These days, cashless transactions are becoming more common than cash dealings, and card payments are a major part of this trend. Cards allow users to make various types of transactions in a cashless mode. However, when it comes to choosing a new card, many people get confused between RuPay and VISA. There are key differences between these two, and it is important to understand them before making a decision. Let’s explore what sets them apart and which one might be a better option for you.
What is a RuPay Card?
RuPay is a domestic payment service and financial solution system launched by the National Payments Corporation of India (NPCI). It is India’s homegrown payment platform, introduced by the Reserve Bank of India (RBI). The aim is to create a multi-purpose payment system and promote financial inclusion. RuPay offers a wide range of debit, credit, and prepaid cards at minimal transaction costs, making it more affordable for the underprivileged and rural population of India.
What is a VISA Card?
VISA is a US-based multinational financial services and card solutions company. It is one of the most widely accepted and popular card networks across the world. According to Groww, VISA has a presence in many countries and partners with over 14,500 financial institutions globally. It offers a wide range of debit cards, prepaid cards, credit cards, and co-branded credit cards.
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Difference Between RuPay and VISA Cards
- Usage: RuPay is widely accepted within India but may not work on international websites. VISA, on the other hand, is accepted both domestically and internationally, and can be used in almost any country.
- Transaction Fee: RuPay has lower transaction charges, as all transactions are processed within India. VISA processes transactions internationally, so it usually comes with higher processing fees.
- Speed: RuPay generally offers faster transaction speed compared to VISA and other international networks.
- Target Audience: RuPay primarily targets the underprivileged and rural population of India. VISA is more common in Tier 1 and Tier 2 cities in India and is used by people who travel or transact internationally.
Which Card is Better?
After understanding the differences, it becomes clear that the choice depends on your needs and usage.
- If your transactions are mostly within India, RuPay is a great option due to its low fees and faster processing.
- However, if you often make international transactions or travel abroad, then VISA would be the better choice due to its global acceptance.
In short, the right card for you depends on your lifestyle and transaction preferences.