Following the entrance of banks into the business industry, the use of plastic cards and the advance of instance credit followed shortly. The Bank of America for instance, was one of the pioneers in the use of credit cards in 1958 after it launched its own credit card known as Bank Americard (MacDonald and Gastmann, 2001). At first, the bank realized losses, but it managed to turn the tide paving way for other credit institutions. This paper will discuss the Visa Credit Card Company, providing its succinct mini-history, purpose statement and products and services.
Visa was founded after Bank of America started giving licenses to other credit institutions in the state of California and beyond to provide similar credit services. Many banks licensed credit cards from Bank of America over the following years including international banks. However, due to hesitancy in some countries to obtain a license from Bank of America, the name was changed to VISA USA in 1976 (Simpson, 2017). Visa has continued to grow ever since and by 2006 it had over 20,000 private membership and accepted in over 160 countries (Simpson, 2017).
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The company’s mission statement has undeniably been behind its continued growth. Its mission is to help improve the lives of people from all walks of life as well as economies worldwide. It purposes to help financial institutions in times of crisis through philanthropy and positive change (Visa). The company offers a wide range of products and services in the finance sector. It accelerates access to financial services, for instance, electronic payments of goods bought. Moreover, exchange of money can take place between individuals as users can pay other Visa cards across large distances. The company has continued to embrace new ideas and technologies to improve its services to customers. It recently launched a new service which enables users in developing countries with no bank accounts to use Visa services. This is a cost-efficient way of transacting financial activities in collaboration with mobile network operators by linking a customer’s phone number to a virtual account (Visa).
Conclusion
The use of plastic money has seen a meteoritic rise since its inception in the late 1950s. Credit cards come with improved services for users which facilitate business transactions on a daily basis. The Visa Credit Company is one of the oldest players in the game with a rich history and well laid out mission statement. It helps many people across the world achieve financial growth security and independence.
References
MacDonald, S., & Gastmann, A. (2004). A history of credit and power in the Western world . New Brunswick, N.J.: Transaction.
Simon, J. (2017). Visa: A short history . CreditCards.com . Retrieved 6 November 2017, from https://www.creditcards.com/credit-card-news/history-of-visa-1273.php
Visa . (2017). Visa.inc . Retrieved 6 November 2017, from https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=1&cad=rja&uact=8&ved=0ahUKEwiHjvfpparXAhVDORQKHZKnBKgQFggpMAA&url=https:%2F%2Fusa.visa.com%2Fabout-visa.html&usg=AOvVaw0BJXrA2a8C57jsuIU3FKXo
