Visa's Anticompetitive Practices Essay Example | Topics and Well Written Essays - 1250 words

Visa's Anticompetitive Practices - Essay Example This will help them come up with business tat can be accessed and supported from any part of the world provided they have a chance to register for this type of service. The other objective that they seek to achieve is maintaining and increasing merchant confidence in using the visa cards anywhere in the world. This means that they must get into collaboration with other likeminded companies that will help them achieve these objectives given the rise in cyber crimes and identity theft in the world. Another objective is to reduce operational expenses by reducing chargeback and linking authentication to ensure data integrity at all times. They also seek to improve purchase security and enhance integrity through the enhancement of security for an internet purchases (Gitman and McDaniel 2008:58). System Components Before 2007, the structure mainly included of four non-stock companies that had been incorporated as group members into the company’s overall structural component. They in cluded visa international service association, the Visa USA Inc, Visa Canada Association, and visa Europe limited. These were the incorporated members of the group. The others-Visa Latin America (LAC), Visa Asia Pacific and visa central Europe, Middle East and Africa- acted as part of the group’s divisions (Modestus 2012:36). ... It was also a warded a minority stake in the main company which makes it a component of the whole. There were also other companies that acted as underwriters when the company underwent the restructuring and this means that its components would be increased when these underwriters were considered (Schlossberg 2008:388). Other components that make up the overall company are the items that form the greater part of the company. As such, debit cards, credit cards and prepaid cards also form the bulk of their company. This is because it is the main aspect that keeps them in business. They also deal with automated teller machine networks and point-of-sale terminals for those who deal with debit protocols without the need of getting into any check-writing privileges (Szoka & Marcus 2010:102). Stakeholders The main stakeholders of this company include the western European operation unit, the merged regional offices; the merchants dealing in different sectors and who depend on the service of V isa Inc for their financial transactions, the shipping sector, banking sector, airlines and those who have bought shares in the company (Modestus 2012:49). Risks Despite the fact that people love this new method of transaction, there are risks that are involved in the long run. When people are conducting these transactions, they are not required to be there in person and this means that the probability of getting involved in illegal transactions is high. People have been allowed to transact from the comfort of their homes through the internet and this means that the only thing the bank relies on for authentication is the phone number or an IP-address. These are aspects that can change suddenly, exposing