa is limiting merchants' ability to route debit card transactions over card networks that are often less expensive, focusing more so on online debit card transactions. The probe highlights the role of network fees, which are invisible to consumers and place pressure on merchants, who mitigate the fees by raising prices of goods for customers. The probe was confirmed through a regulatory filing on March 19, 2021, stating they will be cooperating with the Justice Department. Visa's shares fell more than 6% following the announcement.

Headquarters

As of October 1, 2012, Visa's headquarters are located in Foster City, California. Visa had been headquartered in San Francisco until 1985, when it moved to San Mateo. Around 1993, Visa began consolidating various scattered offices in San Mateo to a location in Foster City. Visa became Foster City's largest employer.

In 2009, Visa moved its corporate headquarters back to San Francisco when it leased the top three floors of the 595 Market Street office building, although most of its employees remained at its Foster City campus. In 2012, Visa decided to consolidate its headquarters in Foster City where 3,100 of its 7,700 global workers are employed. Visa owns four buildings at the intersection of Metro Center Boulevard and Vintage Park Drive.

In December 2012, Visa Inc. confirmed that it will build a global information technology center off of the US 183 Expressway in northwest Austin, Texas. By 2019, Visa leased space in 4 buildings near Austin and employed nearly 2,000 people.

On November 6, 2019, Visa announced plans to move its headquarters back to San Francisco by 2024 upon completion of a new "13-story, 300,000-square-foot building".

Visa offers through its issuing members the following types of cards:

  • Debit cards (pay from a checking/savings account)
  • Credit cards (pay monthly payments with or without interest depending on a customer paying on time.)
  • Prepaid cards (pay from a cash account that has no check writing privileges)

Visa operates the Plus automated teller machine network and the Interlink EFTPOS point-of-sale network, which facilitate the "debit" protocol used with debit cards and prepaid cards. They also provide commercial payment solutions for small businesses, midsize and large corporations, and governments.

Visa teamed with Apple in September 2014, to incorporate a new mobile wallet feature into Apple's new iPhone models, enabling users to more readily use their Visa, and other credit/debit cards.

Operating regulations

Visa has a set of rules that govern the participation of financial institutions in its payment system. Acquiring banks are responsible for ensuring that their merchants comply with the rules.

Rules address how a cardholder must be identified for security, how transactions may be denied by the bank, and how banks may cooperate for fraud prevention, and how to keep that identification and fraud protection standard and non-discriminatory. Other rules govern what creates an enforceable proof of authorization by the cardholder.

The rules prohibit merchants from imposing a minimum or maximum purchase amount in order to accept a Visa card and from charging cardholders a fee for using a Visa card. In ten U.S. states, surcharges for the use of a credit card are forbidden by law (California, Colorado, Connecticut, Florida, Kansas, Maine, Massachusetts, New York, Oklahoma and Texas) but a discount for cash is permitted under specific rules. Some countries have banned the no-surcharge rule, most notably in Australia retailers may apply surcharges to any credit-card transaction, Visa or otherwise. In the UK the law was changed in January 2018 to prevent retailers from adding a surcharge to a transaction as per 'The Consumer Rights (Payment Surcharges) Regulations 2012'.

Visa permits merchants to ask for photo ID, although the merchant rule book states that this practice is discouraged. As long as the Visa card is signed, a merchant may not deny a transaction because a cardholder refuses to show a photo ID.

The Dodd–Frank Act allows U.S. merchants to set a minimum purchase amount on credit card transactions, not to exceed $10.

Recent complications include the addition of exceptions for non-signed purchases by telephone or on the Internet and an additional security system called "Verified by Visa" for purchases on the Internet.

In September 2014, Visa Inc, launched a new service to replace account information on plastic cards with "token" – a digital account number.

In September 2007, Visa introduced Visa payWave, a contactless payment technology feature that allows cardholders to wave their card in front of contactless payment terminals without the need to physically swipe or insert the card into a point-of-sale device. This is similar to the Mastercard Contactless service and the American Express ExpressPay, with both using RFID technology. All three use the same symbol as shown on the right.

In Europe, Visa has introduced the V Pay card, which is a chip-only and PIN-only debit card. In Australia, take up has been the highest in the world, with more than 50% of in store Visa transactions now made via Visa payWave.

mVisa is a mobile payment app allowing payment via smartphones using QR code. This QR code payment method was first introduced in India in 2015. It was later expanded to a number of other countries, including in Africa and South East Asia.

In 2013 Visa launched Visa Checkout, an online payment system that removes the need to share card details with retailers. The Visa Checkout service allows users to enter all their personal details and card information, then use a single username and password to make purchases from online retailers. The service works with Visa credit, debit, and prepaid cards. On November 27, 2013, V.me went live in the UK, France, Spain and Poland, with Nationwide Building Society being the first financial institution in Britain to support it, although Nationwide subsequently withdrew this service in 2016.

Logo design

The blue and gold in Visa's logo were chosen to represent the blue sky and gold-colored hills of California, where the Bank of America was founded.

In 2005, Visa changed its logo, removing the horizontal stripes in favor of a simple white background with the name Visa in blue with an orange flick on the 'V'. The orange flick was removed in favor of the logo being a solid blue gradient in 2014. In 2015, the gold and blue stripes were restored as card branding on Visa Debit and Visa Electron, although not as the company's logotype.

Card design

The hologram

In 1984, most Visa cards around the world began to feature a hologram of a dove on its face, generally under the last four digits of the Visa number. This was implemented as a security feature – true holograms would appear three-dimensional and the image would change as the card was turned. At the same time, the Visa logo, which had previously covered the whole card face, was reduced in size to a strip on the card's right incorporating the hologram. This allowed issuing banks to customize the appearance of the card. Similar changes were implemented with MasterCard cards. Today, cards may be co-branded with various merchants, airlines, etc., and marketed as "reward cards".

On older Visa cards, holding the face of the card under an ultraviolet light will reveal the dove picture, dubbed the Ultra-Sensitive Dove, as an additional security test. (On newer Visa cards, the UV dove is replaced by a small V over the Visa logo.)

Beginning in 2005, the Visa standard was changed to allow for the hologram to be placed on the back of the card, or to be replaced with a holographic magnetic stripe ("HoloMag"). The HoloMag card was shown to occasionally cause interference with card readers, so Visa eventually withdrew designs of HoloMag cards and reverted to traditional magnetic strips.

Visa made a statement on January 12, 2018, that the signature requirement would become optional for all EMV contact or contactless chip-enabled merchants in North America starting in April 2018. It was noted that the signatures are no longer necessary to fight fraud and the fraud capabilities have advanced allowing this elimination leading to a faster in-store purchase experience. Visa was the last of the major credit card issuers to relax the signature requirements. The first to eliminate the signature was MasterCard Inc. followed by Discover Financial Services and American Express Co.

