This means of payment is global. Commonly used in countries in Western Europe, Latin America, Spain, Africa, Asia-Pacific nations and the Middle East. It boasts a very secure linking of accounts due to its in-built security functions. This function gives a notification and caution if a transaction is too high and so commonly used by students, small and medium businesses uses it too. Persons who are on a tight budget prefer using it too. It is loved by these particular groups of people because it is not possible to use it when paying for something exceeding the balance available in the bank account.
It uses a lot of technological specifications that includes the following; VSDC Personalization Specification that gives details for an individual user, Visa Integrated Card Specifications that gives a technical information on the chip and terminal functionality. It has an updates list, a Visa GlobalPlatform with their payment products, Visa Fleet Chip and a Visa Prepaid Chip.The Visa Electron allows its users to withdraw and deposit as much money as they desire but depending on the bank that they use. On top of this, they can withdraw money from ATMs that are even outside the residence, state and country of the holder, the Visa PLUS interbank network facilitates this advantage. A disadvantage of having this type of payment is that some counties like the UK have most of their banks not using the Visa Electron. They have migrated to using all authorised Visa Debit cards.