If you have closely noticed the logo on your debit or credit card you may have come across names such as VISA, MasterCard, RuPay among others. These are names of the payment service provider which the different banks use. Each has gained currency for the specific benefit that they offer. Let’s have a detailed look as to how one is different from the other.
Contrary to other cards available in the market, the Rupay credit card or debit cards is used to process domestic transactions only. Rupay cards cannot be used outside India. They were introduced in 2012 with the purpose to boost financial services in the country. Consequently, banks which issue and accept RuPay cards are not required to pay any transaction charges.
Visa payment system is the oldest and the largest payment system available. Visa credit cards or Visa debit cards are used internationally. Banks using the Visa international payment services incur a fee and the transaction cost via Visa cards are also high. The company initially issued credit cards but then began issuing debit, prepaid, and gift cards as well.
MasterCard is the second largest payment network after Visa. The company is widely known to offer three card levels: base, world, and world elite. The company’s core products include commercial product business, consumer debit, prepaid cards and consumer credit. Similar to Visa, MasterCard earns he chunk of its revenue from service and data processing fees.
Difference between Rupay, VISA and MasterCard
- Acceptance: One of the most prominent differences between the three cards being discussed is that unlike Visa and MasterCard, Rupay is accepted only in India. Both Visa and Mastercard are listed companies that make up for the majority of the transactions globally. Visa and MasterCard are accepted in over 200 countries.
- Inception: Rupay was launched as recently as the last decade. But it has soon become the fastest card network in India. Visa and MasterCard, however, began operation in 1958 and 1966 respectively. Visa is the largest payment system provider in the world and Mastercard holds the second position.
- Processing Fee: The transactions done by the domestically developed Rupay are cheaper. Besides, Rupay’s processing is also low compared to Visa and Mastercard.
- Insurance Cover: Another point of difference is that Rupay offers accidental insurance cover by the government, whereas Visa and MasterCard do not offer any such insurance.
- Types of Rupay credit cards offered: Among the types of cards offered by the Rupay
- Rupay Select Credit Card which falls under the premium category credit cards offered by RuPay. Exclusive lifestyle benefits, insurance cover of over Rs 10 lakh is given to the users.
- Rupay Platinum Credit Card: The user will benefit from discounts and cash back from several top brands.
- 3. Rupay Classic Credit Card: The card holders are offered discounts and cashback during online shopping. Besides they are entitled to receive a complimentary accidental insurance cover worth Rs 1 lakh.
- Types of Visa credit Cards: Among the types of cards offered by Visa are
- Visa Classic Credit Card: This card is known for offering 24/7 assistance during emergencies. Besides the widely used card is accepted for shopping, travelling or dining transactions.
- Visa Gold Credit Card: The card holder can get access to a higher credit line. Several special offers on travel and retail purchases all available with the use of this card.
- Visa Platinum Credit Card: The platinum credit card holders are offered from top hotels, electronic retail stores and medical stores.
- Visa Signature Credit Card: The cardholder is provided with 24/7 concierge services and a wide range travel benefits and shopping benefits.
Types of Mastercard: With varying benefits which can be accessed across the globe, Mastercard have cards in these categories: Standard & Gold Mastercard, Titanium & Platinum Mastercard, World Mastercard and World Elite Mastercard.