In this type of agreement, the third party institution can issue branded cards and is responsible for design of product features, customer service, billing and credit and authorization of transactions.

FORBES: Quick Take

This latest setback, of course, follows an FCC decision to allow companies to encrypt their basic cable channels -- the authorization was reportedly granted to cut back on service theft, among other concerns.

ENGADGET

Visa earns revenues by charging fees for its transaction processing service, which involves routing payment information to facilitate the authorization, clearing and settlement of transactions.

FORBES: When Visa Hits $92, Don't Say We Didn't Tell You It Was Going There