Visa and MasterCard are non-profit organizations comprised of member banks, each governed by a separate Board of Directors. Independently, they created rules and regulations that determine how they operate.
Visa and MasterCard charge assessments and fees to their member banks based on the bankcard volumes of cardholder purchases.
The Associations of Visa/MasterCard perform several functions:
- License banks to issue cards to consumers
- Develop and update operating regulations
- Maintain national and international authorization and settlement systems
- Regulate Interchange
- Advertise and Promote
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