Visa is a global payments network that provides a range of financial products and payment solutions for consumers, businesses, and merchants for over 200 countries and territories worldwide. This guide offers a comprehensive overview of Visa payments, focusing on key features, transaction processes, payment types, and considerations for global merchants.
What is Visa?
Visa Inc. is a global payment technology company that facilitates financial transactions between consumers, businesses, banks, and other financial institutions . It is not a bank or issuer but serves as a payment service provider and offers an extensive range of financial instruments that work alongside credit cards, debit cards, and prepaid cards issued by banks or institutions.
Today, Visa operates through a network of 14,500 financial institutions and is accepted at over 150 million merchant locations globally.
Key features of Visa payments
Visa has a host of feature-packed payments solutions that benefit both businesses and consumers.
1. Contactless payments via Tap to Pay
Due to being more secure than traditional mag-stripe transactions, over 80% of in-person Visa payments globally were contactless in 2024. With Visa’s Tap to Pay feature, customers only need to tap their contactless-enabled card, mobile phone, or other payment-enabled device to pay for their purchases in-store. Payments quickly and conveniently go through in seconds, and the EMV-contactless technology ensures secure transactions.
2. Online payments via Click to Pay
The goal of Click to Pay is to be “Like contactless, but online” by using Visa Network Tokens to make online payments as secure, reliable, and interoperable as the in-person contactless checkout experience. This feature helps combat fraud, minimise false declines, and enhance the online checkout process for customers.
3. Visa instalments
Customers can pay for purchases over time, with the purchase amount divided into smaller equal payments. Whether it’s for big-ticket items or even everyday purchases, Visa consumers can easily make instalment payments either during the purchase (starting immediately upon checkout), or post-purchase (Buy Now, Pay Later).
4. Cross-border payments via Visa Direct
Visa enables businesses to collect, convert, hold, and send domestic and cross-border funds across their extensive global payments network. This has the potential to reach over 11 billion cards, bank accounts, and digital wallets worldwide. Some of the solutions in the Visa Direct platform include Visa+, Visa B2B Connect, and Visa Cross-Border Solutions.
5. Visa commercial solutions
Visa offers a holistic support system tailored to the needs of businesses. These solutions simplify business spending by matching the right payment card product for their business. Visa commercial solutions also provide a host of business tools to help merchants see transaction data, manage expenses, automate payment processes, set spending controls, and more—all in one platform.
Types of Visa payment cards
Account holders can access cash and other banking services worldwide through the Visa/PLUS Global ATM network – an extensive network of independent automated teller machine (ATM) operators and other financial institutions. The three core products in the network are:
1. Credit cards
Visa credit cards allow customers to pay for goods and services via credit. The credit typically includes a borrowing limit set and interest charges set by the issuer (co-branded partners and other financial institution clients).
2. Debit cards
Visa debit cards allow consumers and small business account holders to purchase everyday goods and services that require immediate direct payment. Account holders can access their funds in their deposit accounts and make in-store or online payments without needing cash or checks.
3. Prepaid cards
Visa prepaid cards are preloaded cards that are functional until the balance runs out, in which case consumers can reload for re-use. These cards are suitable for personal budgeting, payroll, travelling without carrying cash, government and corporate disbursements, gifting, and more.
How Visa payments work
Facilitating over 310.4 billion transactions with a total volume of USD$15.9 trillion as of latest data, Visa acts as a bridge between merchants, customers, and financial institutions. Here’s a simplified transaction flow:
- A customer initiates a purchase using a Visa card.
- The transaction is routed from the merchant's acquirer to the issuer through Visa's payment network.
- The issuer confirms the customer's card details and account status to approve the transaction payment.
- Funds are transferred securely to the merchant’s account.
Security features of Visa payments
Visa has implemented advanced security features to protect customers, merchants, and financial institutions during transactions.
1. Visa Protect
Visa Protect is a risk and identity solution that monitors suspicious activity using AI-driven systems to identify credit card fraud and other fraudulent transactions. With this feature, customer data is protected by transforming information from billions of daily transactions into insights. This information helps Visa facilitate real-time decisions and authenticate card details and account holder data.
2. Visa token service
Visa’s tokenisation service substitutes Visa numbers with tokens, making the digital payment experience more secure for customers and merchants alike. This feature is designed to reduce fraudulent activities for in-store and online purchases, and even mobile payments via e-wallets and wearables.
3. EMV technology
Europay, Mastercard, and Visa (EMV) developed a chip card technology that is embedded in credit and debit cards to make transactions safer and more secure. This global standard for chip-based credit and debit payments encrypts transaction data, making it more difficult to steal card information.
4. Visa purchase alerts
Visa provides cardholders the option to set up real-time transaction alerts for added transparency and to help them immediately identify potential fraudulent transactions in their accounts.
Merchant considerations for Visa payments
Before accepting Visa payments, merchants should consider:
1. Issuer relationships
Visa card products are offered by issuers such as banks and financial institutions worldwide. Merchants may need to work with these institutions to ensure compatibility and availability of Visa payment options.
2. Customer preferences
While Visa cards are widely accepted and used by customers and merchants worldwide, businesses should still account for local preferences when evaluating if Visa aligns with their business model.
3. Processing times
Visa typically processes payments rapidly, with most transactions completed within seconds to minutes for real-time authorisation. Settlement times (transfer of funds to the merchant’s account) vary but are generally 1 to 3 business days.
4. Foreign transaction fees
Visa itself charges foreign transaction fees when completing international payments. This may be on top of overseas, conversion, and bank service fees dictated by the card issuer or payment gateway.
Start accepting Visa payments today with Antom
Visa is a global payment technology provider that connects merchants, consumers, and financial institutions through a secure and efficient transaction network. With a wide range of products—from credit cards and debit cards to advanced features like Visa Direct and tokenisation services—Visa payments support fast, secure, and flexible local and cross-border transactions.
Start accepting Visa payments with Antom. Leveraging our strong industry experience, broad network of partners, and end-to-end payment solutions, we’re ready to help your business drive growth and reach new markets.
Contact us to learn more about offering Visa and other global payment methods that can support your business.