Olympics and Paralympics

Others

  1. Stearns, David L. (2011). Electronic Value Exchange: Origins of the Visa Electronic Payment System. London: Springer. p. 1. ISBN 978-1-84996-138-7. Available through SpringerLink.
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Visa Inc.
Visa Inc Language Watch Edit VISA redirects here For the document needed to enter a country s territory see Travel visa For other uses see Visa disambiguation Visa Inc ˈ v iː z e ˈ v iː s e stylized as VISA is an American multinational financial services corporation headquartered in Foster City California United States 4 It facilitates electronic funds transfers throughout the world most commonly through Visa branded credit cards debit cards and prepaid cards 5 Visa is one of the world s most valuable companies Visa Inc Visa Inc headquarters at Metro Center in Foster CityTypePublicTraded asClass A NYSE VDJIA componentS amp P 100 componentS amp P 500 componentClass B UnlistedClass C UnlistedIndustryFinancial servicesFoundedSeptember 18 1958 63 years ago 1958 09 18 as BankAmericard 1 Fresno California United StatesFounderDee HockHeadquartersFoster City 2 California United StatesArea servedWorldwideKey peopleAlfred F Kelly Jr CEO ProductsCredit cards payment systemsRevenueUS 21 85 billion 2020 3 Operating incomeUS 14 08 billion 2020 3 Net incomeUS 10 87 billion 2020 3 Total assetsUS 80 92 billion 2020 3 Total equityUS 36 21 billion 2020 3 Number of employees20 500 2020 3 Websitevisa wbr com Visa does not issue cards extend credit or set rates and fees for consumers rather Visa provides financial institutions with Visa branded payment products that they then use to offer credit debit prepaid and cash access programs to their customers In 2015 the Nilson Report a publication that tracks the credit card industry found that Visa s global network known as VisaNet processed 100 billion transactions during 2014 with a total volume of US 6 8 trillion 6 It was launched in September 1958 by Bank of America BofA as the BankAmericard credit card program 1 In response to competitor Master Charge now Mastercard BofA began to license the BankAmericard program to other financial institutions in 1966 7 By 1970 BofA gave up direct control of the BankAmericard program forming a consortium with the other various BankAmericard issuer banks to take over its management It was then renamed Visa in 1976 8 Nearly all Visa transactions worldwide are processed through the company s directly operated VisaNet at one of four secure data centers located in Ashburn Virginia Highlands Ranch Colorado London England and Singapore 9 These facilities are heavily secured against natural disasters crime and terrorism can operate independently of each other and from external utilities if necessary and can handle up to 30 000 simultaneous transactions and up to 100 billion computations every second 10 6 11 Visa is the world s second largest card payment organization debit and credit cards combined after being surpassed by China UnionPay in 2015 based on annual value of card payments transacted and number of issued cards 12 However because UnionPay s size is based primarily on the size of its domestic market in China Visa is still considered the dominant banking card company in the rest of the world where it commands a 50 market share of total card payments 12 Contents 1 History 1 1 Corporate structure 1 2 Billing and finance charge methods 1 3 IPO and restructuring 1 4 Visa Europe 1 5 Acquisition of Plaid 1 6 Digital Currencies 1 7 Visa Foundation 1 8 Other Initiatives 2 Finance 3 Criticism and controversy 3 1 WikiLeaks 3 2 Litigation and regulatory actions 3 2 1 Anti competitive conduct in Australia 3 2 2 Antitrust lawsuit by ATM operators 3 2 3 Debit card swipe fees 3 2 4 U S Justice Department actions 3 2 5 Antitrust issues in Europe 3 2 6 Payment Card Interchange Fee and Merchant Discount Antitrust Litigation 3 3 High swipe fees in Poland 3 4 Confrontation with Walmart over high fees 3 5 Dispute with Kroger over high credit card fees 3 6 Antitrust investigation over debit card practices 4 Corporate affairs 4 1 Headquarters 5 Operations 5 1 Operating regulations 6 Visa Contactless formerly payWave 7 mVisa 8 Visa Checkout 9 Trademark and design 9 1 Logo design 9 2 Card design 10 Signatures 11 Sponsorships 11 1 Olympics and Paralympics 11 2 Others 12 See also 13 References 14 External linksHistory Edit Old Your BankAmericard Welcome Here sign A 1976 ad promoting the change of name to Visa Note the early Visa card shown in the ad as well as the image of the BankAmericard that it replaced On September 18 1958 Bank of America BofA officially launched its BankAmericard credit card program in Fresno California 1 In the weeks leading up to the launch of BankAmericard BofA had saturated Fresno mailboxes with an initial mass mailing or drop as they came to be called of 65 000 unsolicited credit cards 1 13 BankAmericard was the brainchild of BofA s in house product development think tank the Customer Services Research Group and its leader Joseph P Williams Williams convinced senior BofA executives in 1956 to let him pursue what became the world s first successful mass mailing of unsolicited credit cards actual working cards not mere applications to a large population 14 Williams pioneering accomplishment was that he brought about the successful implementation of the all purpose credit card in the sense that his project was not canceled outright not in coming up with the idea 15 By the mid 1950s the typical middle class American already maintained revolving credit accounts with several different merchants which was clearly inefficient and inconvenient due to the need to carry so many cards and pay so many separate bills each month 16 The need for a unified financial instrument was already evident to the American financial services industry but no one could figure out how to do it There were already charge cards like Diners Club which had to be paid in full at the end of each billing cycle and by the mid 1950s there had been at least a dozen attempts to create an all purpose credit card 16 However these prior attempts had been carried out by small banks which lacked the resources to make them work 16 Williams and his team studied these failures carefully and believed they could avoid replicating those banks mistakes they also studied existing revolving credit operations at Sears and Mobil Oil to learn why they were successful 17 Fresno was selected for its population of 250 000 big enough to make a credit card work small enough to control initial startup cost BofA s market share of that population 45 and relative isolation to control public relations damage in case the project failed 18 Visa logo used from July 1 1992 to 2000 Visa logo used from August 1998 to 2005 Visa logo used from late 2005 to May 2015 Visa logo used from January 2014 to July 2021 Visa logo used since July 2021 Visa acceptance logo from early 2015 used only in certain Asian American and European markets The 1958 test at first went smoothly but then BofA panicked when it confirmed rumors that another bank was about to initiate its own drop in San Francisco BofA s home market 19 By March 1959 drops began in San Francisco and Sacramento by June BofA was dropping cards in Los Angeles by October the entire state of California had been saturated with over 2 million credit cards and BankAmericard was being accepted by 20 000 merchants 20 However the program was riddled with problems as Williams who had never worked in a bank s loan department had been too earnest and trusting in his belief in the basic goodness of the bank s customers and he resigned in December 1959 21 Twenty two percent of accounts were delinquent not the 4 expected and police departments around the state were confronted by numerous incidents of the brand new crime of credit card fraud 22 Both politicians and journalists joined the general uproar against Bank of America and its newfangled credit card especially when it was pointed out that the cardholder agreement held customers liable for all charges even those resulting from fraud 23 BofA officially lost over 8 8 million on the launch of BankAmericard but