新综合教程 第二册 教学课件 熊选琴 刘重霄Unit 7 2 U7.pptVIP

Unit 7 Text A: Visa Card The Visa International company, based in Foster City, near San Francisco, California, USA, is the worlds largest credit card and consumer payment system. Visa is collectively owned by a membership of more than 21,000 financial institutions around the world. These institutions make Visa cards, and each establishes the terms offered to consumers, such as the rates and fees. Visa traces its roots to 1958, when Bank of America, based in San Francisco, made the BankAmericard. At the time, the BankAmericard offered cardholders credit privileges, allowing them to borrow money on credit and pay off the balance over a longer period of time. Bank of America licensed the card throughout California and, eventually, in other states as well. In 1970, Dee Ward Hock created the National BankAmericard Inc. (NBI). In 1974, Hock formed IBANCO, which took over the administration of BankAmericard’s foreign operations. In 1977, Hock changed the name of the BankAmericard to the Visa card. NBI became Visa U.S.A. and IBANCO became Visa International. Visa International and Visa U.S.A. share corporate headquarters in Foster City. In 1977, Visa held 40 percent of the bankcard business, compared with 60 percent for MasterCard. By 1983, Visa had become the leading U.S. credit card. Credit-card use grew dramatically in the 1980’s, giving Visa the controlling position in the market. Visa had 56 million cardholders worldwide in 1979, but that figure rose to 220 million ten years later. Credit-card use continued to grow in the 1990’s as businesses, ranging from supermarkets to health care providers, began accepting payment with cards. Visa also offered airline discounts as rewards for using its card. The number of Visa cards worldwide increased from 255 million in 1990 to more than one billion in 2000. Of the more than ＄1.6 trillion in worldwide credit-card transactions in 1996, 55.8 percent used a Visa card, thus making it the world leader in the credit