Rupay, Visa or Mastercard: You must have heard about credit card and debit card. But have you ever noticed RuPay card, Visa card and Mastercard written on it? From September 2024, customers have got the freedom to choose the card of their choice. In such a situation, let us know which card can prove to be better for you
The trend of debit card and credit card has increased rapidly. If you look at these cards carefully, you will find RuPay, VISA and MasterCard written on them. Different names are printed on all cards. Many users feel that this name is of no use to them, while it is not so at all. All card users should be told that this is a card network and it is very important. They provide cashless system through cards. Out of these, RuPay is the payment network of the country. On the other hand, Visa and MasterCard are foreign payment network companies. The facilities in these cards of different companies are also different. There is a lot of difference in these three cards. Visa has the largest payment network in the world.
From September 2024, the Reserve Bank of India has given customers the freedom to choose a card. Customers can choose the card of their choice. The customer has been provided the facility to choose MasterCard, Rupay or Visa while applying for a new credit card and while renewing it. Whereas earlier the bank itself used to decide which network’s card you will get.
Visa card
If Visa is written on your debit card, then it is a card of Visa network. The company issues these cards through partnership with other financial institutions. It is the world’s largest payment network. Its cards are accepted worldwide. Its Classic Card is a basic card. You can get the card replaced at any time. You can withdraw cash in advance in case of emergency. On the other hand, Gold and Platinum Cards offer the benefits of travel assistance, global customer assistance and global ATM network.
MasterCard
MasterCard also has many cards. Of these, Standard Debit Card, Enhanced Debit Card and World Debit MasterCard are quite popular. This standard debit card is available on opening a bank account. Please note that MasterCard does not issue any card on its own. It has partnerships with many companies around the world. In MasterCard too, the user gets many facilities like Visa card. It is also accepted worldwide.
Rupay Card
Swadeshi RuPay is an Indian payment network. This card was launched by the National Payments Corporation of India (NPCI). Three types of debit and credit cards are issued under this network. These include Classic, Platinum and Select Card. It is accepted all over India. It works just like Visa or MasterCard.
How different are the three cards?
- Operation fees are higher in Visa and MasterCard. On the other hand, the charge for Rupay card is much lower.
- Visa and MasterCard are accepted in every country of the world. Whereas RuPay card can be used only in India.
- In Visa and MasterCard, the bank has to pay a charge every quarter. Whereas in RuPay card, the bank does not have to pay any charge.
- Rupay card is India’s payment network. Therefore, all banks are included in it. On the other hand, small and cooperative banks are not included in Visa MasterCard.
Why is Rupay card better?
The features of Visa, MasterCard and Rupay cards make them quite different from each other. If you make payments only in India, then Rupay card is a better option for you. Whereas Visa and MasterCard are a very good option for payments abroad.
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