VISA. HISTORICAL BACKGROUND
The origin of Visa refers to the year of 1958. Bank of America started production of credit cards with mane BankAmericard on them. It took place in California, Fresno city. Since 1965 organization started to draw up agreements with different banks outside California with regard to usage of credit cards system. Spreading all over the world the name BankAmericard didn’t have a success for many reasons. It was changed to a shorter one and easily pronounced: “Visa”.
The founder of the Visa credit card association who invented this very name considered that it’s momentary rememberable and universal for people from all over the world. The first transaction with a card with a new logo was dedicated on July 26, 1976. Creating an easy access to cash Visa consolidated with PLUS ATM in1986. In October 2007, Visa Inc. was established as a separate legal entity. The company has several branches: Visa U.S.A., Visa International, Visa Canada and Inovant. Visa Europe did not become a branch, but remains owned and operated by European financial institutions – members of the association.
For the moment being payment cards are an essential means of calculation. It is being used by a lot of people all over the planet. It gives convenience and opportunities to pay instantly in a shop, or being far away as a remote payment. Whether you pay for goods or services – Visa cards are so universal for everything. Statistics says that approximately 2000000000000 (two trillion) cards in usage. Can you imagine such numbers?