Member

In the case of card networks like Visa or Mastercard, the term “member” usually refers to banks and  financial institutions operating within the association's network. It can also be used to reference merchants authorized to accept card payments with that network.

Typically, association members are licensed to issue cards to consumers and enable cardholders to pay for goods and services. Some FIs are acquirers who maintain merchant accounts. It’s also possible for members to function as both issuer and acquirer or even issuer and card network.

FIs pay fees to be members of the association. In exchange, the networks govern the members of their associations, set interchange fees and qualification guidelines,  maintain and improve the card network, and act as the arbiter between issuing and acquiring banks.

Each card brand also has a network of merchants authorized to accept payments for that brand, although this definition of the term is less common.