What do Visa and Mastercard do? An intro to card networks
Summary
An accessible overview of how Visa and Mastercard function as card networks. The piece distinguishes card networks from issuers, banks, processors, and merchant acquirers, then outlines four core duties: running the transaction telecom network, coordinating the banking network for settlement, setting incentives through fees, and establishing and enforcing network rules and dispute processes. It also covers key concepts like authorization, clearing, and settlement, as well as arbitration and regulatory aspects in the EU and US contexts.