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Visa: the Power of an Idea
"Visa: The Power of an Idea opens in California with the amazing life and business philosophy of A.P. Giannini, the founder of the Bank of America. Giannini, the son of humble immigrants from Italy, built his bank by devoting himself to one noble cause: giving financial power to the common man. That cause was later embodied in the BankAmericard, the forerunner to today's Visa card. A brilliant visionary named Dee Hock then followed in Giannini's footsteps and turned the BankAmericard into the powerful partnership that Visa is today. With grit, clarity, and a remarkable power of persuasion, Hock built Visa into a vast global family that today draws together 22,000 banks and financial institutions from nearly every corner of the globe." "As you are about to discover, the story of Visa leads into some surprising realms: the inner corridors of Olympic politics and big-money sports sponsorship. The high-stakes marketing and advertising wars with American Express and MasterCard. And the nerve centers of the powerful technology that drives Visa and the e-commerce revolution. The story also leads to crime fighters in Asia, where Visa helps lead the worldwide effort to combat credit card fraud, counterfeiting, and Internet mischief." "As this book makes clear, the Visa card is not just an instrument of individual empowerment: it is also a tool of national empowerment. In countries as diverse as Japan, Venezuela, Poland, and Taiwan, the Visa partnership has helped stimulate dramatic economic growth and social change. There are now more than one billion Visa cards in circulation, and most of us tend to see it as only a convenient payment tool. Through this book, however, we see that the Visa card is far more than that. It's a global revolution, right in our pocket."--BOOK JACKET.
- GenresBusiness
320 pages, Hardcover
First published April 1, 2001
1 person is currently reading
68 people want to read
About the author
Paul Chutkow
6 books8 followersAuthor of nine books, on Gerard Depardieu, Robert Mondavi and others, and most recently a dog story/memoir "Zelda, The Queen of Paris," The True Story of the Luckiest Dog in the World. Follow my exciting publishing company at: www.valdegracebooks.com
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Displaying 1 - 3 of 3 reviews
November 23, 2023
"VISA: The Power of an Idea" by Paul Chutkow is a captivating exploration of the history and evolution of plastic cards, particularly the VISA card, and the individuals behind its transformative journey. The book delves into the profound impact that a simple idea had on shaping the global and digital economy. A. P. Giannini, an immigrant driven by a desire to empower everyday working people, plays a central role in this narrative.
Giannini's early life experiences, including the tragic death of his father over a one-dollar debt, shaped his perspective on financial accessibility. Witnessing the struggles of farmers and recognizing the pivotal role of money in society, Giannini became determined to establish a banking system for ordinary people. This vision led to the creation of the Bank of Italy in 1904, a groundbreaking institution during an era when banks primarily served big businesses and the wealthy.
Giannini's innovative responses to challenges, such as the 1906 earthquake and subsequent financial panic, showcased his commitment to community service and laid the foundation for the installment loan system. His bank, later evolving into the Bank of America, became a pioneering force in the banking industry. The narrative then shifts to the emergence of credit cards, marked by the inception of the BankAmericard in 1958 by the Bank of America. The story takes an unexpected turn with the introduction of Dee Hock, a visionary leader with a strong aversion to the status quo. Hock's challenge was to address the financial losses incurred by BankAmericard licensees and overcome the dominance of Bank of America.
In a landmark moment, Hock proposed the creation of the National BankAmericard Incorporation (NBI), a self-governing body with equal representation from every bank. This move marked the birth of Visa, a name symbolizing a global community. Hock's commitment to democratizing credit aligned with Giannini's mission, and in 1979, the card was officially rebranded as Visa. The narrative progresses into the digital age, detailing innovations like BASE I and BASE II, which significantly enhanced transaction processes and globalized financial interactions. The book explores Visa's continuous efforts to combat credit card fraud, leading to the evolution of the card's physical structure with embedded chips and security protocols.
The concluding chapters highlight Hock's role in shaping Visa's image and the organization's commitment to democratic principles. Visa's continued global influence, partnerships, and participation in major events like the Olympics exemplify its dedication to providing financial independence and control to people worldwide. The book emphasizes the profound impact of simple ideas on shaping the trajectory of an industry. A. P. Giannini's vision for accessible banking services and Dee Hock's commitment to democratizing credit laid the foundation for the success and continued relevance of Visa. The narrative serves as a testament to the transformative power of visionary thinking and the enduring legacy of those who dare to challenge conventional norms.
