Most gamblers prefer using Visa as a payment option for making deposits and withdrawals because of how safe and secure it is. That is thanks to all the security features and solutions of Visa cards, some of which are highlighted below.
Card Security Features- The physical Visa card has various in-built security features designed to help the financial institutions differentiate the real cards from counterfeits. Such features include embossing, cardholder verification value (CVV), magnetic stripe, and dove hologram. For example, the online casino can use the CVV to verify whether the card used is genuine.
Chip Technology- Visa cards have chip cards embedded in them, used for processing and storing data. Some of the information stored in the chip cards is nearly impossible to copy, protecting the card from being counterfeited.
Verified by Visa Program- Verified by Visa is an international Visa authentication program that provides an extra security layer for online transactions. The services help to verify the identity of a cardholder in real-time.
Zero Liability- Visa has a zero liability policy, which dictates that users cannot be held liable for fraudulent charges made through their Visa cards. There is also a cardholder policy that requires financial institutions that issue Visa cards to offer provisional credit for any losses arising from unauthorized card use.
Anti-Phishing Initiatives- Anti-phishing initiatives are active roles taken by Visa against spoofing, phishing, and other scams. Visa works with law enforcement and industry partners to combat such scams.
Things to Look Out for- Users should look out for any phishing or spoofing emails and avoid opening them at any cost. They should also avoid sharing their account information with other people, especially their passwords.
The History of Visa
The Bank of America, under the name BankAmericard, launched VISA back in 1958. In 1966, the Bank of America started licensing it to other financial institutions.
In 1970, the Bank of America gave up its direct control of the program, which resulted in a consortium with various banks that issued BankAmericard taking over the program’s management. In 1976, BankAmericard was renamed Visa.
Visa was spun out of Bank of America in 1970 and quickly began to form alliances with a number of other interbank credit and charge card organizations around the world.
This move was the foundation of the global acceptance that makes Visa such a popular payment method today. The name Visa was chosen because the term is recognizable in many languages and countries worldwide and is associated with the ability to travel freely.
Visa's iconic blue, white and yellow color scheme was also adopted early on, and for many years most cards issued were wholly branded in these colors. In more recent times, the Visa logo and color scheme has been relegated to a small area in the bottom corner of the card, and the visual identity of the bank that issued the card tends to take precedence.
Visa began to grow outside of the US early on, signing deals with banks in Canada and UK financial institutions such as Barclays. Global interoperability took some time to develop but then became a cornerstone of how the card operates, allowing users to be confident that they could make transactions wherever they saw the Visa logo, regardless of their country of origin or issuing bank.