What is RuPay, Visa and Mastercard? How are they different from each other?

Debit cards are in use worldwide as they make easy and cashless payments. You must have seen some sort of logo on your debit card such as RuPay Card, Visa Card or Mastercard. These logos are a kind of payment network which helps in processing any transaction. RuPay card is the first domestic payment network of India whereas master and visa cards are international payment networks.in this article we will learn more about RuPay card and how it is different from visa and mastercard.

What is RuPay Card?

RuPay card was introduced in 2012 by NPCI. It is a domestic card accepted in india. It is accepted in India as it is connected with the Indian payment network. It functions similarly to Visa and Mastercard, but because it is only accepted domestically, it is faster than both networks.

What is a visa card?

A payment card with the Visa network and the Visa logo is referred to as a Visa card. The business started off only offering credit cards, but it has since expanded to offer debit, prepaid, and gift cards as well. Despite having the Visa logo, cards are not actually issued by the organisation. Instead, they are issued by financial institutions that work in partnership.

What is a mastercard?

Mastercard is the second-largest payments network in the world, after only Visa. Discover and American Express are two additional significant payment networks. To provide network payment cards bearing the Mastercard brand, member financial institutions from all around the world collaborate with the company.

Difference between RuPay, Visa and Mastercard?

1. RuPay is only accepted in India as it is a domestic card whereas Visa and Mastercard is accepted all over the world as it is an international payment network.
2. RuPay cards are more safe and secure as compared to Visa and Mastercards because it is a domestic card and is used in india. So, data is shared within nations' networks.
3. The major difference between RuPay, visa and mastercard is that RuPay card has to pay less service charge as compared to visa and mastercard.
4. Banks which issue Master or visa cards have to pay a fee every quarter whereas with a RuPay card, banks do not need to pay any fees to join the network.