Visa's history begins in 1958, when Bank of America initiated its BankAmericard program in Fresno, Calif. Originally, the company only planned to provide the system across the state. But in 1965, Bank of America started to subscribe licensing agreements with a collection of banks outside California.
Over the following years, numerous banks nationwide would license the card system from Bank of America. In the late 1960s, Dee Hock, one of the heads of a group of BankAmericard licensee banks, suggested that the banks create an association.
The banks' association would act as a joint venture, enabling members to gain the advantages of a centralized payments system while also competing fairly for their own benefit. Hock became the association's first president.
Visa's history begins in 1958, when Bank of America initiated its BankAmericard program in Fresno, Calif. Originally, the company only planned to provide the system across the state. But in 1965, Bank of America started to subscribe licensing agreements with a collection of banks outside California.
Over the following years, numerous banks nationwide would license the card system from Bank of America. In the late 1960s, Dee Hock, one of the heads of a group of BankAmericard licensee banks, suggested that the banks create an association.
The banks' association would act as a joint venture, enabling members to gain the advantages of a centralized payments system while also competing fairly for their own benefit. Hock became the association's first president.
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