{"id":476163,"date":"2022-07-21T02:46:00","date_gmt":"2022-07-20T23:46:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/next-time-you-swipe-your-credit-card-thank-this-legend\/"},"modified":"2022-07-21T02:46:00","modified_gmt":"2022-07-20T23:46:00","slug":"next-time-you-swipe-your-credit-card-thank-this-legend","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/next-time-you-swipe-your-credit-card-thank-this-legend\/","title":{"rendered":"#: Next time you swipe your credit card, thank this legend"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3c3d019851b\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3c3d019851b\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/next-time-you-swipe-your-credit-card-thank-this-legend\/#%E2%80%9C_Next_time_you_swipe_your_credit_card_thank_this_legend%E2%80%9D\" >&#8220;: Next time you swipe your credit card, thank this legend&#8221;<\/a><ul class='ez-toc-list-level-2' ><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/next-time-you-swipe-your-credit-card-thank-this-legend\/#Visa_founder_Dee_Hock_dies_at_93_after_transforming_the_way_we_exchange_money\" >Visa founder Dee Hock dies at 93 after transforming the way we exchange money<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/next-time-you-swipe-your-credit-card-thank-this-legend\/#Emily_Bary\" >Emily Bary<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9C_Next_time_you_swipe_your_credit_card_thank_this_legend%E2%80%9D\"><\/span>&#8220;: Next time you swipe your credit card, thank this legend&#8221;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<h2 class=\"article__subhead\" itemprop=\"alternativeHeadline\"><span class=\"ez-toc-section\" id=\"Visa_founder_Dee_Hock_dies_at_93_after_transforming_the_way_we_exchange_money\"><\/span>\n  Visa founder Dee Hock dies at 93 after transforming the way we exchange money<br \/>\n<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><\/p>\n<div class=\"column column--full article__content\">\n<div class=\"article__side\">\n<div class=\"container--sticky not-active\">\n<div id=\"cx-next\" data-nosnippet>\n              <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div id=\"js-article__body\" class=\"article__body article-wrap at16-col16 barrons-article-wrap\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0001040747\" role=\"document\">\n<div class=\"barrons-article-ad-wrapper\">\n<div data-track=\"barrons-article-ad-wrap\" class=\"barrons-article-ad sticky_item\">\n<div class=\"barrons-main-article-ad-target sticky_target body_ad\" aria-hidden=\"true\"><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div data-layout=\"\n                inline\" data-layout-mobile=\"\" class=\"\n          media-object\n          type-InsetArticleReader\n              \n              inline\n  article__inset\n          article__inset--type-InsetArticleReader\n              article__inset--inline\n  \"><\/p>\n<div class=\"media-object-article-reader\">\n<div class=\"audioplayer\" data-sbid=\"WP-MKTW-0001040747\" role=\"region\" aria-label=\"Listen to Article\" tabindex=\"-1\" id=\"articlereader\" data-show-title=\"false\" data-theme=\"wsj-article-reader\" data-show-header=\"false\" data-show-subscribe=\"false\" data-ads-enabled=\"true\" data-save-publication=\"false\">\n        <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>       Dee Hock, the visionary founder of Visa Inc. who built a system for modern electronic payments infrastructure that transformed how money changes hands, died this weekend at 93.<\/p>\n<p> While Hock\u2019s name may not be well-known, his impact is felt by anyone who has made or received a card payment. Modern shoppers take for granted the nearly instantaneous speed of card payments online or at a store counter, but reaching that point required vast technological innovation as well as unprecedented coordination between rival banks. <\/p>\n<div class=\"paywall\">\n       Visa\u2019s<br \/>\n        V,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/203660239\/composite\" class=\"negative\">-0.14%<\/bg-quote><br \/>\n       current chief executive, Al Kelly, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/usa.visa.com\/visa-everywhere\/blog\/bdp\/2022\/07\/19\/dee-hock-in-1658270574020.html?linkId=174026760\" class=\"icon none\">expressed as much<\/a> in a tribute to Hock on Wednesday, writing that the Visa founder was \u201cnot a household name beyond the world of financial services\u201d even though \u201cin many ways, his impact and influence surpass that of almost any other leader in the last half-century.