Difference Between Visa And MasterCard: Choosing The Best Network

Understanding the difference between Visa and MasterCard is crucial as they are two of the most prominent payment networks across the globe. Visa’s business segments consist of Data Processing, International Transactions, Service, and Others. On the other hand, MasterCard operates under a single reporting business segment, Payment Solutions.

From facilitating easy and secure payments to offering additional benefits, these payment gateways have many differences that you must know, along with their pros and cons.

Visa Vs MasterCard

See the table to know the difference between Visa and MasterCard:

Parameter Visa MasterCard
Network The payment network for Visa cards is payWave The payment network for Visa cards is PayPass
Purchase Volume The customer base and purchase volume for Visa are more prominent as compared to MasterCard MasterCard cards are fewer in circulation as compared to Visa, and their purchase volume is also lesser
Service Fees The amount of the service fee on the card depends on the volume of the card The amount of the service fee on the card depends on the percentage of volume of the global dollar

Benefits of Visa Cards

Here are some pros of using Visa cards:

Convenient to Make Transactions

Visa cards are pretty simple to understand and use. And you can execute all your essential payments within seconds through the user-friendly interface. Here’s how:

  • You can carry out online and offline transactions easily.
  • You can check your transactions and get support instantly.
  • It is a globally acceptable mode of payment with high compatibility at various PoS (Point of Sale) outlets.
  • You can make international transactions and money transfers instantly and securely.
  • You can use the contactless payment option and make payments just by tapping your card.

Roadside Assistance During Emergencies

Visa offers the facility of roadside dispatch to help you travel securely. This is a pay-per-use assistance program offering the following services:

  • Standard towing of up to 5 miles
  • Support in jump starting the vehicle
  • Tire changing service
  • Fuel delivery of up to 5 gallons
  • Standard winching facility
  • Lockout service

High Financial Security

Your Visa card also offers top-notch security for your finances through the following ways:

  • Most VISA cards are equipped with an EMV chip, which helps safeguard your personal data and prevent fraud.
  • Carrying a card offers more convenience and safety than carrying cash.
  • In case of theft or loss of a card, you can get instant support and get the card blocked to avoid financial loss.
  • You can set a usage limit on your card, which helps in case of loss, theft or financial fraud.

Associated Rewards and Benefits

With this payment network, you can choose various card issuers that offer the best perks, such as:

  • Emergency card replacement
  • Roadside dispatch
  • Disbursement of cash in emergencies
  • Discounts on select hotel stays
  • Reimbursement for lost luggage
  • Trip delay or cancellation reimbursement
  • Complimentary airport lounge access
  • Zero liability fraud protection

Benefits of MasterCard

Here are the advantages associated with MasterCard:

Protection Against Identity Theft

The security measures adopted by MasterCard are solid to safeguard your finances.

  • These cards have EMV chip technology as well as tokenisation features to avoid financial fraud.
  • You can contact the support team of MasterCard to get your card blocked in case of loss or theft of the card.

Global Reach and Acceptance

A significant USP of MasterCard is that this payment network is acceptable worldwide. Here’s how it’s beneficial:

  • Since these cards come with wide acceptance, you can use them on various platforms and with a number of merchants.
  • You can make domestic as well as international transactions effortlessly.
  • This can be helpful if you operate business overseas, as you can execute cross-border transactions easily.

Associated Technological Features

With the advancements in the financial technology sector, MasterCard is also adopting various innovations to provide a seamless financial experience. Some facilities and advancements include:

  • Contactless payment feature just by tapping the card
  • Biometric authentication for convenience and safety
  • Digital wallets for making payments easily

Rewards and Benefits

Not to forget, credit cards associated with this payment network offer numerous attractive perks, such as:

  • Rebate offers
  • Vacation privileges
  • Concierge services
  • Personalised offers and deals
  • Zero liability protection
  • Access to MasterCard rewards
  • Partner discounts
  • Exclusive discounts with partner brands

At the end of the day, the perks that you get on your Visa and MasterCard options are offered by the card issuer. So, choosing the right issuer should be your priority to get the best benefits. You can consider the One Credit Card to avail of a number of benefits. With this metal card, you can avoid paying joining fees, annual renewal charges or reward points redemption charges.

In addition, it comes with some of the best credit card offers, such as up to 5X rewards on 2 top spending categories every month and exciting shopping and dining offers. You can access all these offers and more on the One Credit Card App, which also allows you to track your spends. Why wait, then? Apply now in just a few clicks!

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