There is no bank institution and business in the world that does not have an agreement with Visa and Mastercard. Both receive a share of the money transfers made. So how well do we know these companies?
Visa was launched by Bank of America (BofA) in September 1958 as the BankAmericard credit card program in California. Its purpose is to facilitate electronic money transfers worldwide, mostly through Visa-branded debit, credit and prepaid cards. Except for countries with closed economies such as China, it forms a Duapol with its closest competitor, MasterCard.
Visa's journey begins in 1958. It was founded to create Bank of America's first consumer credit card program for middle-class consumers and small and medium-sized businesses in the United States.
It doesn't take long for the company to grow—the company expands internationally in 1974 and launches its debit card in 1975.
In 2007, regional businesses worldwide were acquired by Visa Inc. merged to form the company, and the company went public in 2008 in one of the largest IPOs in history. In 2016, Visa completes its acquisition of Visa Europe. Today Visa operates in more than 200 countries and territories.
Milestones
1958
Bank of America launches BankAmericard, the first card with a "revolving credit" feature.
1976
Visa is born
BankAmericard takes the name Visa—a name that means the same thing in every language.
1983
Visa provides 24-hour access to cash "anytime, anywhere" anywhere in the world by establishing an ATM network.
2001
Visa reaches 1 million cards and launches its Zero Liability policy that protects cardholders against fraud.
What are the differences between Mastercard and Visa?
There is no bank institution and business in the world that does not have an agreement with Visa and Mastercard. Both receive a share of the money transfers made. Their sole task is to help cash flow smoothly between banks.
Mastercard is a financial company founded in the United States in 1966. It provides payment systems for credit cards. 16-digit credit card numbers start with 5.
Visa credit card numbers start with 4. In general, Mastercard is more effective in the Americas and Visa is more effective in the European continent.