when the full cost of advertising and overhead was included the bank s actual loss was probably around 20 million 23 However after Williams and some of his closest associates left BofA management realized that BankAmericard was salvageable 24 They conducted a massive effort to clean up after Williams imposed proper financial controls published an open letter to 3 million households across the state apologizing for the credit card fraud and other issues their card raised and eventually were able to make the new financial instrument work 25 By May 1961 the BankAmericard program became profitable for the first time 26 At the time BofA deliberately kept this information secret and allowed then widespread negative impressions to linger in order to ward off competition 27 This strategy worked until 1966 when BankAmericard s profitability had become far too big to hide 27 The original goal of BofA was to offer the BankAmericard product across California but in 1966 BofA began to sign licensing agreements with a group of banks outside of California in response to a new competitor Master Charge now MasterCard which had been created by an alliance of several regional bankcard associations to compete against BankAmericard BofA itself like all other U S banks at the time could not expand directly into other states due to federal restrictions not repealed until 1994 Over the following 11 years various banks licensed the card system from Bank of America thus forming a network of banks backing the BankAmericard system across the United States 7 The drops of unsolicited credit cards continued unabated thanks to BofA and its licensees and competitors until they were outlawed in 1970 28 but not before over 100 million credit cards had been distributed into the American population 29 During the late 1960s BofA also licensed the BankAmericard program to banks in several other countries which began issuing cards with localized brand names For example citation needed In Canada an alliance of banks including Toronto Dominion Bank Canadian Imperial Bank of Commerce Royal Bank of Canada Banque Canadienne Nationale and Bank of Nova Scotia issued credit cards under the Chargex name from 1968 to 1977 In France it was known as Carte Bleue Blue Card The logo still appears on many French issued Visa cards today In Japan The Sumitomo Bank issued BankAmericards through the Sumitomo Credit Service In the UK the only BankAmericard issuer for some years was Barclaycard The branding still exists today but is used not only on Visa cards issued by Barclays but on its MasterCard and American Express cards as well 30 In Spain until 1979 the only issuer was Banco de Bilbao In 1968 a manager at the National Bank of Commerce later Rainier Bancorp Dee Hock was asked to supervise that bank s launch of its own licensed version of BankAmericard in the Pacific Northwest market Although Bank of America had cultivated the public image that BankAmericard s troubled startup issues were now safely in the past Hock realized that the BankAmericard licensee program itself was in terrible disarray because it had developed and grown very rapidly in an ad hoc fashion For example interchange transaction issues between banks were becoming a very serious problem which had not been seen before when Bank of America was the sole issuer of BankAmericards Hock suggested to other licensees that they form a committee to investigate and analyze the various problems with the licensee program they promptly made him the chair of that committee 31 After lengthy negotiations the committee led by Hock was able to persuade Bank of America that a bright future lay ahead for BankAmericard outside Bank of America In June 1970 Bank of America gave up control of the BankAmericard program The various BankAmericard issuer banks took control of the program creating National BankAmericard Inc NBI an independent Delaware corporation which would be in charge of managing promoting and developing the BankAmericard system within the United States In other words BankAmericard was transformed from a franchising system into a jointly controlled consortium or alliance like its competitor Master Charge Hock became NBI s first president and CEO 32 However Bank of America retained the right to directly license BankAmericard to banks outside the United States and continued to issue and support such licenses By 1972 licenses had been granted in 15 countries The international licensees soon encountered a variety of problems with their licensing programs and they hired Hock as a consultant to help them restructure their relationship with BofA as he had done for the domestic licensees As a result in 1974 the International Bankcard Company IBANCO a multinational member corporation was founded in order to manage the international BankAmericard program 33 Sample Barclaycard left as issued in the UK in the 1960s 70s Co branded cards were also issued by affiliates such as The Co operative Bank and Yorkshire Bank The Chargex logo right used in Canada In 1976 the directors of IBANCO determined that bringing the various international networks together into a single network with a single name internationally would be in the best interests of the corporation however in many countries there was still great reluctance to issue a card associated with Bank of America even though the association was entirely nominal in nature For this reason in 1976 BankAmericard Barclaycard Carte Bleue Chargex Sumitomo Card and all other licensees united under the new name Visa which retained the distinctive blue white and gold flag NBI became Visa USA and IBANCO became Visa International 8 The term Visa was conceived by the company s founder Dee Hock He believed that the word was instantly recognizable in many languages in many countries and that it also denoted universal acceptance 34 In October 2007 Bank of America announced it was resurrecting the BankAmericard brand name as the BankAmericard Rewards Visa 35 Corporate structure Edit Prior to October 3 2007 Visa comprised four non stock separately incorporated companies that employed 6 000 people worldwide the worldwide parent entity Visa International Service Association Visa Visa USA Inc Visa Canada Association and Visa Europe Ltd The latter three separately incorporated regions had the status of group members of Visa International Service Association The unincorporated regions Visa Latin America LAC Visa Asia Pacific and Visa Central and Eastern Europe Middle East and Africa CEMEA were divisions within Visa Billing and finance charge methods Edit Initially signed copies of sales drafts were included in each customer s monthly billing statement for verification purposes an industry practice known as country club billing citation needed By the late 1970s however billing statements no longer contained these enclosures but rather a summary statement showing posting date purchase date reference number merchant name and the dollar amount of each purchase citation needed At the same time many issuers particularly Bank of America were in the process of changing their methods of finance charge calculation Initially a previous balance method was used calculation of finance charge on the unpaid balance shown on the prior month s statement Later it was decided to use average daily balance which resulted in increased revenue for the issuers by calculating the number of days each purchase was included on the prior month s statement Several years later new average daily balance in which transactions from previous and current billing cycles were used in the calculation was introduced By the early 1980s many issuers introduced the concept of the annual fee as yet another revenue enhancer citation needed IPO and restructuring Edit On October 11 2006 Visa announced that some of its businesses would be merged and become a publicly traded company Visa Inc 36 37 38 Under the IPO restructuring Visa Canada Visa International and Visa USA were merged into the new public company Visa s Western Europe operation became a separate company owned by its member banks who will also have a minority stake in Visa Inc 39 In total more than 35 investment banks participated in