According to reports, about 1.01 billion debit cards were circulating in India as of September 2022. If anything, this shows what a popular payment mode debit cards are.
Also called plastic money, debit cards eliminate the need for cash-based transactions. All one needs to do is swipe their credit card on a POS device or enter their card details to make a purchase online, and voila! The money gets debited instantly from the bank account.
If you’re looking to get a debit card for this reason and have researched, you know you must choose one from the range of available card providers. The most popular ones being Visa and RuPay. Wondering what are the differences between the RuPay and Visa cards? Read on to find out.
What is a RuPay debit card?
All debit cards use a payment network to relay information about card transactions between the cardholder and the merchant. While there are many international payment networks, RuPay is a card network launched by the NPCI (National Payments Corporation of India), which has its own payment gateway. All the card transactions get processed domestically as well. This means lower transaction charges and faster transactions.
Launched originally to initiate a less-cash economy, today, over 1,100 financial institutions (public, private, co-operative, and rural) have partnered with RuPay to offer you debit cards. And you can get one from a financial institution of your choice.
Features of RuPay debit card
1. Secured and user friendly
RuPay cards are equipped with pin-based security and EMV chips to facilitate secure transactions. Additionally, these cards offer the utmost convenience as they are accepted at all domestic ATMs and various online and offline merchants, making your payments hassle-free.
2. Lower transaction fees
RuPay cards perform transactions over a domestic payment network. This means lower transaction fees for merchants and lower prices for customers transacting using these cards.
3. Added perks
On your purchases, you can gather reward points that can be redeemed for enticing cashback offers and savings on subsequent purchases. This gives your trades more value. Financial institutions provide cashback on purchases made at particular retailers or in particular categories, such as petrol, groceries, or internet shopping.
4. Benefits for travellers
Several card companies offer travel benefits on debit cards, including discounts of flight tickets and hotel bookings.
What is a Visa debit card?
This card is issued by a financial institution connected to the Visa (Visa International Service Association) payment network. Like the RuPay debit card, Visa uses its proprietary transaction network to help merchants and cardholders perform transactions. Plus, it is recognised widely internationally and has a strong presence in India as well.
Visa cards offer customers access to funds 24*7 and make transactions securely. But that’s not all.
Here are some additional features of the Visa debit card you should know about.
Features of Visa debit card
1. Access to a widespread ATM network
With a Visa debit card, you never have to worry about being cash-strapped in India or abroad. With 1.9 million ATMs in 200 countries worldwide, you’re bound to find a Visa ATM to withdraw currency securely.
2. Transaction safety
Besides regular protection methods, Visa cards also offer a zero liability process through which you are always protected from unauthorised charges and constant monitoring to help you detect suspicious activity.
3. Top-notch customer assistance
If you lose your Visa debit card during your travels, you can request help from Visa’s Global Customer Assistance Service. Active 24*7, Visa’s customer service reps will assist you with card related issues instantly.
4. Visa benefits
Some Visa debit cards provide extra benefits, including travel insurance, extended warranty coverage for your purchases, protection in case of damage or theft, and even access to unique concierge services that can assist you with various needs.
Now that you know the features of RuPay and Visa cards, the obvious question is this – ‘Which card is best Visa or RuPay?’ Read this next section to find out.
RuPay vs Visa debit card
RuPay is an Indian domestic debit card network launched by the National Payments Corporation of India (NPCI). It is accepted at all ATMs and merchants in India. RuPay cards are typically issued by banks in India and are linked to Indian bank accounts. Visa, on the other hand, is an international debit card network. It is accepted in over 200 countries and territories around the world. Visa cards are issued by banks all over the world and are linked to bank accounts in various countries.
Aspect
RuPay debit card
Visa debit card
Processing Fee
RuPay card transactions are relatively cheaper due to domestic processing
Visa cards transactions are more expensive due to foreign processing
Speed of Transaction
RuPay provides faster processing
Visa has a slightly slower processing
Global Acceptance
RuPay cards are accepted domestically
Visa cards are accepted domestically and internationally
Fee Structure
RuPay cards have no entry fee or quarterly fee for banks
Visa cards have quarterly fees and initiation fees for financial institutions
Primary Customers
RuPay cards were created to serve underserved consumers in rural areas
Visa cards are popular in metropolises, tier I and II cities
Visa or RuPay: Which is better?
So, the debit card you choose depends on your specific needs and the transactions you make. If you primarily make transactions within India, then RuPay offers several advantages. It is designed to cater to the needs of typical Indian customers and is widely accepted within the country.
On the flip side, if you frequently travel abroad or make international transactions, Visa cards are more suitable. Visa has a global presence and is accepted in numerous countries worldwide. This flexibility allows you to use your card conveniently outside India and transact internationally.
Considering the difference between RuPay and Visa cards, you can choose the best one for you or even opt for having both if you can make the maximum of their usage.
In summary
RuPay and Visa debit cards allow you to make cashless transactions and provide liquidity quickly whenever needed. Their differences lie in how the transactions are processed, their usage, and the benefits specific card companies offer.
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RuPay and Visa each have unique advantages. RuPay is widely used in India, offering lower transaction fees and faster processing within the country, while Visa has international acceptance and wider usage outside India, making it more suitable for international transactions.
What are the benefits of a RuPay credit card over Visa?
RuPay credit cards offer lower transaction fees and faster domestic processing due to their local infrastructure. They support UPI integration, enabling seamless digital transactions. Additionally, RuPay cards often include offers on local products and services, making them cost-effective for Indian users.
Can I convert my RuPay card to a Visa card?
You cannot directly convert a RuPay card to a Visa card because they are different card networks. To switch from RuPay to a Visa card, you will need to apply for a new Visa card. Contact your bank to apply for a new Visa card instead of a direct conversion.
Visa credit cards don't directly support UPI payments. UPI is primarily integrated with RuPay due to its local infrastructure.
Visa credit cards don't directly support UPI payments. UPI is primarily integrated with RuPay due to its local infrastructure.
Is RuPay accepted in the USA?
RuPay cards are typically only used in India because they are domestic cards. However, RuPay also offers international cards that can be used to make transactions at POS and online and withdraw money from ATMs in the USA.
Is RuPay safer than Visa?
Both RuPay and Visa offer secure transactions with standard safety measures. RuPay's local processing adds a layer of security for domestic use, while Visa provides advanced international security features, especially for global transactions, making both equally secure within their operating zones.
How do the transaction fees of RuPay and Visa debit cards differ?
RuPay debit cards generally have lower transaction fees as they are processed within India, reducing intermediary costs. Visa, being an international network, incurs higher transaction fees, especially for cross-border payments.
28 November 2024
6 mins read
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