There must be a question in your mind that some of these words are definitely written on the card of every bank. After all, what is the difference between RuPay, Visa and MasterCard? We’re telling you.
First of all, you should know that the card you put in the ATM machine works as a payment gateway. That is, before the start of the ATM service, people used to go to the branch of the bank, then the money was withdrawn or deposited by filling the form. All this took a lot of time and human labor. Then came the ATM card. With the help of these cards, you can easily do things like withdraw, deposit, check account balance by visiting an ATM in a few minutes. That is, they become a medium of transaction between you and the bank. These are also called plastic money.
Whether you pick up the card of any bank, you will see Rupay, Visa or MasterCard written on it. These are different payment service providers. Among these, Rupay is India’s own payment service provider, while Visa and MasterCard are foreign payment service providers, but the work of all three is the same – to provide payment facilities.
What is RuPay Card?
Rupay Card is the domestic card of India. It was launched by NPCI in 2012. The way Visa or MasterCard is written on any bank’s ATM card, similarly you must have seen Rupay written on any card. Visa or MasterCard are known as cards of foreign companies while Rupay is known as Indian cards. It works just like Visa or MasterCard work. Being an Indian card, commission is also less in it.
What is Visa Card and MasterCard?
Visa Card and MasterCard are cards of foreign companies that act as payment gateways. It provides payment facility to most of the banks around the world through its cards. Since both of these are international cards, so payment is done anywhere quickly and easily. They are valid everywhere. Being a foreign company, the data processing and verification for the transactions done through them is done on the servers of these companies, which takes time. The Rupay card does the processing and verification on the Indian server, so the transaction gets processed quickly.