We all use Debit/Credit card for transactions, but do we know what is Master Card/Visa Card and RuPay all about that we use in our daily life. Often your Debit or Credit Card has a Master Card or Visa Card written over it. Have you ever wondered what that means?
What mainly are the differences between these? Let’s read out a few of the points to know about the facts in an enhanced way.Mastercard and Visa do not provide any credit or debit card but are companies that process transactions made by credit and debit cards which are issued by their respective banks or financial providers.
It is very important to understand that neither Mastercard nor Visa issue any debit or credit cards, instead, they are simply there to facilitate payments. Their network does this by checking with the card provider if the transaction should be accepted or declined.
RuPay is India’s first payment network system which can be used anywhere in India. It was created to fulfil the Reserve Bank of India's vision to have a domestic, open and multilateral system of payments. RuPay facilitates electronic payment at all Indian banks and financial institutions.
While Mastercard and Visa cards are accepted globally, the RuPay card is also making a growing presence.
But is there any difference between Mastercard or Visa? The answer is there's isn't any difference as far as end-user is concerned.