\u201d<\/p>\n<p>Hock came from a different background than many other prominent finance executives, growing up as one of six children in a poor Utah family. He attended Weber Junior College, now known as Weber State University, on a $50 annual scholarship and then married his childhood sweetheart, according to Paul Chutkow\u2019s \u201cThe Power of an Idea,\u201d which chronicles Visa\u2019s history.<\/p>\n<p>Hock didn\u2019t create the first credit cards, but he began working in the business at a time when there were serious doubts about their future. Early card programs were rife with fraud and internally maligned, to the point where some initial bank participants weren\u2019t sure they could continue offering them. <\/p>\n<p>Before Visa came into the fray, retailers, restaurants and other groups had their own payment cards that could be used within a small loop of merchants. Some banks were also eager to build their own card programs, which proved easier said than done. Visa traces its own history back to Bank of America\u2019s<br \/>\n        BAC,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/200894270\/composite\" class=\"positive\">+0.03%<\/bg-quote><br \/>\n      BankAmericard program, which reportedly racked up millions of dollars in losses in its late-1950s debut amid rampant fraud. <\/p>\n<p><strong>See also: The <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">App<\/a>le effort that could mark a \u2018tipping point\u2019 in lending<\/strong><\/p>\n<p>The power of debit and credit cards lies in their near universality: A shopper using a card issued by one bank can seamlessly purchase from a retailer served by a different bank, trusting that the funds move properly behind the scenes. Once BankAmericard became the rare card program to reverse its fortunes in the 1960s, it began signing on other banks around the country as licensees with the vision of building a national system. <\/p>\n<p>That\u2019s where Hock stepped in. As the licensees complained about fraud issues, slow authorization processes and <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/general\/\" data-internallinksmanager029f6b8e52c=\"3\" title=\"General\" target=\"_blank\" rel=\"noopener\">general<\/a> disorganization, Hock sought to bring structure to the BankAmericard program. In the late 1960s, he came to helm National BankAmericard Inc., later known as Visa, which brought together Bank of America and the licensees through a cooperative. <\/p>\n<p>The goal was not only to improve the financial fortunes of card programs but also to make it so that people would actually want to use the cards and merchants would want to accept them. Visa and the banks can make fraud determinations within seconds now, but in the 1960s, merchants were supposed to call a number to seek authorization for purchases above a certain amount, a process that could take at least five minutes, according to David Stearns\u2019 Electronic Value Exchange, a book that looked at Visa\u2019s early history. <\/p>\n<div id=\"cx-membership-tile\"><\/div>\n<p>Recall that when chip cards were first rolled out in the modern card era, long after Hock had left Visa, merchants and shoppers chafed at the 15-second wait times that could come with some card dips. As you might imagine, a wait of five minutes or more seemed endless, which is why some merchants didn\u2019t bother to make authorization calls, adding dysfunction to the system. <\/p>\n<p>The member banks had other priorities beyond cards and weren\u2019t always inclined to spend up on new infrastructure that would advance the network. But Hock, as the organization\u2019s CEO, was focused on the big picture and worked to see through projects that would allow for a global footprint as well as round-the-clock authorizations that could take under a minute. <\/p>\n<p>Hock\u2019s autobiography indicates his focus on a grand vision for payments. He sought to \u201cexamine in the most fundamental way the functions of a bank, of money, of a credit card; even beyond that to the essential nature of each and how it might change with full application of emerging electronic <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/technology\/\" data-internallinksmanager029f6b8e52c=\"4\" title=\"Technology\" target=\"_blank\" rel=\"noopener\">technology<\/a>.