Williams convinced senior BofA executives in 1956 to let him pursue what became the world's first successful mass mailing of unsolicited credit cards (actual working cards, not mere applications) to a large population. BankAmericard was the brainchild of BofA's in-house product development think tank, the Customer Services Research Group, and its leader, Joseph P. In the weeks leading up to the launch of BankAmericard, BofA had saturated Fresno mailboxes with an initial mass mailing (or "drop", as they came to be called) of 65,000 unsolicited credit cards. On September 18, 1958, Bank of America (BofA) officially launched its BankAmericard credit card program in Fresno, California. Note the early Visa card shown in the ad, as well as the image of the BankAmericard that it replaced. History Old "Your BankAmericard Welcome Here" sign A 1976 ad promoting the change of name to "Visa". However, because UnionPay's size is based primarily on the size of its domestic market in China, Visa is still considered the dominant bankcard company in the rest of the world, where it commands a 50% market share of total card payments.
Visa is the world's second-largest card payment organization (debit and credit cards combined), after being surpassed by China UnionPay in 2015, based on annual value of card payments transacted and number of issued cards. These facilities are heavily secured against natural disasters, crime, and terrorism can operate independently of each other and from external utilities if necessary and can handle up to 30,000 simultaneous transactions and up to 100 billion computations every second. Nearly all Visa transactions worldwide are processed through the company's directly operated VisaNet at one of four secure data centers, located in Ashburn, Virginia Highlands Ranch, Colorado London, England and Singapore. By 1970, BofA gave up direct control of the BankAmericard program, forming a cooperative with the other various BankAmericard issuer banks to take over its management.
#Dnote pp that enables credit and debit card transactions license
In response to competitor Master Charge (now Mastercard), BofA began to license the BankAmericard program to other financial institutions in 1966. Visa was founded in 1958 by Bank of America (BofA) as the BankAmericard credit card program. In 2015, the Nilson Report, a publication that tracks the credit card industry, found that Visa's global network (known as VisaNet) processed 100 billion transactions during 2014 with a total volume of US$6.8 trillion. Visa does not issue cards, extend credit or set rates and fees for consumers rather, Visa provides financial institutions with Visa-branded payment products that they then use to offer credit, debit, prepaid and cash access programs to their customers. Visa is one of the world's most valuable companies. It facilitates electronic funds transfers throughout the world, most commonly through Visa-branded credit cards, debit cards and prepaid cards. ( / ˈ v iː z ə, ˈ v iː s ə/ stylized as VISA) is an American multinational payment card services corporation headquartered in San Francisco, California.
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