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2024-03-30 05:33:41

Visa Inc.

American multinational payment card corporation
American multinational payment card corporation
Visa Inc., headquartered in San Francisco, facilitates electronic funds transfers worldwide through Visa-branded cards. Founded in 1958, it processes billions of transactions annually and is one of the most valuable companies globally.
1958-09-18
BankAmericard Launch
Bank of America launched the BankAmericard credit card in Fresno, California, marking a significant moment in Visa's history.
1959-03
Expansion of BankAmericard Program
In March 1959, the BankAmericard program expanded to San Francisco and Sacramento, and by June, it reached Los Angeles, with more than two million cards mailed and over 20,000 merchants accepting the card by the end of the year.
1959-10
Saturated State with BankAmericard Credit Cards
By October 1959, the entire state of California had been saturated with over 2 million BankAmericard credit cards, which were being accepted by 20,000 merchants.
1959-12
Resignation of BankAmericard Program Supervisor
In December 1959, the supervisor of the BankAmericard program, Williams, resigned due to problems in the program caused by his trust in the bank's customers' goodness.
1961-05
Profitability of BankAmericard Program
By May 1961, the BankAmericard program became profitable for the first time, marking a significant milestone in its financial success.
1966
Licensing Agreements for BankAmericard
In 1966, Bank of America began signing licensing agreements with banks outside California to offer the BankAmericard product, in response to competition from Master Charge (now MasterCard).
1968
Dee Hock Supervises Rollout of BankAmericard
In 1968, Dee Hock, a significant figure in Visa's history, oversaw the rollout of the BankAmericard in the Pacific Northwest while serving as the National Bank of Commerce manager.
1970-06
Bank of America Gives Up Control of BankAmericard Program
In June 1970, Bank of America relinquished control of the BankAmericard program, marking a significant shift in the management and operation of the credit card system.
1973
Launch of VisaNet
In 1973, Visa launched the electronic authorization system known as VisaNet, which was a significant advancement in technology for the National BankAmericard program.
1975
First Debit Card Issued by Visa
Visa issued the first debit card through the First National Bank of Seattle in 1975, which became a major revenue generator for the company.
1976-12-16
Introduction of Visa
In 1976, BankAmericard, Barclaycard, Carte Bleue, Chargex, Sumitomo Card, and other licensees merged under the new name 'Visa'. The term was chosen for its universal recognition and acceptance.
1977-03-01
Transition to Visa Cards
On March 1, 1977, VISA cards started replacing expiring BankAmericard cards, initially featuring both names. The process aimed to phase out Bank of America issued cards globally by October 1979.
1981
Release of Visa Premiere Card
The first Visa Premiere card was released in 1981 under the direction of Hock, marking a period of rapid growth for Visa.
1983
Redesign of Visa Classic Card with Hologram
In 1983, the Visa Classic Card was redesigned with a hologram to further reduce fraud, a significant step in enhancing card security.
1984
Introduction of Hologram on Visa Cards
In 1984, Visa cards worldwide started featuring a hologram of a dove as a security measure, with the image changing as the card was turned. This was implemented to enhance security and allow customization of card appearance by issuing banks.
1985
Visa Headquarters Move to San Mateo
Visa moved its headquarters from San Francisco to San Mateo in 1985, and later consolidated its offices in Foster City, becoming the largest employer in the area.
1986
Visa Sponsorship of Olympic Games
Since 1986, Visa has been a worldwide sponsor of the Olympic Games, ensuring that only Visa cards are accepted at all Olympic venues. The sponsorship agreement with the International Olympic Committee will continue through 2032, covering various Olympic Games.
1993
Introduction of Plus System by Visa
In 1993, Visa introduced the Plus System, enhancing its global payment network and services for member banks and consumers.
1995
Visa sponsors U.S. National Football League (NFL)
Visa has been sponsoring the NFL and several NFL teams, such as the San Francisco 49ers, since 1995. The sponsorship with the NFL lasted until the 2014 season.
