VISA is a wide world society comprising 22,000 members and with over 1 billion cards worldwide, this figure has more than doubled over five years. VISA world is divided into 6 regions namely USA, EU, CANADA, LAC, AP and CEMEA. There are more than 29 million merchants and 1 million ATMs worldwide. The functions of VISA include licensing, operating regulations, research, product development, marketing/promotion and most importantly processing of transactions. Financial institutions offer or rather issue cards for the following reasons:

Lower cash holding.
Larger float of cheap funds.
Electronic processing.
Enables staff to focus on service and sales.
Customer retention/competitive threats.
Opens up other target markets e.g. rural areas.
Relationship card.
Profit-fees; interest; foreign exchange etc.

Customers would want VISA cards among other reasons to enable 24 hour access to funds, fewer queues, worldwide access at POS and ATMs, safety(less cash to carry) and simplified borrowing. VISA cards are also vital to customers for status, more interest as funds remain in account, good control because of itemised statements showing POS transactions and other like affinity cards; travel insurance; emergency cash and card replacement.

Benefits of a Visa Electron card

Safer than cash.
Can use any Visa branded ATM around the world,
Customers can withdraw cash 24 hours a day, 7 days a week and 365 days a year.
Helps customers to keep control of their spending
Gives greater understanding of one’s spending (statement).
Can be used locally as well as internationally to buy goods.
No need to change foreign currency or buy travellers cheques.

Types of Visa cards and Target Audience

Visa Electron

All bank account holders.
Clients new to banking.
New to employment.
Low income earners.
Customers who want easy access to their money.

Visa Classic

All customers with bank accounts.
Customers with a good banking relationship.
Customers who need a payment device.
Customers who need a credit line.
Customers who need flexible re-payment options.
Customers who travel

Visa Gold

High networth customers.
Customers who want prestige.
Customers who need greater spending limits.
Customers who want to be different.
Customers who want extra benefits.

VISA TYPES AND FEATURES

Visa Classic

Most widely recognised global payment brand.
The card has the following:
account number.
account holder name.
expiration date.
Bears the Visa flag symbol.
Highest global utility.
Over 29 million merchants
Over 1,000,000 ATMs.

Visa Gold

Floor limit, embossed payment card.
Spending limit of at least $5,000.
Daily limit withdrawal limit of at least $500.
Highest global utility.
Over 29 million merchants.
Over 1,000,000 ATMs.
Full range of Visa value and services.

SUMMARY OF DIFFERENCE BETWEEN A DEBIT AND A CREDIT CARD

Debit card

Cardholder accesses their own money
Linked to bank account.
Transaction immediately debits bank account while statement is issued later.
Cardholder spending limits linked to funds available in account.
Tends to be used for habitual, everyday payments and cash withdrawal.

Credit card

Cardholder borrowing bank funds.
Card account may be unrelated to bank i.e. NBS bank can issue a credit card to a customer who does not have an account with us.
Transactions are accumulated, statement is issued, and then cardholder chooses total or partial repayment.
Interest charged on outstanding balances.
Tends to be used for occasional, spontaneous payments.

DOWNLOAD FORMS

Click here download Cashback Form
Click here to download Credit Card Application Form
Click here to download Debit Card Application Form