Visa master card, the card-based transaction is settled through the global payment network of visa and master card. Each transaction requires the payment of an interchange charge to Master Card or Visa for settlement purpose.
Visa master card is basically a plastic card, which gives an alternative payment method to cash when someone makes purchases. But before discussing details of visa master card, one should know the origin of visa master card. Master card was originally called as master charge and it was only after 1979, when the name Master Card replaced master charge. In 2006, Master Card Worldwide finally replaced the name master card.
Like master card, Visa is also the world's leading payment solutions provider. This visa-branded card has the ability to conduct businesses, anywhere and anytime over the globe. The Visa International Service Association of San Francisco, California, and USA, commonly called as VISA. It is an economic joint venture of more than 20,000 financial institutions that commercialize Visa products like credit and debit cards.
Report shows that there are about one billion visa-branded cards recognized at more than 22 million locations in more than 130 countries. One can go through their web site that offers information about the company, cardholders, visa member institutions, merchants, partners and about customers dispersed worldwide.
The types of cards Visa offers are:
Debit cards
Credit cards
Prepaid cards
Currently, some of the largest visa master card shareholders are:
JPMorgan Chase
Citigroup
Bank of America
Euro Kartensysteme
Europay France
Some terminology used against visa master card:
Transaction process: A series of purchases
Issuing Bank: It is the financial institution of card holder and a licensed member of Master Card.
Card holder: A consumer, authorized by the visa master card company.
Merchant: Any company that accepts visa master cards for payment.
Acquirer: A licensed member of Master Card that accepts merchants and completes financial resolution for them.
Some of the largest current visa master card shareholders are:
JPMorgan Chase
Citigroup
Bank of America
Euro Kartensysteme
Europay France