What does it means:
A bank card association is a company or institution owned by one or more financial institutions that licenses credit card programs or channel.
For Example:
The two most popular bank card associations are Visa and MasterCard. They license their names to banks that want to launch, say, the "Dominozz Visa Card" or the "MC Donal's Club MasterCard." The banks get the right to use the Visa or MasterCard logo on the card, and the bank card association authorizes the cardholders' transactions, settles transactions between people with different cards, and collects the interchange and processing fees.
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