VISA; An Overview and History

Amitel provides merchant service and payment processing through its partnership with Zomaron.
This is highlighted here and I have written blog posts about it here and here.

But have you ever wondered how credit cards ever came to be ? This weekend I stumbled across two fascinating posts in a blog called Mine Safety Disclosures of all places. The first post goes into the history of how credit cards started to help merchants reduce their back office costs to extending credit like they did with installment payments; the second post describes how the VISA system actually works and illustrates how the sausage is made.

Visa is one of the biggest companies in the world. Cards bearing the Visa logo are used more than 340 million times every day. And the Visa brand is one of the most-recognized on the planet. Yet unlike other companies of similar size and ubiquity, few people know what Visa does, how they make money, or why they even exist.

To understand, it helps to look at the company’s history.

Visa sits at the center of more than half of the world’s credit card transactions, connecting cardholders (and their banks) on one side, with merchants (and their banks) on the other. Because there are thousands of banks, millions of merchants, and billions of consumers, it would be far too complex for every entity to have a direct relationship with every other entity. So Visa acts as a centralized operator, developing technology, maintaining infrastructure, and setting operating standards for all parties.