1996
Antitrust Lawsuit Against Visa and MasterCard
In 1996, a class of U.S. merchants, including Walmart, filed an antitrust lawsuit against Visa and MasterCard over their 'Honor All Cards' policy, which required merchants to accept their debit cards along with credit cards. The lawsuit was settled in 2003 for $3.05 billion, with Visa's share being larger.
1998
Department of Justice Lawsuit Against Visa
In 1998, the U.S. Department of Justice sued Visa over rules that prevented its issuing banks from working with American Express and Discover. The Department of Justice won the case in 2001, leading to a settlement between Visa and the U.S. Justice Department in 2010.
2002
Visa Sponsorship of International Paralympic Committee
Visa became the first global sponsor of the International Paralympic Committee in 2002, extending its partnership through 2020. This sponsorship includes various Paralympic Games and ensures that only Visa cards are accepted at Paralympic venues.
2005-10-11
Visa becomes a public company under IPO reorganization
On October 11, 2005, Visa announced its decision to merge some of its business entities and transform into a public company known as Visa, Inc. This move involved the consolidation of Visa Canada, Visa International, and Visa USA into the newly formed company.
2006-10-11
Visa Inc. Announced Merger and IPO
On October 11, 2006, Visa announced the merger of its businesses, including Visa Canada, Visa International, and Visa USA, to form a publicly traded company known as Visa Inc.
2007-10-03
Formation of Visa Inc.
Visa completed its corporate restructuring on October 3, 2007, establishing Visa Inc. as a new company, a crucial step towards its IPO.
2007-11-09
Visa Inc. IPO Filing
On November 9, 2007, Visa Inc. submitted a $10 billion IPO filing with the U.S. Securities and Exchange Commission, paving the way for its initial public offering.
2008-03-18
Visa's record-breaking IPO launch
On March 18, 2008, Visa went public with its initial public offering (IPO) of 406 million shares priced at $44 per share, raising $17.9 billion. This IPO marked the largest in U.S. history at that time, solidifying Visa's position in the financial market.
2008-03-26
European Commission Investigation into Visa's Interchange Fees
On March 26, 2008, the European Commission launched an investigation into Visa's multilateral interchange fees for cross-border transactions within the EEA. The investigation also looked into Visa's 'Honor All Cards' rule, which required merchants to accept all Visa-branded cards.
2009
Visa Headquarters Return to San Francisco
In 2009, Visa relocated its corporate headquarters back to San Francisco, leasing office space at the 595 Market Street building, while maintaining a significant employee presence in Foster City.
2010-12-07
Visa Europe suspends payments to WikiLeaks
Visa Europe suspended payments to WikiLeaks on December 7, 2010, pending an investigation into the nature of its business and compliance with Visa operating rules.
2012-11-27
Payment Card Interchange Fee and Merchant Discount Antitrust Litigation Settlement
In November 2012, a federal judge granted preliminary approval to a proposed settlement in a class-action lawsuit filed by merchants and trade associations against Mastercard and Visa for alleged price-fixing practices related to interchange fees. The settlement amount reached was US$6.24 billion.
2013
Launch of Visa Checkout
In 2013, Visa launched Visa Checkout, an online payment system that enables users to make purchases from online retailers without sharing card details.
2014-09
Visa teams with Apple for mobile wallet feature
In September 2014, Visa partnered with Apple to introduce a new mobile wallet feature for Apple's iPhone models, allowing users to easily utilize their Visa and other credit/debit cards.
2015
VisaNet Processing 100 Billion Transactions
In 2015, Visa's global network, VisaNet, processed 100 billion transactions with a total volume of US$6.8 trillion. This highlighted Visa's extensive reach and influence in the electronic funds transfer industry.
2016-06-21
Acquisition of Visa Europe
Visa Inc. completed the acquisition of Visa Europe on June 21, 2016, uniting the two entities into a single global company after Visa Europe gained independence in 2007.
2017-01
Walmart Canada and Visa Reach Agreement
In January 2017, Walmart Canada and Visa reached a deal to continue accepting Visa cards, resolving the previous threat of discontinuing their usage.
