> Payment processors like Visa 4 Visa is not a payment processor, Visa is a payment scheme. Payment schemes offer a variety of value - settle and clear global

> Payment processors like Visa 4 Visa is not a payment processor, Visa is a payment scheme. Payment schemes offer a variety of value - settle and clear globally in almost any currency, almost any country, if you accept Visa and somebody with a Visa walks in your store we'll be able to pay - protection of the merchant against insolvency of the card holder (yeah the issuer comes up with the money but Visa makes him pay) - protection of the card holder against fraud - protection of the card holder against misconduct by the merchant (ie. but not limited to the merchant not shipping the goods). this is really easy to do for the card holder without having to the merchant, which may the on the other side of the world, to court. - a rule book for international conflict resolution - rules for software development and operation processes among participating companies, see Mt. Gox - rules for terminal security - a lot more If however you mean that Visa is a worse version of MasterCard that doesn't have its shit together, then I agree.