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The difference between a RuPay card and a Visa card
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Disclaimer: This Article is for information purposes only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. The Bank makes no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Article. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from the Bank. The Bank, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein. Tax laws are subject to amendment from time to time. The above information is for general understanding and reference. This is not legal advice or tax advice, and users are advised to consult their tax advisors before making any decision or taking any action.
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Thanks to digitisation, handling finances is simpler now. People prefer debit or credit cards, whether it's withdrawing cash, depositing money, or making payments. Among them are well-known options like RuPay, Visa, and MasterCard, which are accepted online and offline.
You may also have spotted logos like Mastercard, Visa, or RuPay Card when you use your debit or credit card. These logos represent several payment networks that allow various types of transactions. While RuPay is a unique payment network specific to India, Visa and Mastercard are well-known payment networks worldwide.
This article will explore the difference between a RuPay card and a Visa card, focusing on their features and benefits in detail.
RuPay Vs. Visa: Difference between a RuPay card and a Visa card
Here is the difference between a Visa and a RuPay card:
Acceptance
RuPay is an Indian network widely accepted in India but with limited international acceptance.
International payment networks like Visa are widely accepted all around the world.
Processing Time
As an Indian brand, RuPay cards work faster than Visa cards.
The data for Visa cards is sent to servers outside the country, increasing the processing time.
Fees & Charges
RuPay provides its services to banks free of cost; however, banks charge little for their card to customers.
It usually levies high fees and charges its cardholders.
Security
RuPay cards are more secure because they are only used in India, and data is only shared with national networks.
Visa and Mastercard transactions involve data sharing across international borders, increasing the possibility of phishing and data theft.
What is a RuPay Card?
RuPay is an indigenous payment card network established by the National Payments Corporation of India (NPCI). Launched in 2012, it aims to provide an affordable payment solution to Indian consumers and promote financial inclusion.
RuPay combines the words "Rupee" and "Payment," signifying that it originated in India. RuPay was developed to offer an affordable, secure, and local alternative to international card networks like Visa and Mastercard, which often charge expensive processing fees. There are multiple RuPay cards available, such as debit, credit, and prepaid cards. These cards can be used for online transactions, purchases at point-of-sale (POS) counters, and ATM withdrawals. Most POS terminals, online portals, and ATMs in India accept RuPay.
Moreover, thanks to an alliance with Discover Financial Services, RuPay cards are accepted in India and internationally, enabling users to transact across a vast network of merchants.
RuPay Card Features and Benefits
The RuPay card was developed to meet Indian consumers' requirements. Here are a few features and benefits of RuPay cards:
Security and Convenience
RuPay cards incorporate advanced security measures like EMV chip technology and two-factor authentication, ensuring secure transactions. RuPay cardholders are also assured of a safe transaction with SMS alerts and notifications sent to their mobile device after each transaction. They get the convenience of contactless payments, enabling users to make quick and hassle-free transactions by simply tapping their cards on POS terminals.
Easy Transactions
RuPay cards facilitate seamless transactions, allowing users to make payments for various purposes, including retail purchases, bill payments, online shopping, and e-commerce transactions. They can be used at ATMs for cash withdrawals and balance inquiries.
Rupay Rewards
Rupay offers many rewards to its cardholders. Customers can win amazing prizes with RuPay Scan and Score rewards, which are exclusively designed for RuPay Credit Card UPI payments. With Scan and Score rewards, you can get 1 RuPay Coin on every Rs 100 spent with your RuPay Credit Card UPI and win amazing prizes.
Travel benefits
RuPay credit card benefits include travel benefits. Every Rs 100 spent on dining, travel, and international spending gives you 10 reward points (abroad spending). Every Rs 100 spent on other categories gives you two reward points—one complimentary visit to the airport lounge per calendar quarter.
What is a Visa Card?
A Visa card is a payment card that performs transactions over the Visa network. This is one of the most recognisable and popular card networks worldwide. The type of card you receive may vary based on the financial product your bank or other financial institution offers: credit, debit, or prepaid cards.
The primary feature of a Visa card is its ability to provide users access to credit or money deposited in a bank account to make purchases, pay for bills, or withdraw cash from ATMs, depending on their card type.
Visa Card Features and Benefits
The Visa card is a global brand used in millions of locations in over 200 countries and territories worldwide. Here are a few features and benefits of Visa cards:
Global Customer Assistance Service
Your card could face issues even in the safest locations. However, don’t panic. If you have any questions or queries about your card, the Visa Global Customer Assistance Service will help you immediately, seven days a week, 24 hours a day.
Widespread ATM Network
Money is required everywhere and at any moment. A Visa debit card can be used at more than 1.9 million ATMs in more than 200 countries. No matter where you live or travel, a Visa ATM is always nearby.
Safe and Secure
You can purchase with assurance with your Visa debit card because it has several security features, like a 3-digit security code. It is Verified by Visa to help protect all card-related transactions.
Visa Rewards
Visa card offers several rewards:
Visa or RuPay: Which is better?
The choice between Visa vs RuPay depends on individual requirements and preferences. If you frequently travel internationally and prioritise global acceptance, Visa cards are a more suitable option because they are accepted in more than 200 countries.
Visa cards also offer a broader range of rewards and benefits, making them appealing to users looking for additional perks. On the other hand, if you primarily use your card within India and prefer lower transaction costs, RuPay cards provide a cost-effective solution.
RuPay cards have been improving their offerings, including expanding their network and introducing attractive rewards programs. Ultimately, assessing your needs and comparing the features and benefits of both cards is crucial to making an informed decision.
Conclusion
RuPay, Visa, and MasterCard are prominent payment card brands with distinct characteristics and advantages. RuPay, with its focus on affordability and financial inclusion, caters primarily to the Indian market but also offers international acceptance.
As a global payment card network, Visa offers extensive international acceptance, robust security measures, convenient features, attractive rewards, and travel benefits. Choosing RuPay, Visa, and MasterCard ultimately depends on individual preferences, usage patterns, and priorities.
At Kotak Mahindra Bank, you have a choice of debit and credit cards. Depending on your use and preference, you can apply for a RuPay or Visa card and manage your finances efficiently.
Frequently Asked Questions (FAQs)
Which card is best, Visa or RuPay?
With RuPay, data is handled domestically, saving time; with Visa, data is sent to servers outside the country, extending the processing duration. Therefore, RuPay cards are a better choice than Visa for domestic use.
What is the advantage of RuPay?
RuPay cards efficiently address the needs of Indian consumers, merchants and banks. The advantages of the RuPay debit card include the RuPay platform's flexibility, high levels of acceptance, and the strength of the RuPay network, all of which enhance the user experience.
Can I change my Visa card to RuPay?
Switching to a RuPay credit card is easy if you have a Visa or Mastercard card. To switch your card to a RuPay card, contact your bank's customer service representative. Alternatively, you can request a new card from your bank branch.
What is the disadvantage of RuPay?
The main disadvantage of the RuPay debit card is that it can only be used with domestic payment gateways, which greatly reduces the number of transactions that can be done compared to Visa. Customers can transact both locally and globally with Visa cards.
What is the full form of RuPay?
The term RuPay combines "Rupee" and "Payment," highlighting that this is an entirely Indian endeavour for card payments. It is an Indian alternative to global payment networks.
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