Visa, MasterCard, American Express and Discover – these four names are dominating the market in the electronic payment industry. Most of the card payments in the world are done under these institutions.

Visa and MasterCard are very popular as electronic payment media in our country. However, many people are confused about these two electronic payment methods.

Visa and MasterCard – Although both are payment networks, they have similarities. Both companies play the role of third party between the user, the bank and the seller. Let’s find out the difference between Visa Card and MasterCard.

What is Visa Card?

Visa Card is a payment card branded by Visa and operated by Visa Network. Although it started with credit card, now it provides debit, credit, even gift card services and Visa card. Interestingly, even though Visa is branded, Visa cards are not issued by Visa, but by various financial institutions.

Visa is a recognized payment processing network. Numerous businesses in 200 countries around the world accept payments through Visa. Visa cards can be used for both personal and business use.

What is a master card?

MasterCard is the second largest payment network after Visa. MasterCard works closely with their partner financial institutions to provide MasterCard branded payment cards.

MasterCard facilitates payment transactions using its own global payment network. This payment process is run by a combination of users, merchants and related financial institutions. MasterCard issues credit, debit and prepaid cards.

The difference between Visa Card and MasterCard

The basic idea about Visa card and Master card was found. Let’s find out now about the difference between Visa Card and MasterCard.

Use

There is no difference between Visa Card and MasterCard in terms of usage. Card Payments Visa and MasterCard can be used in almost any online or physical market in the world. If a seller accepts one of the cards mentioned above, he will probably accept another.

So there is no difference between Visa Card and MasterCard in terms of usage or acceptability. In most countries both types of cards can be used.

Online security

In case of online shopping, different types of online protection will be seen in case of Visa Card and MasterCard. MasterCard uses a security scheme called Secured Code Scheme. Visa, on the other hand, uses a similar system called ‘Verified by Visa Scheme’.

Benefits

Visa and MasterCard offer services only to debit, credit and prepaid cardholders. There are two payment platforms with a total of 3 levels from Basic to Premier.

Basic

The basic packages of Visa Card and MasterCard are as follows:

• Emergency assistance
• Emergency card replacement
• Extended purchase warranty
• Rental car collision protection

Visa also provides coverage for unauthorized purchases. MasterCard, on the other hand, protects you from liability for fraud. MasterCard also offers discounts on sporting and travel tickets.

Mid-range

The name of the mid-range package of Visa Card is Signature. Along with the basic package, the benefits that come with the signature are:

• Discounts on online portals
• Deals on entertainment, dining, travel and sports events
• 24×7 regional service

The name of MasterCard’s mid-range package is World. The benefits of MasterCard’s World Package are:

• 120 days price protection
• Dedicated personal travel consultant
• Facilities like room upgrade, late checkout etc. at specific hotel

Premium

Visa Infinite Package is the premium package of Visa Card with additional benefits including basic and signature packages. It offers extra premium benefits to the upper class.

On the other hand, the benefits of MasterCard’s World Elite Package Basic and World Package will be available along with additional benefits. E.g.

• Discount on car rental
• Low fares
• Access to airport lounges
• All costs protection

Learn more: What’s the difference between a debit card and a credit card?

How do I get a Visa Card or MasterCard?

If you want to get Visa or MasterCard, you can apply for Visa Card or MasterCard at any bank where you have an account. You can apply for these cards just like normal debit and credit cards. Nowadays, however, Visa or MasterCard debit cards are issued as soon as you open an account with a commercial bank.

Learn more: What and how to get a credit card

Visa Card and MasterCard – Which Should You Take?

Visa and MasterCard are the same in terms of activities. Both cards are very secure and reliable in transactions. You can take any one of them.

Money can be withdrawn from most of the ATM booths in Bangladesh using Visa Card and MasterCard.

Also, if your Visa or MasterCard supports dual currency, you can withdraw money through ATMs from anywhere in the world.

So either one of Visa Card and MasterCard, hopefully, is able to meet your needs. But you can take both if you want.

Do you use Visa or MasterCard? Which is your favorite?