Rupay vs MasterCard vs VISA Credit Card

You might’ve noticed that credit cards have a VISA or MasterCard or a RuPay logo on them. But have you ever wondered what these signs mean and what is the difference between the three of them?

Well, most banks in India offer three major types of credit cards- RuPay, VISA and MasterCard. (Some of the other authorised payment system operators in India are American Express and Diners Club). These are financial corporations that provide a medium of payment for proceeding credit card transactions. Each of the payment systems have their benefits and disadvantages.

What is RuPay?

RuPay is a domestic payment network offered by banks and are accepted only in India. These cards have a lower processing fee and faster processing speed as compared to the other international services like Visa/MasterCard. This is because RuPay is an Indian organization and every transaction and processing is within the country. Hence, it is small, but a quick payment network.

Types of Rupay Credit Card

1. RuPay Select Credit Card

These are the premium category credit cards by RuPay. They provide exclusive lifestyle benefits, concierge assistance, and free accident insurance cover worth Rs. 10 lakh.

2. RuPay Platinum Credit Card

You’ll receive attractive welcome gifts from top brands with exciting rewards, offers, discounts and cashback.

3. RuPay Classic Credit Card

It offers discounts and cashback for online shopping. Also, you’ll get a complimentary accidental insurance cover worth Rs. 1 lakh.

Following is the list of banks that issue Rupay credit card-

• Andhra Bank
• Canara Bank Central Bank of India
• Corporation Bank
• HDFC Bank
• IDBI Bank
• Punjab & Maharashtra Co-op Bank
• Punjab National Bank
• Saraswat Bank
• Union Bank of India
• Vijaya Bank

What is a VISA and MasterCard?

VISA is one of the oldest payment system available for consumers and merchants. MasterCard, on the other hand, was introduced little later, but has always been one of the widely used networks. Both the credit cards are globally accepted in over 200 countries.

VISA and MasterCard have variants for credit cards-

  Following is a list of banks Offering MasterCard credit cards-

• State Bank of India
• HSBC bank
• Citi Bank
• HDFC Bank
• IndusInd Bank
• ICICI Bank
• Union Bank of India
• Standard Chartered Bank

Difference between Rupay, VISA and MasterCard

VISA and MasterCard are part of leading payment networks worldwide. They are known for its advanced secure mode of payment. Both of the services are recognized and accepted globally.

On the other hand, RuPay is a domestic financial service provider that was created for the people of India. It is currently the fastest card network in India as it operates domestically.

Following are the differences between MasterCard, VISA and RuPay

• Founding date

VISA is the first financial service launched in 1958 and MasterCard was founded in 1966. Whereas, RuPay was launched in 2014.

• Acceptance

The RuPay credit card is a domestic card, meaning it is accepted only in India. Whereas, VISA and MasterCard are accepted in over 200 countries. This is because both the network have been around for a long time and hence are accepted globally.

• Processing Fee

In the case of RuPay, all transactions happen within the country. This reduces the processing fee and makes transactions cheaper as compared to MasterCard and VISA.

• Processing Speed

A RuPay credit card being a domestic service has the fastest processing speed as compared to international services.

• Insurance Cover

Rupay, Visa & MasterCard all offer insurance cover, however, their coverage would vary.