The first and largest network was originally called “BankAmericard.” Established in 1958 by Bank of America, the card was an effort to offer a credit product geared toward consumers rather than toward businesses. Four major credit card networks dominate global markets: Visa, Mastercard, American Express and Discover. A credit card is a powerful tool issued by a financial institution such as a bank or credit union allowing you to borrow funds.įinancial institutions use a third-party company called a credit card network to facilitate communication between the terminal of payment and the issuing bank. Yes, even the shape and the substance of the card itself. The Four Major Credit Card Networks: A Brief HistoryĪ credit card is more than a rectangular slip of plastic and metal.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |