Acquired cover image

Acquired

Visa

Nov 27, 2023
Discover the intriguing origins of Visa, from its inception as the Bank AmeriCard to a global payment powerhouse. Uncover the complexities of its business model and the role of interchange fees, impacting both merchants and consumers. Explore how credit cards revolutionized banking and societal perceptions over decades. Learn about Visa's technological evolution and its strategic responses to challenges, including competition from tech giants like Apple. Dive into the fascinating interplay of collaboration among rival banks that shaped Visa's journey.
03:42:39

Podcast summary created with Snipd AI

Quick takeaways

  • Visa's history and strategy is shockingly unknown despite being one of the most incredible and incredibly durable business franchises of all-time.
  • Bank of America introduced the first credit card system, which eventually became profitable and expanded across California.

Deep dives

The birth of the Bank of America card

Bank of America introduces a credit card system for its customers, allowing them to make purchases on credit, streamlining the lending process and increasing loan volume for the bank. The bank rolls out the program in Fresno, California, sending out unsolicited cards to 65,000 customers. While initially facing challenges such as fraud and high default rates, the program eventually becomes profitable and expands across California, signing up 20,000 merchants and two million cardholders within the first year.

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