Visa Inc. is a global financial services company that facilitates electronic funds transfers worldwide. The company was founded in 1958 by Dee Hock and originally operated as BankAmericard, which was the first-ever consumer credit card program. In 1976, the name was changed to Visa, and the company expanded its operations internationally. Today, Visa is one of the largest payment processing companies in the world.
Visa's primary business is to provide electronic payment solutions to businesses, financial institutions, governments, and consumers. It operates a network that connects millions of merchants and financial institutions across the globe, allowing for secure and efficient electronic transactions. Visa cards, both credit and debit, are widely accepted at various points of sale, including physical stores, online retailers, and for mobile payments.
As a payment technology company, Visa does not issue cards directly to consumers. Instead, it partners with financial institutions, such as banks and credit unions, that issue Visa-branded cards to their customers. Visa earns revenue from transaction fees charged to merchants for processing payments and other services it provides to financial institutions.
Visa is a publicly-traded company listed on the New York Stock Exchange (NYSE) under the ticker symbol "V." It is a component of major stock market indices, including the S&P 500 and the Dow Jones Industrial Average, which reflect its significance and market capitalization.
Visa's global reach and widespread adoption have made it a leader in the payment processing industry. The company's innovations, such as the introduction of contactless payments and mobile wallet technology, have contributed to the growth of digital payments worldwide. With its extensive network and commitment to security and efficiency, Visa continues to play a crucial role in shaping the future of electronic payments.