the deal in several capacities most notably as underwriters On October 3 2007 Visa completed its corporate restructuring with the formation of Visa Inc The new company was the first step towards Visa s IPO 40 The second step came on November 9 2007 when the new Visa Inc submitted its 10 billion IPO filing with the U S Securities and Exchange Commission SEC 41 On February 25 2008 Visa announced it would go ahead with an IPO of half its shares 42 The IPO took place on March 18 2008 Visa sold 406 million shares at US 44 per share 2 above the high end of the expected 37 42 pricing range raising US 17 9 billion in what was then the largest initial public offering in U S history 43 On March 20 2008 the IPO underwriters including JP Morgan Goldman Sachs amp Co Banc of America Securities LLC Citi HSBC Merrill Lynch amp Co UBS Investment Bank and Wachovia Securities exercised their overallotment option purchasing an additional 40 6 million shares bringing Visa s total IPO share count to 446 6 million and bringing the total proceeds to US 19 1 billion 44 Visa now trades under the ticker symbol V on the New York Stock Exchange 45 Visa Europe Edit Visa Europe Ltd was a membership association and cooperative of over 3 700 European banks and other payment service providers 46 that operated Visa branded products and services within Europe Visa Europe was a company entirely separate from Visa Inc having gained independence of Visa International Service Association in October 2007 when Visa Inc became a publicly traded company on the New York Stock Exchange 47 Visa Inc announced the plan to acquire Visa Europe on November 5 2015 creating a single global company 48 On April 21 2016 the agreement was amended in response to the feedback of European Commission 49 The acquisition of Visa Europe was completed on June 21 2016 50 Acquisition of Plaid Edit On January 13 2020 Plaid announced that it had signed a definitive agreement to be acquired by Visa for 5 3 billion 51 52 The deal was double the company s most recent Series C round valuation of 2 65 billion 53 and was expected to close in the next 3 6 months subject to regulatory review and closing conditions According to the deal Visa would pay 4 9 billion in cash and approximately 400 million of retention equity and deferred equity 54 55 according to a presentation deck prepared by Visa 56 On November 5 2020 the United States Department of Justice filed a lawsuit seeking to block the acquisition arguing that Visa is a monopolist trying to eliminate a competitive threat by purchasing Plaid Visa said it disagrees with the lawsuit and intends to defend the transaction vigorously 57 58 Digital Currencies Edit This article contains content that is written like an advertisement Please help improve it by removing promotional content and inappropriate external links and by adding encyclopedic content written from a neutral point of view February 2021 Learn how and when to remove this template message On February 3 2021 Visa announced a partnership with First Boulevard a neobank focused on building generational wealth for the Black community First Boulevard will be first to pilot Visa s new suite of cryptocurrency APIs which will enable their customers to buy sell hold and trade digital assets held by Anchorage a federally chartered digital asset bank The pilot will serve as a key first step in supporting API capabilities that help additional Visa clients access and integrate cryptocurrencies 59 60 On March 29 2021 Visa announced the acceptance of stable coin USDC to settle transactions on its network 61 Visa Foundation Edit Registered in the United States as a 501 c 3 entity the Visa Foundation was created with the mission of supporting inclusive economies In particular economies in which individuals businesses and communities can thrive with the support of grants and investments Supporting resiliency as well as the growth of micro and small businesses that benefit women is a priority of the Visa Foundation Furthermore the Foundation prioritizes providing support to the community from a broad standpoint as well as responding to disasters during crisis 62 Other Initiatives Edit In December 2020 Visa Announced the launch of a new accelerator program across Asia Pacific to further develop the region s financial technology ecosystem 63 The accelerator program aims to find and partner with startup companies providing financial and payments technologies that could potentially leverage on Visa s network of bank and merchant partners in the region 64 Finance EditFor the fiscal year 2018 Visa reported earnings of US 10 3 billion with an annual revenue of US 20 61 billion an increase of 12 3 over the previous fiscal cycle Visa s shares traded at over 143 per share and its market capitalization was valued at over US 280 2 billion in September 2018 As of 2018 the company ranked 161st on the Fortune 500 list of the largest United States corporations by revenue 65 Year Revenue in mil USD Net income in mil USD Employees2005 66 2 665 3602006 66 2 948 4552007 66 3 590 1 076 5 4792008 66 6 263 804 5 7652009 67 6 911 2 353 5 7002010 68 8 065 2 966 6 8002011 69 9 188 3 650 7 5002012 70 10 421 2 144 8 5002013 71 11 778 4 980 9 6002014 72 12 702 5 438 9 5002015 73 13 880 6 328 11 3002016 74 15 082 5 991 11 3002017 75 18 358 6 699 12 4002018 76 20 609 10 301 15 0002019 77 22 977 12 080 19 5002020 77 21 846 10 866 20 500Criticism and controversy EditWikiLeaks Edit Visa Europe began suspending payments to WikiLeaks on December 7 2010 78 The company said it was awaiting an investigation into the nature of its business and whether it contravenes Visa operating rules though it did not go into details 79 In return DataCell the IT company that enables WikiLeaks to accept credit and debit card donations announced that it would take legal action against Visa Europe 80 On December 8 the group Anonymous performed a DDoS attack on visa com 81 bringing the site down 82 Although the Norway based financial services company Teller AS which Visa ordered to look into WikiLeaks and its fundraising body the Sunshine Press found no proof of any wrongdoing Salon reported in January 2011 that Visa Europe would continue blocking donations to the secret spilling site until it completes its own investigation 79 The United Nations High Commissioner for Human Rights Navi Pillay stated that Visa may be violating WikiLeaks right to freedom of expression by withdrawing their services 83 In July 2012 the Reykjavik District Court decided that Valitor the Icelandic partner of Visa and MasterCard was violating the law when it prevented donations to the site by credit card It was ruled that the donations be allowed to return to the site within 14 days or they would be fined in the amount of US 6 000 per day 84 Litigation and regulatory actions Edit Anti competitive conduct in Australia Edit In 2015 the Australian Federal Court ordered Visa to pay a pecuniary penalty of 20 million including legal fees for engaging in anti competitive conduct against dynamic currency conversion operators in proceedings brought by the Australian Competition and Consumer Commission 85 Antitrust lawsuit by ATM operators Edit In 2011 MasterCard and Visa were sued in a class action by ATM operators claiming the credit card networks rules effectively fix ATM access fees 86 The suit claimed that this is a restraint on trade in violation of US federal law The lawsuit was filed by the National ATM Council and independent operators of automated teller machines More specifically it is alleged that MasterCard s and Visa s network rules prohibit ATM operators from offering lower prices for transactions over PIN debit networks that are not affiliated with Visa or MasterCard The suit says that this price fixing artificially raises the price that consumers pay using ATMs limits the revenue that ATM operators earn and violates the Sherman Act s prohibition against unreasonable restraints of trade Johnathan Rubin an attorney for the plaintiffs said Visa and MasterCard are the ringleaders organizers and enforcers of a conspiracy among U S banks to fix the price of ATM access fees in order to keep the competition at bay 87 In 2017 a US