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Difference between Mastercard, Visa and Rupay card ?

difference between master card visa card and rupay

Conventional Banking System:-

There was a time, when we were required to stand in a queue in the banks to deposit and withdraw money. As a result, it became a problem for the people to wait in the long queues and there by wasting their time.

Modern banking system:-

In the today’s world, almost the majority of people are having a debit card of some banks. Some people have MasterCard and Visa Card, while some other’s have Rupay cards.

Difference between Master card, Visa card and Rupay card

Have you ever wondered, what is the difference between a MasterCard, a Visa Card and a Rupay Card. Well, Today i will make you clear about this.

Before discussing about various types of debit card, Let us know about ATM Card.

Meaning of  ATM card/ Plastic Money in India ?

ATM Card is otherwise known as Plastic Money. It is a card which is used to deposit or withdraw money from ATM’s without having moving to Bank’s and thereby avoiding the long queues.

What is Visa card and Master card ?

Master card

 

 

 

 

 

 

Visa Card

Visa card and Master Cards are Foreign Payment Gateways, that provides payment facility to most of the banks in the world.

As these cards are international cards, Users can transact anywhere in the world without any issues.

What is Rupay Card?

Rupay Card

Rupay Card is an Indian Debit Card conceived and launched by National Payment Corporation of India in the Year 2012.

What is Rupay card, Visa card and Master card ?

The Foreign Payment Gateways like Visa and Master Card were charging high transaction cost and that money is taken by the authority of foreign countries.So , inorder to reduce the monopoly of foreign payment gateways like Visa and Mastercard, National Payment Corporation of India (NPCI) launched Rupay Card with Lower Transaction Cost.

Rupay Debit Card Chip

All Major Public Sector  Banks have started issuing Rupay cards to all their customers.  Now , It has come up with a high end technology chip named EMV Chip ( Europay, Mastercard and Visa). A Microprocessor Circuit is embedded in it containing the information about the card holder.

Now, Let us know about the difference between  Rupay Card & Visa Card or MasterCard.

 

Difference between Master card, Visa card and Rupay card

Rupay Card Visa/ Debit Card
Rupay Card is an Indian Domestic Debit Card. Visa/ Master Card is an International Debit Card.
Transaction Cost incase of this type of card is very less as compared to Visa/MasterCard, because incase of Rupay Card, transaction takes place within india. Transaction Cost incase of this type of card is very high as compared to Rupay Card because here transaction takes place outside India.
It is limited to only Debit Cards. It supports both Debit & Credit Card.
It is more secure because its operations are limited within india only. Here, the operations are done internationally , thus the risk of data theft is high.
The Banks do not have to pay any entry fee to be a part of this network . Incase of Visa/ Master Card , banks have to pay entry fee to be a part of this network.
Here, processing time is fast. Here, processing time is more as compared to Rupay Card.

 

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