Down on the right hand side corner of your debit or credit card sits a logo that you have ignored for the longest time. The logo either says Master Card or VISA. Ever wondered that if it’s your bank that provides you with the money, what role does Mater Card or VISA play? Or better, is there any difference between the two? Here, let’s take a look.
Visa and Master Card are world’s biggest credit card networks that act as intermediaries between the bank and the customers. Simply put, it’s a gateway that authorizes a transaction when you swipe your card. They are NOT the issuer of the cards you use. It’s a bank’s job to issue the cards. VISA and Master Card negotiate the setting up of payment system with banks and other lending associations. While VISA claims to have a user base of 2.4 billion, Master Card claims to process over 18 billion transaction per year.
Is There Really A Difference Between The Two?
The right answer would be, no. There’s no ‘major’ difference between the two payment systems. The only difference that can be found between the two is in regards of the services and security features they provide. There used to be a sea of difference between the acceptances of Master Card and Visa with Master Card being accepted by the majority of the merchants.
However, this is no longer the case.