district court denied the ATM operators request to stop Visa from enforcing the ATM fees 88 Debit card swipe fees Edit Visa settled a 1996 antitrust lawsuit brought by a class of U S merchants including Walmart for billions of dollars in 2003 Over 4 million class members were represented by the plaintiffs According to a website associated with the suit 89 Visa and MasterCard settled the plaintiffs claims for a total of 3 05 billion Visa s share of this settlement is reported to have been the larger U S Justice Department actions Edit In October 2010 Visa and MasterCard reached a settlement with the U S Justice Department in another antitrust case The companies agreed to allow merchants displaying their logos to decline certain types of cards because interchange fees differ or to offer consumers discounts for using cheaper cards 90 In 1998 the Department of Justice sued Visa over rules prohibiting its issuing banks from doing business with American Express and Discover The Department of Justice won its case at trial in 2001 and the verdict was upheld on appeal American Express and Discover filed suit as well 91 Antitrust issues in Europe Edit In 2002 the European Commission exempted Visa s multilateral interchange fees from Article 81 of the EC Treaty that prohibits anti competitive arrangements 92 However this exemption expired on December 31 2007 In the United Kingdom Mastercard has reduced its interchange fees while it is under investigation by the Office of Fair Trading In January 2007 the European Commission issued the results of a two year inquiry into the retail banking sector The report focuses on payment cards and interchange fees Upon publishing the report Commissioner Neelie Kroes said the present level of interchange fees in many of the schemes we have examined does not seem justified The report called for further study of the issue 93 On March 26 2008 the European Commission opened an investigation into Visa s multilateral interchange fees for cross border transactions within the EEA as well as into the Honor All Cards rule under which merchants are required to accept all valid Visa branded cards 94 needs update The antitrust authorities of EU member states other than the United Kingdom also investigated Mastercard s and Visa s interchange fees For example on January 4 2007 the Polish Office of Competition and Consumer Protection fined twenty banks a total of PLN 164 million about 56 million for jointly setting Mastercard s and Visa s interchange fees 95 96 In December 2010 Visa reached a settlement with the European Union in yet another antitrust case promising to reduce debit card payments to 0 2 percent of a purchase 97 A senior official from the European Central Bank called for a break up of the Visa Mastercard duopoly by creation of a new European debit card for use in the Single Euro Payments Area SEPA 98 After Visa s blocking of payments to WikiLeaks members of the European Parliament expressed concern that payments from European citizens to a European corporation could apparently be blocked by the US and called for a further reduction in the dominance of Visa and Mastercard in the European payment system 99 Payment Card Interchange Fee and Merchant Discount Antitrust Litigation Edit Main article Payment Card Interchange Fee and Merchant Discount Antitrust Litigation On November 27 2012 a federal judge entered an order granting preliminary approval to a proposed settlement to a class action lawsuit 100 filed in 2005 by merchants and trade associations against Mastercard and Visa The suit was filed due to alleged price fixing practices employed by Mastercard and Visa About one quarter of the named class plaintiffs have decided to opt out of the settlement Opponents object to provisions that would bar future lawsuits and even prevent merchants from opting out of significant portions of the proposed settlement 101 Plaintiffs allege that Visa and Mastercard fixed interchange fees also known as swipe fees that are charged to merchants for the privilege of accepting payment cards In their complaint the plaintiffs also alleged that the defendants unfairly interfere with merchants from encouraging customers to use less expensive forms of payment such as lower cost cards cash and checks 101 A settlement of US 6 24 billion has been reached and a court is scheduled to approve or deny the agreement on November 7 2019 102 High swipe fees in Poland Edit Very high interchange fee for Visa 1 5 1 6 from every transaction s final price which also includes VAT in Poland started discussion about legality and need for government regulations of interchange fees to avoid high costs for business which also block electronic payment market and acceptability of cards 103 This situation also led to the birth of new methods of payment in the year 2013 which avoid the need for go between middleman companies like Visa or Mastercard for example mobile application issued by major banks 104 and system by big chain of discount shops 105 or older public transport tickets buying systems 106 Confrontation with Walmart over high fees Edit In June 2016 the Wall Street Journal reported that Walmart threatened to stop accepting Visa cards in Canada Visa objected saying that consumers should not be dragged into a dispute between the companies 107 In January 2017 Walmart Canada and Visa reached a deal to allow the continued acceptance of Visa 108 Dispute with Kroger over high credit card fees Edit In March 2019 U S retailer Kroger announced that its 250 strong Smith s chain would stop accepting Visa credit cards as of April 3 2019 due to the cards high swipe fees Kroger s California based Foods Co stores stopped accepting Visa cards in August 2018 Mike Schlotman Kroger s executive vice president chief financial officer said Visa had been misusing its position and charging retailers excessive fees for a long time In response Visa issued a statement saying it was unfair and disappointing that Kroger is putting shoppers in the middle of a business dispute 109 As of October 31 2019 Kroger has settled their dispute with Visa and is now accepting the payment method 110 Antitrust investigation over debit card practices Edit In March 2021 the United States Justice Department announced its investigation with Visa to discover if the company is engaging in anticompetitive practices in the debit card market The main question at hand is whether or not Visa is limiting merchants ability to route debit card transactions over card networks that are often less expensive focusing more so on online debit card transactions The probe highlights the role of network fees which are invisible to consumers and place pressure on merchants who mitigate the fees by raising prices of goods for customers The probe was confirmed through a regulatory filing on March 19 2021 stating they will be cooperating with the Justice Department Visa s shares fell more than 6 following the announcement 111 112 113 114 Corporate affairs EditHeadquarters Edit As of October 1 2012 Visa s headquarters are located in Foster City California 2 Visa had been headquartered in San Francisco until 1985 when it moved to San Mateo 115 Around 1993 Visa began consolidating various scattered offices in San Mateo to a location in Foster City 115 Visa became Foster City s largest employer In 2009 Visa moved its corporate headquarters back to San Francisco when it leased the top three floors of the 595 Market Street office building although most of its employees remained at its Foster City campus 116 In 2012 Visa decided to consolidate its headquarters in Foster City where 3 100 of its 7 700 global workers are employed 2 Visa owns four buildings at the intersection of Metro Center Boulevard and Vintage Park Drive In December 2012 Visa Inc confirmed that it will build a global information technology center off of the US 183 Expressway in northwest Austin Texas 117 By 2019 Visa leased space in 4 buildings near Austin and employed nearly 2 000 people 118 On November 6 2019 Visa announced plans to move its headquarters back to San Francisco by 2024 upon completion of a new 13 story 300 000 square foot building 119 Operations EditVisa offers through its