2018-01-12
Optional Signature Requirement by Visa
On January 12, 2018, Visa announced that the signature requirement would become optional for all EMV chip-enabled merchants in North America from April 2018. This decision was made as advancements in fraud capabilities rendered signatures unnecessary for combating fraud, leading to a faster in-store purchase experience.
2019-04-03
Kroger's Smith's Chain Stops Accepting Visa Credit Cards
In April 2019, Kroger's Smith's chain ceased accepting Visa credit cards due to high swipe fees, following a similar decision made by Kroger's California-based Foods Co stores in August 2018.
2019-10-31
Kroger Settles Dispute with Visa
As of October 31, 2019, Kroger has settled its dispute with Visa over credit card fees and has resumed accepting Visa cards as a payment method.
2019-11-06
Visa Headquarters Relocation Announcement
Visa announced plans in November 2019 to move its headquarters back to San Francisco by 2024, alongside redesigning its Foster City complex to accommodate its product and technology teams.
2019-11-07
Payment Card Interchange Fee and Merchant Discount Antitrust Litigation Settlement Court Approval
On November 7, 2019, a court is set to approve or deny the settlement agreement reached in the class-action lawsuit against Mastercard and Visa for alleged price-fixing practices.
2020-01-13
Visa acquires Plaid
On January 13, 2020, Plaid announced that it had signed a definitive agreement to be acquired by Visa for $5.3 billion. The deal was double the company's most recent Series C round valuation of $2.65 billion. Visa would pay $4.9 billion in cash and approximately $400 million of retention equity and deferred equity.
2020-11-05
US Department of Justice lawsuit against Visa's acquisition of Plaid
On November 5, 2020, the United States Department of Justice filed a lawsuit seeking to block Visa's acquisition of Plaid, arguing that Visa is a monopolist trying to eliminate a competitive threat. Visa stated that it disagrees with the lawsuit and intends to defend the transaction vigorously.
2021-02-03
Visa partners with First Boulevard for cryptocurrency promotion
On February 3, 2021, Visa announced a partnership with First Boulevard, a neobank promoting cryptocurrency to build generational wealth for Black Americans. The partnership allows users to buy, sell, hold, and trade digital assets through Anchorage Digital.
2021-03-19
Visa Investigation by US Justice Department
The United States Justice Department announced an investigation into Visa to determine if the company is involved in anticompetitive practices in the debit card market, particularly focusing on limiting merchants' ability to route transactions over cheaper card networks.
2021-03-29
Visa accepts USDC for transactions
On March 29, 2021, Visa announced the acceptance of stable coin USDC to settle transactions on its network.
2022-05-19
Visa's Global Reach
Visa is the world's second-largest payment organization, processing over 1,700 transactions per second and having the largest global reach among payment organizations.
2023-03-28
Visa Inc. Stock Performance
The stock performance of Visa Inc. on March 28, 2023, showed an opening price of 278.49, a high of 279.80, a low of 277.12, and a closing price of 279.08 with an adjusted close of 279.08.
2023-03-29
Visa Inc. Stock Performance
The stock performance of Visa Inc. on March 29, 2023, showed an opening price of 280.25, a high of 281.25, a low of 276.98, and a closing price of 279.02 with an adjusted close of 279.02.
2023-03-30
Visa Inc. Stock Performance
The stock performance of Visa Inc. on March 30, 2023, showed an opening price of 278.49, a high of 279.80, a low of 277.12, and a closing price of 279.08 with an adjusted close of 279.08.
2023-06-30
Driving Sustainable Commerce
Visa is committed to driving sustainable commerce to create a more sustainable future.
2023-09-30
Supporting Local Economies
Visa is supporting local economies and empowering underserved communities.
2024
Visa partners with Cash App to sponsor Scuderia AlphaTauri Formula One team
Visa and Cash App will co-title sponsor the rebranded Scuderia AlphaTauri Formula One team as Visa Cash App RB starting from 2024. They will also be involved in the team's F1 Academy entry.
End of the Timeline
Visa Inc.

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Visa Inc.

American multinational payment card corporation
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