This book deserves a stellar 5-star rating for its compelling storytelling and insightful exploration of the transformative journey behind one of the most influential elements of modern finance. Paul Chutkow skillfully weaves together the narratives of A. P. Giannini and Dee Hock, showcasing how their visionary ideas shaped the evolution of plastic cards and, subsequently, the global economy. The book not only provides a rich historical account but also delves into the socio-economic contexts that prompted the creation of the Bank of Italy, the installment loan system, and eventually, the birth of Visa. Chutkow masterfully captures the essence of these groundbreaking moments, emphasizing the profound impact of simple yet revolutionary ideas. Readers are taken on a journey through banking history, witnessing the birth of credit cards, the challenges faced by licensees, and the strategic innovations that propelled Visa into the digital age. The book's ability to blend historical significance with the human stories behind these financial milestones makes it an engaging and enlightening read, deserving of the highest rating.
Giannini's early life experiences, including the tragic death of his father over a one-dollar debt, shaped his perspective on financial accessibility. Witnessing the struggles of farmers and recognizing the pivotal role of money in society, Giannini became determined to establish a banking system for ordinary people. This vision led to the creation of the Bank of Italy in 1904, a groundbreaking institution during an era when banks primarily served big businesses and the wealthy.
Giannini's innovative responses to challenges, such as the 1906 earthquake and subsequent financial panic, showcased his commitment to community service and laid the foundation for the installment loan system. His bank, later evolving into the Bank of America, became a pioneering force in the banking industry. The narrative then shifts to the emergence of credit cards, marked by the inception of the BankAmericard in 1958 by the Bank of America. The story takes an unexpected turn with the introduction of Dee Hock, a visionary leader with a strong aversion to the status quo. Hock's challenge was to address the financial losses incurred by BankAmericard licensees and overcome the dominance of Bank of America.
In a landmark moment, Hock proposed the creation of the National BankAmericard Incorporation (NBI), a self-governing body with equal representation from every bank. This move marked the birth of Visa, a name symbolizing a global community. Hock's commitment to democratizing credit aligned with Giannini's mission, and in 1979, the card was officially rebranded as Visa. The narrative progresses into the digital age, detailing innovations like BASE I and BASE II, which significantly enhanced transaction processes and globalized financial interactions. The book explores Visa's continuous efforts to combat credit card fraud, leading to the evolution of the card's physical structure with embedded chips and security protocols.
The concluding chapters highlight Hock's role in shaping Visa's image and the organization's commitment to democratic principles. Visa's continued global influence, partnerships, and participation in major events like the Olympics exemplify its dedication to providing financial independence and control to people worldwide. The book emphasizes the profound impact of simple ideas on shaping the trajectory of an industry. A. P. Giannini's vision for accessible banking services and Dee Hock's commitment to democratizing credit laid the foundation for the success and continued relevance of Visa. The narrative serves as a testament to the transformative power of visionary thinking and the enduring legacy of those who dare to challenge conventional norms.
This book deserves a stellar 5-star rating for its compelling storytelling and insightful exploration of the transformative journey behind one of the most influential elements of modern finance. Paul Chutkow skillfully weaves together the narratives of A. P. Giannini and Dee Hock, showcasing how their visionary ideas shaped the evolution of plastic cards and, subsequently, the global economy. The book not only provides a rich historical account but also delves into the socio-economic contexts that prompted the creation of the Bank of Italy, the installment loan system, and eventually, the birth of Visa. Chutkow masterfully captures the essence of these groundbreaking moments, emphasizing the profound impact of simple yet revolutionary ideas. Readers are taken on a journey through banking history, witnessing the birth of credit cards, the challenges faced by licensees, and the strategic innovations that propelled Visa into the digital age. The book's ability to blend historical significance with the human stories behind these financial milestones makes it an engaging and enlightening read, deserving of the highest rating.
November 21, 2023
DEAR DAY 4 of the 2023-2024 school year and today’s Book of the day!
Great things can come from simple ideas. A. P. Giannini didn’t have to do anything beyond the age of 30 when he’d already achieved financial security thanks to his family’s produce business. But in the course of his time working among the farmers and sellers, he realized a great need for everyday working people to have access to banking services. Because of this idea, he ended up pioneering installment loans, building one of the first branch banking models, and creating the first system of revolving credit for everyday people.
His greatest successor, Dee Hock, took things to a new level by coaxing BankAmericard out of the hands of Bank of America and transforming it into the international credit card that Visa is today.
A simple idea really can change the world.
Great things can come from simple ideas. A. P. Giannini didn’t have to do anything beyond the age of 30 when he’d already achieved financial security thanks to his family’s produce business. But in the course of his time working among the farmers and sellers, he realized a great need for everyday working people to have access to banking services. Because of this idea, he ended up pioneering installment loans, building one of the first branch banking models, and creating the first system of revolving credit for everyday people.
His greatest successor, Dee Hock, took things to a new level by coaxing BankAmericard out of the hands of Bank of America and transforming it into the international credit card that Visa is today.
A simple idea really can change the world.
This entire review has been hidden because of spoilers.
February 15, 2024
Not general interest, but an interesting history of a niche that changed a lot about the modern economy.
Displaying 1 - 3 of 3 reviews