issuing members the following types of cards Debit cards pay from a checking savings account Credit cards pay monthly payments with or without interest depending on a customer paying on time Prepaid cards pay from a cash account that has no check writing privileges Visa operates the Plus automated teller machine network and the Interlink EFTPOS point of sale network which facilitate the debit protocol used with debit cards and prepaid cards They also provide commercial payment solutions for small businesses midsize and large corporations and governments 120 Visa teamed with Apple in September 2014 to incorporate a new mobile wallet feature into Apple s new iPhone models enabling users to more readily use their Visa and other credit debit cards 121 Operating regulations Edit Visa has a set of rules that govern the participation of financial institutions in its payment system Acquiring banks are responsible for ensuring that their merchants comply with the rules Rules address how a cardholder must be identified for security how transactions may be denied by the bank and how banks may cooperate for fraud prevention and how to keep that identification and fraud protection standard and non discriminatory Other rules govern what creates an enforceable proof of authorization by the cardholder 122 The rules prohibit merchants from imposing a minimum or maximum purchase amount in order to accept a Visa card and from charging cardholders a fee for using a Visa card 122 In ten U S states surcharges for the use of a credit card are forbidden by law California Colorado Connecticut Florida Kansas Maine Massachusetts New York Oklahoma and Texas but a discount for cash is permitted under specific rules 123 Some countries have banned the no surcharge rule most notably in Australia 124 retailers may apply surcharges to any credit card transaction Visa or otherwise In the UK the law was changed in January 2018 to prevent retailers from adding a surcharge to a transaction as per The Consumer Rights Payment Surcharges Regulations 2012 Visa permits merchants to ask for photo ID although the merchant rule book states that this practice is discouraged As long as the Visa card is signed a merchant may not deny a transaction because a cardholder refuses to show a photo ID 122 The Dodd Frank Act allows U S merchants to set a minimum purchase amount on credit card transactions not to exceed 10 125 126 Recent complications include the addition of exceptions for non signed purchases by telephone or on the Internet and an additional security system called Verified by Visa for purchases on the Internet In September 2014 Visa Inc launched a new service to replace account information on plastic cards with token a digital account number 127 Visa Contactless formerly payWave Edit In September 2007 Visa introduced Visa payWave a contactless payment technology feature that allows cardholders to wave their card in front of contactless payment terminals without the need to physically swipe or insert the card into a point of sale device 128 This is similar to the Mastercard Contactless service and the American Express ExpressPay with both using RFID technology All three use the same symbol as shown on the right In Europe Visa has introduced the V Pay card which is a chip only and PIN only debit card 129 In Australia take up has been the highest in the world with more than 50 of in store Visa transactions now made via Visa payWave 130 mVisa EditmVisa is a mobile payment app allowing payment via smartphones using QR code This QR code payment method was first introduced in India in 2015 It was later expanded to a number of other countries including in Africa and South East Asia 131 132 Visa Checkout EditIn 2013 Visa launched Visa Checkout an online payment system that removes the need to share card details with retailers The Visa Checkout service allows users to enter all their personal details and card information then use a single username and password to make purchases from online retailers The service works with Visa credit debit and prepaid cards On November 27 2013 V me went live in the UK France Spain and Poland with Nationwide Building Society being the first financial institution in Britain to support it 133 although Nationwide subsequently withdrew this service in 2016 Trademark and design EditLogo design Edit The blue and gold in Visa s logo were chosen to represent the blue sky and gold colored hills of California where the Bank of America was founded In 2005 Visa changed its logo removing the horizontal stripes in favor of a simple white background with the name Visa in blue with an orange flick on the V 134 The orange flick was removed in favor of the logo being a solid blue gradient in 2014 In 2015 the gold and blue stripes were restored as card branding on Visa Debit and Visa Electron although not as the company s logotype 135 Card design Edit The hologram In 1984 most Visa cards around the world began to feature a hologram of a dove on its face generally under the last four digits of the Visa number This was implemented as a security feature true holograms would appear three dimensional and the image would change as the card was turned At the same time the Visa logo which had previously covered the whole card face was reduced in size to a strip on the card s right incorporating the hologram This allowed issuing banks to customize the appearance of the card Similar changes were implemented with MasterCard cards Today cards may be co branded with various merchants airlines etc and marketed as reward cards On older Visa cards holding the face of the card under an ultraviolet light will reveal the dove picture dubbed the Ultra Sensitive Dove 136 as an additional security test On newer Visa cards the UV dove is replaced by a small V over the Visa logo Beginning in 2005 the Visa standard was changed to allow for the hologram to be placed on the back of the card or to be replaced with a holographic magnetic stripe HoloMag 137 The HoloMag card was shown to occasionally cause interference with card readers so Visa eventually withdrew designs of HoloMag cards and reverted to traditional magnetic strips 138 Signatures EditVisa made a statement on January 12 2018 that the signature requirement would become optional for all EMV contact or contactless chip enabled merchants in North America starting in April 2018 It was noted that the signatures are no longer necessary to fight fraud and the fraud capabilities have advanced allowing this elimination leading to a faster in store purchase experience 139 Visa was the last of the major credit card issuers to relax the signature requirements The first to eliminate the signature was MasterCard Inc followed by Discover Financial Services and American Express Co 140 Sponsorships EditOlympics and Paralympics Edit Visa has been a worldwide sponsor of the Olympic Games since 1986 and the International Paralympic Committee since 2002 Visa is the only card accepted at all Olympic and Paralympic venues Its current contract with the International Olympic Committee and International Paralympic Committee as the exclusive services sponsor will continue through 2032 and 2020 respectively 141 142 This includes the Singapore 2010 Youth Olympic Games London 2012 Olympic Games the Sochi 2014 Olympic Winter Games the Rio de Janeiro 2016 Olympic Games the 2018 PyeongChang Olympic Winter Games and the Tokyo 2020 Olympic Games In 2002 Visa became the first global sponsor of the IPC 143 Visa extended its partnership with the International Paralympic Committee through 2020 144 which includes the 2010 Vancouver Paralympic Winter Games the 2012 London Paralympic Games 2014 Sochi Paralympic Games 2018 Pyeongchang Paralympic Games and 2020 Tokyo Paralympic Games Others Edit Visa was the jersey sponsor of Argentina s national basketball team at the 2015 FIBA Americas Championship in Mexico City 145 Visa is the shirt sponsor for the Argentina national rugby union team nicknamed the Pumas Also Visa sponsors the Copa Libertadores and the Copa Sudamericana the most important football club tournaments in South America Until 2005 Visa was the exclusive sponsor of the Triple Crown thoroughbred