Associations

In the context of financial services, associations refer to entities established to administer and promote the use of credit cards and payment cards. These associations are primarily responsible for setting operational standards, arbitrating disputes between member institutions, and promoting payment card usage globally. The best-known examples of such associations are MasterCard and Visa. These organizations do not issue cards directly to consumers but rather work through member banks that issue cards, process payments, and ensure compliance with the association's regulations. By coordinating these efforts, associations facilitate seamless global payment networks that support commerce and consumer finance activities worldwide.