Master card vs. visa card
vs. Rupay card which is Best 2024: Whenever we open a bank account,
bank issue debit cards which are of three type’s master card, visa and Rupay
card why bank has issued debit card and in which case you can use visa, master
or Rupay card and what is the difference between master card, visa card and
Rupey card,to get your answer read the below article.What is MasterCard, Rupay
and visa debit card 2024? . Different types of debit card in India 2024
Why bank issue debit cards:
Before talking about the difference between 3 cards we have to know why bank
has issued the debit cards. We have opened bank account to save some money many
and almost all the people want to save money for their living. But before debit
card ,if you want to deposit or withdraw money then you have to visit your bank
, fill cash deposit form and you have to stand in line for further
processing and then you will receive
your money similarly in case of deposit also you have to stand in line to
deposit money in your bank account.
Many people go to bank to deposit
and withdraw money from the bank and slowly-slowly the number of people
increases and people make line and they think that to withdraw their own money
they have to make line and the then bank has design a new concept of ATM card
bank placed the different ATM machines at different location by which people
can withdraw their money from ATM only all bank has its own ATM machines and
you can withdraw your money from any ATM but if the ATM is of other bank then
it is not possible to withdraw money (but now it is possible with some
transaction charges) with same bank ATM you can go to ATM machines swipe the
card and you will receive cash instantly, but when you want to shop ,then you
have to go to ATM machine withdraw cash
and pay to shopkeeper for your purchase, shopkeeper again deposit that money to
its own bank account so these process become lengthy and the new concept was
designed debit card but their again issue that if you have SBI debit card and
shopkeeper has HDFC debit card then it is not possible to transfer payment
because transaction can take place between SBI to SBI and HDFC to HDFC it is
happening in India but when we go outside India the problem will more so to solve these Problem two USA
companies introduced in India which are below.
VISA CARD
MASTR CARD
The above both card are
competitor of each other Visa and MasterCard tie-up with all bank servers and
they ask the bank to issue debit card with visa and master card mono. Visa and
master card taken access to all bank servers and ask the bank to issue the
debit card with their logo by which it form a huge network between the cards
and all data of cards is stored in one network. Visa and master card is
accepted all over the world, in all payment gateways, ATM machines VISA and
MASTER CARD is freely accepted.
How these all card works:
Suppose we have done shopping and paying via swipe machine when we swipe our
VISA or MASTER CARD then automatic request reach to VISA or MASTER CARD payment network as VISA and MASTERCARD is tie-up with all banks in
India they can easily monitor your account balance if it contain balance then
they automatically deduct the requested amount form your account and they keep
as a record in lock form and they pay to the shopping merchant account who has swipe your card or completed
online payment request so VISA and MASTER CARD is a mediator between your bank
account and the bank to which you are paying the amount but the big issue is
that both mediator are outside from India i.e. USA and they charge more fees on
every transaction (1to 2 %) transaction fees is 1 to 2% is a processing fee
they deduct amount from your bank account instantly but reach to the merchant
after 2 to 3 days because all processing time takes 2 to 3 days.
To verify every transaction the
bank has to contact and send all the details to visa and master card mediator
which are located outside India if we are doing transaction in India only then
why should we follow the payment mediator which are located outside India for
that India has launched a new payment gateway national payment corporation of
India (NPCI) monitor all the bank transaction in India so they generated Rupay card and all the
transaction which are going outside India now all these transaction can be done
within India and monitor by NPCI also
they take less transaction fee so the Indian government started to promote
Rupay card and ordered all bank to issue only Rupay card to new account holders
and if customer demand for visa or master card then only they should provide
visa or master card to customer and now Rupay has become the competitor of visa
and master card and due to less response towards visa and master card they
started advertisement and promoting visa and master card in India also Rupay is
100% accepted in India only but outside India when you are using Rupay card it
is not accessible but visa and master card is accessible outside India also for
these Rupay platinum has to use which has many terms and condition and is also
not issued by all the banks in India.
Advantages of Rupay card over
visa and master card (Rupee payment)
Rupay card is issue feely and for
visa and master card we have to pay some fees
,transaction fees is less ,all the data processing take place within
India, it also offers cash back offers, different schemes, helpful in making
digital India schemes ‘ Different types of debit card in India’
Disadvantages of Rupay
Big disadvantage is that not
accepted outside India, outside India you have to use visa and master card
which is accepted all over the world.
But remember one thing all these
3 cards are not useful if your bank account not contain account balance. “The
truth behind the MasterCard Master card vs. visa card vs. Rupay card which is
best”
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