tournament Visa sponsored the Rugby World Cup and the 2007 tournament in France was its last 146 In 2007 Visa became the sponsor of the 2010 FIFA World Cup in South Africa The FIFA partnership provides Visa with global rights to a broad range of FIFA activities including both the 2010 and 2014 FIFA World Cup and the FIFA Women s World Cup Since 1995 Visa has sponsored the U S National Football League NFL and a number of NFL teams including the San Francisco 49ers whose practice jerseys display the Visa logo 147 Visa s sponsorship of the NFL extended through the 2014 season 148 Starting from the 2012 season Visa became a partner of the Caterham F1 Team Visa is also known for motorsport sponsorship in the past it sponsored PacWest Racing s IndyCar team in 1995 and 1996 with drivers Danny Sullivan and Mark Blundell respectively 149 Visa is currently a jersey sponsor of professional gaming eSports team SK Gaming for 2017 150 Visa is the main sponsor of the Argentine Hockey Confederation 151 The Visa logo is present on both the men s and women s playing kits See also Edit Electronics portal San Francisco Bay Area portal Companies portal RuPay UnionPay CIBIL Damage waiver Entrust Bankcard Visa Buxx Visa Debit Visa ElectronReferences Edit a b c d Stearns David L 2011 Electronic Value Exchange Origins of the Visa Electronic Payment System London Springer p 1 ISBN 978 1 84996 138 7 Available through SpringerLink a b c Leuty Ron September 13 2012 Visa moving headquarters from San Francisco to Foster City San Francisco Business Times Retrieved February 27 2013 Visa said Thursday that it is closing its headquarters in San Francisco and moving about 100 employees back to its Foster City campus effective Oct 1 The bulk of the company s employees 3 100 of more than 7 700 worldwide are in Foster City a b c d e f 2020 Income Statement Visa Inc PDF Retrieved May 21 2021 Visa Inc at a Glance PDF Visa Inc Archived from the original PDF on May 1 2015 Retrieved April 25 2015 Visa Archived September 30 2009 at the Wayback Machine Retrieved March 26 2010 a b Fisher Daniel May 25 2015 Visa Moves at the Speed of Money Forbes Retrieved May 1 2016 a b History of Visa Visa Latin America amp Caribbean Archived November 3 2007 at the Wayback Machine a b Thomes Paul 2011 Technological Innovation in Retail Finance International Historical Perspectives New York Routledge p 256 ISBN 978 0 203 83942 3 Map and List of VisaNet s Data Centers Baxtel Inside Visa s Data Center Network Computing www networkcomputing com May 29 2013 Retrieved May 1 2016 Swartz Jon March 25 2012 Top secret Visa data center banks on security even has moat USA Today Retrieved February 20 2017 a b UnionPay takes top spot from Visa in 22 trillion global cards market RBR Finextra London Finextra Research Limited July 22 2016 History of Visa Archived from the original on October 3 2014 Retrieved March 19 2013 Joseph Nocera A Piece of the Action How The Middle Class Joined the Money Class New York City Simon amp Schuster 1995 23 Nocera 23 24 a b c Nocera 24 Nocera 24 25 Nocera 25 Nocera 29 Nocera 29 30 Nocera 30 31 Nocera 30 a b Nocera 31 Nocera 32 Nocera 30 33 Stearns David L 2011 Electronic Value Exchange Origins of the Visa Electronic Payment System London Springer p 24 ISBN 978 1 84996 138 7 Available through SpringerLink a b Stearns David L 2011 Electronic Value Exchange Origins of the Visa Electronic Payment System London Springer p 25 ISBN 978 1 84996 138 7 Available through SpringerLink The Unsolicited Credit Card Act of 1970 amended the Truth in Lending Act of 1968 to ban the mailing of unsolicited credit cards It is now codified at 15 U S C 1642 Nocera 15 Archived copy Archived from the original on August 26 2014 Retrieved August 23 2014 CS1 maint archived copy as title link Nocera 89 92 Nocera 90 93 Batiz Lazo Bernardo del Angel Gustavo 2016 The Dawn of the Plastic Jungle The Introduction of the Credit Card in Europe and North America 1950 1975 Hoover Institution p 18 VISA TheGoodSchoolsGuide Retrieved August 30 2019 BofA resurrects Bankamericard brand San Francisco Business Times Visa Inc Corporate Site Archived February 4 2007 at the Wayback Machine Visa plans stock market flotation BBC News Business October 12 2006 Bawden Tom Visa plans to split into two and float units for 13bn The Times October 12 2006 Bruno Joel Bel Visa Reveals Plan to Restructure for IPO Associated Press June 22 2007 Visa Inc Complete Global Restructuring Archived December 13 2007 at the Wayback Machine Visa Inc Press Release October 3 2007 Visa files for 10 billion IPO Reuters November 9 2007 Visa plans a 19 billion initial public offering The Economist February 25 2008 Benner Katie Visa s 15 billion IPO Feast or famine Fortune via CNNMoney March 18 2008 Visa Inc Announces Exercise of Over Allotment Option Visa Inc Press Release March 20 2008 Archived July 21 2012 at archive today Visa IPO Seeks MasterCard Riches Archived February 7 2008 at the Wayback Machine TheStreet com February 2 2008 Visa Europe members exploring sale to Visa WSJ Reuters March 19 2013 Retrieved July 18 2013 FAQs Visaeurope com Retrieved July 18 2013 Press Release Visa Inc to Acquire Visa Europe Visaeurope com Retrieved November 5 2015 Visa Inc Reaches Preliminary Agreement to Amend Transaction With Visa Europe Visa Inc April 21 2016 Retrieved April 25 2016 Press Release Visa Corporate Visa Inc pressreleases visa com Retrieved June 24 2016 Visa is acquiring Plaid for 5 3 billion 2x its final private valuation TechCrunch Retrieved January 13 2020 With Plaid Acquisition Visa Makes A Big Play for the Plumbing That Connects the Fintech World Fortune Retrieved January 28 2020 What Plaid s 5 3 Billion Acquisition Means For The Future Of Fintech And Open Banking finance yahoo com Retrieved March 22 2020 Demos Telis January 14 2020 Visa s Bet on Plaid Is Costly but Necessary The Wall Street Journal ISSN 0099 9660 Retrieved March 22 2020 Payments giant Visa acquiring crypto serving fintech firm Plaid Invezz January 14 2020 Retrieved March 22 2020 Visa to acquire crypto serving fintech unicorn Plaid for 5 3B finance yahoo com Retrieved March 22 2020 Noonan Laura November 5 2020 US justice department sues to block Visa s 5 3bn Plaid takeover Financial Times Retrieved November 6 2020 Reuters Staff November 5 2020 U S sues Visa to block its acquisition of Plaid Reuters Retrieved November 7 2020 Visa Crypto API Program Makes Crypto An Economic Empowerment Tool PYMNTS February 3 2021 Retrieved February 4 2021 Visa Expands Digital Currency Roadmap with First Boulevard Visa February 3 2021 Retrieved February 4 2021 Visa Moves to Allow Payment Settlements Using Cryptocurrency NDTV Gadgets 360 Retrieved March 30 2021 Visa Launches Foundation with Inaugural Grant to Women s World Banking Visa has launched an Accelerator Program for Fintech startups across Asia Pacific Startup News Networking and Resources Hub BEAMSTART Retrieved December 18 2020 Accelerator www visa com sg Retrieved December 18 2020 Fortune 500 Companies 2018 Who Made the List Fortune Retrieved November 21 2018 a b c d 2008 Annual Report PDF 2009 Annual Report PDF 2010 Annual Report PDF 2011 Annual Report PDF 2012 Annual Report PDF 2013 Annual Report PDF 2014 Annual Report PDF 2015 Annual Report PDF 2016 Annual Report PDF Volkman Eric January 18 2018 Why 2017 was a Year to Remember for Visa Inc The Motley Fool The Motley Fool Retrieved November 11 2018 2018 Q4 Revenue and Earnings PDF a b Visa Inc AnnualReports com www annualreports com Retrieved December 23 2020 BBC News Retrieved December 8 2010 a b No proof WikiLeaks breaking law inquiry finds Associated Press January 26 2011 Archived January 29 2011 at the Wayback Machine Wikileaks IT firm says it will sue Visa and Mastercard BBC News December 8 2010 Retrieved December 8 2010 WikiLeaks supporters disrupt Visa and MasterCard sites in Operation Payback The Guardian December 8 2010 Retrieved January 5 2019 Adams Richard Weaver Matthew December 8 2010 WikiLeaks the day cyber warfare broke out as it happened The Guardian UNifeed Geneva Pillay Archived March 24 2012 at the Wayback Machine UN Web site Retrieved on December 15 2010 Zetter Kim July 12 2012 WikiLeaks Wins Icelandic