the bank (now disclosed as VISA)
Apple is probably one of VISA's biggest customers
Three quick notes on the credit card industry:
- Visa is a card acceptance network. It links card issuers, card holders, and merchants. It does not have any direct contact with card holders or merchants. It does not pay funds to or collect funds from card holders or merchants.
- Card issuers, most often banks, handle approving card applications, setting credit limits, approving transactions, sending monthly statements, and resolving disputed transactions.
- Financial institutions, such as banks (for example, Scotiabank and Citibank) and payment networks (such as Square or Clover), handle setting up and maintaining merchants’ ability to accept credit cards.