Visa International promotes global electronic fund transfer through credit and debit cards under the Visa brand. Visa will not issue credit cards, provide credit or set fees and charges for consumers; On the contrary, Visa provides financial institutions around the world with payment products under the Visa brand, and allows them to provide customers with credit cards, debit cards, prepaid and cash services.
Not only China Bank is called visa card, but almost all commercial banks in the world issue Visa cards. Today, Bank of JPMorgan Chase is the world's largest Visa card issuing bank. Visa is currently distributed in 147 countries and regions.
Historical evolution:
Dual-label card is a product launched by UnionPay to solve the problem that card organizations outside China cannot settle in RMB and the overseas penetration rate is too low. The card face is printed with the logo of the card organization and UnionPay outside China.
20 10, Visa requires that the settlement of double-label cards with card numbers starting with 4 (Visa card number) should be conducted through the Visa channel. After that, UnionPay prevented overseas card organizations, including Visa, from settling RMB transactions, that is, Visa cards issued in Chinese mainland were not allowed to be traded in Chinese mainland and could only be spent outside China, Hong Kong, Macao and Taiwan. Visa card swiping machine in Chinese mainland can only settle Visa cards issued overseas.