Court Battle Against Visa for Blocking Donations Threat Level Wired Retrieved March 26 2013 Commission Australian Competition and Consumer September 4 2015 Visa ordered to pay 18 million penalty for anti competitive conduct following ACCC action Australian Competition and Consumer Commission Complaint U S Equal Employment Opportunity Commission v Home Depot USA Inc PDF PacerMonitor PacerMonitor Retrieved June 16 2016 ATM Operators File Antitrust Lawsuit Against Visa and MasterCard Press release PR Newswire October 12 2011 Retrieved September 15 2019 National Atm Council Inc v Visa Inc Civil Action No 2011 1803 D D C 2017 Court Listener May 22 2017 Retrieved July 12 2020 Visa Check MasterMoney Antitrust Litigation Web Site Archived April 28 2006 at the Wayback Machine Visa Mastercard settlement means more flexibility for merchants Marketplace American Public Radio Archived from the original on July 27 2011 Mallory Duncan July 10 2012 Credit Card Market Is Unfair Noncompetitive Roll Call Commission exempts multilateral interchange fees for cross border Visa card payments Press release European Commission July 24 2002 Retrieved February 18 2011 Competition Commission sector inquiry finds major competition barriers in retail banking Press release European Commission January 31 2007 Retrieved February 18 2011 Antitrust Commission initiates formal proceedings against Visa Europe Limited Press release European Commission March 26 2008 Retrieved February 18 2011 UOKIK UOKiK Home www uokik gov pl Sector inquiry in the banking sector February 8 2007 2018 07 04T17 04 18Z Jan Strupczewski Foo Yun Chee December 18 2014 EU agrees deal to cap bank card payment fees Reuters via www reuters com SEPA a busy year is coming to its end and another exciting year lies ahead Speech November 25 2010 Trouw nl Class Settlement Preliminary Approval Order pg 11 PDF U S District Court November 27 2012 Retrieved July 9 2019 a b Longstreth Andrew December 13 2013 Judge approves credit card swipe fee settlement NBC News Retrieved July 9 2019 Visa Mastercard 6 24B settlement gets preliminary okay from court Seeking Alpha February 22 2019 Retrieved July 9 2019 Rynek kart czekaja zmiany wersja do druku in Polish Ekonomia24 pl Archived from the original on April 16 2013 Retrieved March 26 2013 IKO rewolucyjny system platnosci mobilnej od PKO BP Banki WP PL Banki Retrieved March 26 2013 Platnosci mobilne w Biedronce Tech WP PL Tech Retrieved March 26 2013 Mobile Payments Bilet w komorce Skycash com Archived from the original on November 17 2012 Retrieved March 26 2013 Sidel Robin June 16 2016 Visa Defends Fees in Wal Mart Canada Dispute Wall Street Journal Evans Pete January 5 2017 Walmart strikes deal with Visa to settle credit card fee dispute CBC Morris Chris Kroger Bans Visa Cards at 250 Additional Stores Fortune Retrieved March 5 2019 Peterson Hayley October 30 2019 Kroger has reversed its ban on Visa credit cards after previously accusing the company of excessive fees that drive up food prices Business Insider Retrieved October 31 2019 Kendall AnnaMaria Andriotis and Brent March 19 2021 WSJ News Exclusive Visa Faces Antitrust Investigation Over Debit Card Practices The Wall Street Journal ISSN 0099 9660 Retrieved March 20 2021 Report DOJ investigating Visa over debit card business The Washington Post Associated Press ISSN 0190 8286 Retrieved March 20 2021 dead link Copeland Brent Kendall and Rob October 21 2020 Justice Department Hits Google With Antitrust Lawsuit The Wall Street Journal ISSN 0099 9660 Retrieved March 20 2021 Torry AnnaMaria Andriotis and Harriet June 21 2020 The Credit Card Fees Merchants Hate Banks Love and Consumers Pay The Wall Street Journal ISSN 0099 9660 Retrieved March 20 2021 a b Visa finds a passport to the future San Mateo Company bets on SMART cards that will exchange information not just money San Jose Mercury News Monday August 7 1995 1F Business Retrieved on February 2 2011 Visa s headquarters remained in San Francisco until 1985 when it relocated to San Mateo Then two years ago it began consolidating scattered sites throughout San Mateo in nearby Foster City with Week in review The Daily Journal January 3 2009 Retrieved on February 2 2011 Ladendorf Kirk December 11 2012 Visa confirms plans for Austin offices Austin American Statesman Archived from the original on December 15 2012 Retrieved February 27 2013 Wells Arnold May 14 2019 Visa grows tech center in North Austin Austin Business Journal Retrieved September 15 2019 Leuty Ron November 6 2019 Visa moving global HQ up to 1 500 employees to Giants Mission Rock San Francisco Business Times American City Business Journals Retrieved October 22 2020 Synovus Selects Visa s Plus and Interlink as Primary Debit Network Providers AllBusiness April 6 2004 Retrieved July 2 2010 Apple teams with payment networks to turn iPhone into wallet San Diego News Net September 1 2014 Retrieved September 1 2014 a b c Visa Rules for Merchants Archived January 26 2011 at the Wayback Machine Orion Payment Systems Retrieved July 2 2010 Visa USA Inc Archived from the original on January 21 2011 Retrieved June 27 2009 Reforms to Payment Card Surcharging Reserve Bank of Australia Archived March 28 2014 at the Wayback Machine Visa USA Global Error Page Not Found usa visa com Archived from the original on October 20 2004 Retrieved September 14 2014 Cite uses generic title help Emboldened Merchants Expected To Push Cheaper Payments PaymentsSource paymentssource com August 25 2010 Retrieved September 14 2014 Visa launches new service to secure online payments Reuters Retrieved September 10 2014 New Visa payWave Issuers and Merchants Sign Up for Faster More Convenient Payments Archived from the original on January 2 2008 V PAY your European debit card Archived from the original on May 17 2007 Why do Australians lead the way in contactless payments Sarah Clark February 28 2017 Mastercard and Visa expand availability of QR payments ICICI launches mVisa mobile payment service The Economic Times October 8 2015 Sparkes Matthew November 27 2013 Visa launch V me digital wallet service The Daily Telegraph London Hot Topic A Brand Evolution Visa Corporate Press Release January 2007 20 Fun Facts You Never Knew About VISA MoneyInc March 20 2018 Retrieved August 30 2019 Payment Cards Fraud and Merchants HoloMag Introduced SEC GOV Web Site American Bank Note Holographics Reports Fourth Quarter and Full Year 2005 Financial Results PDF Press release Robbinsville New Jersey March 31 2006 Archived from the original PDF on February 27 2008 On March 14 2006 Visa informed the Company that it is discontinuing the use of the current version of HoloMag based on what Visa describes as an infrequently occurring technical problem at the point of sale Mastercard Discover AmEx and Visa ditching signatures creditcards com April 13 2018 November 17 2017 Visa Won t Require Signatures Bloomberg com January 12 2018 Visa Sponsors Third Paralympic Hall of Fame Induction International Paralympic Committee IPC Visa Renews Olympic Partnership Through 2032 usa visa com Visa Worldwide Partners International Paralympic Committee IPC IPC and Visa extend partnership until 2020 2015 FIBA Americas Championship Argentina Archived March 21 2016 at the Wayback Machine FIBA com Retrieved March 14 2016 Visa terminates global Rugby World Cup sponsorship Brand Republic April 17 2008 Newsroom Visa corporate visa com Visa NFL Give Credit Where Credit is Due Archived March 24 2010 at the Wayback Machine NYSportsJournalism com September 22 2009 caterhamf1 com Archived from the original on October 14 2012 SK Gaming announces partnership with VISA Article TSN January 6 2017 Confederacion Argentina de Hockey Homepage Confederacion Argentina de Hockey Retrieved September 22 2018 External links EditWikimedia Commons has media related to Visa Inc Official Visa com website in most cases will automatically redirect to a localized version of Visa com based on the user s location Business data for Visa Google FinanceYahoo FinanceReutersSEC filings Retrieved from https en wikipedia org w index php title Visa Inc amp oldid 1053242490, wikipedia, wiki, book,

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