\u201d<\/p>\n<p>Further, he recognized that money \u201cwas not coin, currency, or credit card,\u201d but rather \u201c<em>anything <\/em>customarily used as a measure of equivalent value and medium of exchange.\u201d<\/p>\n<p>Hock\u2019s success was rooted in management prowess as much as it was in technological vision. Written accounts indicate that he was persuasive but also adopted clever tactics to advance what he believed was the broader mission. <\/p>\n<p>Visa, like its predecessor organization, was a cooperative, and Hock was said to opt for a large board with committees made up of infighting rivals so that he and the management team could actually run the show in the wake of board indecision, according to Electronic Value Exchange. <\/p>\n<p><strong>Read: These companies hopped on the crypto train when times were booming. Which are exposed in a downturn?<\/strong><\/p>\n<p>The book further noted that Visa paid for and allowed spouses to attend board meetings, including one 1982 Bermuda event in which Hock was to push for a proposal that would make banks aggressively adopt terminals. The thinking was that board members might be more receptive to resolutions so they could enjoy a vacation, and he supposedly went as far as to propose the terminal policy after those who would have been expected to oppose the matter had left the meeting. <\/p>\n<p>Hock clashed with organization in his early career but relished being able to create a new model once managing what became known as Visa. He called his organizational design \u201cchaordic,\u201d a merger of the words chaos and order, which he defined as \u201cthe behavior of any self-organizing and self-governing organism\u201d that encompassed both principles.<\/p>\n<p>Kelly\u2019s tribute said Hock \u201cleft Visa in 1984 to pursue other endeavors but retained a keen interest in the organization he founded.\u201d Stearns\u2019 history of Visa says the circumstances of Hock\u2019s exit are \u201csomewhat contested,\u201d as Hock clashed with the board prior to his final meeting and angered them over matters such as a flashy new office. <\/p>\n<p>Hock\u2019s influence on the financial system is undisputed, but his broader insights on money and leadership continue to resonate as well. Perhaps ironically, he\u2019s found a following among the members of the cryptocurrency community, who see links between the world of digital assets and Visa\u2019s original \u201cchaordic\u201d goals and structure. <\/p>\n<div data-layout=\"inline\n                \" data-layout-mobile=\"\" class=\"\n          media-object\n          type-InsetTweet\n            inline\n    scope-web|mobileapps\n  article__inset\n          article__inset--type-InsetTweet\n            article__inset--inline\n  \"><\/p>\n<div class=\"dynamic-inset-container article__inset__dynamic\">\n<style>\n            iframe.twitter-tweet {\n                width: 100% !important;\n            }\n        <\/style>\n<blockquote class=\"twitter-tweet\" lang=\"en\"><p>\n            <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/faraaz\/status\/1278780418313998336?s=20&amp;t=PorIQTAdTVUJg7FKAMw8kA\"><\/a>\n            <\/p><\/blockquote>\n<p>        <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p><\/div>\n<\/p><\/div>\n<p>       Hock\u2019s autobiography was a mix of history and musings, and he moved into the modern era by continuing to wax philosophical on his <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a> Inc.<br \/>\n        TWTR,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/203180645\/composite\" class=\"positive\">+0.28%<\/bg-quote><br \/>\n      account until last month.