What’s the point of Visa and Mastercard if it’s always from a bank? AmEx cards are produced and processed by them only and not any other processor, so why can’t banks make credit cards without Visa or Mastercard, or vice-versa?

Question

What’s the point of Visa and Mastercard if it’s always from a bank? AmEx cards are produced and processed by them only and not any other processor, so why can’t banks make credit cards without Visa or Mastercard, or vice-versa?

In: 942

Answer 1

Visa and Mastercard act as middlemen between banks and businesses, providing a standardized system for issuing and accepting credit cards. They make it easier for banks and businesses to work together, benefiting everyone involved.