What does the term "card brand" refer to?

The term "card brand" refers specifically to a network of banks and financial institutions that work together to process payments made with their brand-specific cards. These card brands, such as Visa, MasterCard, American Express, and Discover, create the infrastructure and rules that govern the electronic payment systems associated with their cards. This includes everything from how payments are authorized and processed to the requirements for merchants wanting to accept their cards.

In this context, the chosen answer emphasizes the collaborative nature of these networks, as they facilitate the transaction process between cardholders, merchants, and their respective banks. Therefore, understanding that "card brand" encompasses this network aspect is critical for grasping how electronic transactions operate within the broader payment ecosystem.