<\/p>\n<div data-layout=\"inline\n                \" data-layout-mobile=\"\" class=\"\n          media-object\n          type-InsetTweet\n            inline\n    scope-web|mobileapps\n  article__inset\n          article__inset--type-InsetTweet\n            article__inset--inline\n  \"><\/p>\n<div class=\"dynamic-inset-container article__inset__dynamic\">\n<style>\n            iframe.twitter-tweet {\n                width: 100% !important;\n            }\n        <\/style>\n<blockquote class=\"twitter-tweet\" lang=\"en\"><p>\n            <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/deewhock\/status\/1532406652451753993?s=20&amp;t=ow4zsMeDhFKMukDhYixYGQ\"><\/a>\n            <\/p><\/blockquote>\n<p>        <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p><\/div>\n<\/p><\/div>\n<p>       Occasionally, Hock broke from the philosophical and the financial to relate to people in a different way. Last fall, he expressed \u201clittle or no confidence in the logistics of this Twitter site\u201d while pondering a stagnant follower count that was at odds with his notification stream. <\/p>\n<div data-layout=\"inline\n                \" data-layout-mobile=\"\" class=\"\n          media-object\n          type-InsetTweet\n            inline\n    scope-web|mobileapps\n  article__inset\n          article__inset--type-InsetTweet\n            article__inset--inline\n  \"><\/p>\n<div class=\"dynamic-inset-container article__inset__dynamic\">\n<style>\n            iframe.twitter-tweet {\n                width: 100% !important;\n            }\n        <\/style>\n<blockquote class=\"twitter-tweet\" lang=\"en\"><p>\n            <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/deewhock\/status\/1460333663241920518?s=20&amp;t=ow4zsMeDhFKMukDhYixYGQ\"><\/a>\n            <\/p><\/blockquote>\n<p>        <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p><\/div>\n<\/p><\/div>\n<p>       Twitter users urged him to think about the followers he was reaching with his insights and asked him to keep posting, which he did. Hock had amassed 28,540 followers as of Wednesday evening. Not bad for a poor Utah farmer. <\/p><\/div>\n<\/div><\/div>\n<p><\/p>\n<div class=\"byline article__byline\">\n<p>    <span>By<\/span><\/p>\n<div class=\"author mobile-scrim hasMenu\" data-scrim='{\"type\":\"author\",\"header\":\"Emily Bary\",\"subhead\":\"The Wall Street Journal\",\"list\":[{\"type\":\"link\",\"icon\":\"bio\",\"url\":\"https:\/\/marketwatch.com\/author\/emily-bary\",\"text\":\"Biography\"},{\"type\":\"link\",\"icon\":\"twitter\",\"url\":\"https:\/\/twitter.com\/emilybary\",\"text\":\"@emilybary\"},{\"type\":\"link\",\"icon\":\"email\",\"url\":\"http:\/\/www.marketwatch.com\/news\/mailto:ebary@marketwatch.com\",\"text\":\"ebary@marketwatch.com\"}]}' itemscope itemprop=\"author\" itemtype=\"http:\/\/schema.org\/Person\">\n              <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/marketwatch.com\/author\/emily-bary\" aria-label=\"Emily Bary author page\"><\/p>\n<h4 itemprop=\"name\"><span class=\"ez-toc-section\" id=\"Emily_Bary\"><\/span>Emily Bary<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><\/a><ufc-follow-author-widget product=\"marketwatch\" author-id=\"213_MW\" author-name=\"Emily Bary\" signin-url=\"https:\/\/accounts.marketwatch.com\/login?target=https%3A%2F%2Fwww.marketwatch.com%2Fstory%2Fnext-time-you-swipe-your-credit-card-thank-this-legend-11658360773%3Frss%3D1%26siteid%3Drss\" panda-api=\"https:\/\/follow-api.marketwatch.com\"><\/ufc-follow-author-widget><\/p><\/div>\n<\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"http:\/\/www.marketwatch.com\/news\/story.asp?guid=%7B20C05575-04D4-B545-7FE1-6B9026F905BB%7D&#038;siteid=rss&#038;rss=1\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;: Next time you swipe your credit card, thank this legend&#8221; Visa founder Dee Hock dies at 93 after transforming the way we exchange money Dee Hock, the visionary founder of Visa Inc. who built a system for modern electronic payments infrastructure that transformed how money changes hands, died this weekend at 93. While Hock\u2019s&#8230;<\/p>\n","protected":false},"author":1,"featured_media":476164,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.mktw.net\/im-587537\/social","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[],"class_list":["post-476163","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/476163","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=476163"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/476163\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/476164"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=476163"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=476163"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=476163"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}