Debit Card Options in India: RuPay vs Visa
In India, banks offer Visa, MasterCard, Maestro, and RuPay debit cards. RuPay was introduced to address banking access issues. RuPay is for domestic transactions, while Visa is globally accepted. Visa cards come in various types with unique features, but involve higher transaction costs. Explore the differences between RuPay and Visa debit cards in the Indian market.
Download Presentation
Please find below an Image/Link to download the presentation.
The content on the website is provided AS IS for your information and personal use only. It may not be sold, licensed, or shared on other websites without obtaining consent from the author.If you encounter any issues during the download, it is possible that the publisher has removed the file from their server.
You are allowed to download the files provided on this website for personal or commercial use, subject to the condition that they are used lawfully. All files are the property of their respective owners.
The content on the website is provided AS IS for your information and personal use only. It may not be sold, licensed, or shared on other websites without obtaining consent from the author.
E N D
Presentation Transcript
RUPAY VS VISA DEBIT CARDS By, Krittika Sood Research Assistamt NFSU
In India, most banks typically provide four types of debit cards with your savings or current account. These are the Visa debit card, the MasterCard debit card, the Maestro debit card, which is also a part of the MasterCard enterprise and the RuPay debit card. The first three belong to the international payment systems. RuPay belongs to the domestic payment system. Till RuPay was introduced, the foreign cards dominated the market. The problem was that not all parts of India have access to banking facilities. International payment systems are not supported at the merchant establishments in the rural areas. RuPay was introduced as a solution to curb these problems. WHY RUPAY?
The RuPay card was introduced in 2012. RuPay cards can be used for processing transactions domestically. It is only accepted at domestic payment systems. You cannot use a RuPay card while travelling abroad. CONTD .
Most banks in India issue a Visa Debit Card. For such cards, the bank has tied-up with Visa international payment services. Visa debit cards are regarded as the most globally accepted debit cards for all kinds of online and electronic transactions. These cards can be used within and outside India. The VISA ATM network is spread throughout India and abroad. This provides you easy access to cash withdrawal facility. There are different types of Visa Debit cards. Usually, banks issue Visa Classic Debit Card, Visa Gold Debit Card, Visa Platinum Debit Card, Visa Signature Debit Card, and Visa Infinite Debit Card. Each card has its own unique features. CONTD
The cost of transaction involved in using a Visa card is high as an international payment system is used. The banks supporting Visa cards also have to pay a separate network fee.
