To date, owners of bank cards have unlimited opportunities. Cashless payment is convenient in different senses: it is a comfortable and safe way to pay for goods and services. Besides it is possible to issue a free online account in just a few minutes and within a couple of days the consumer will receive a WestStein prepaid card. Clients often ask themselves what is the difference between Visa and MasterCard, and this is an important aspect when applying for a credit card. In this article we will analyze the main differences between these payment systems and explain you which one to choose in this or that case.
Before examining this question we should destroy the main myth which says: Visa is a European payment system and MasterCard is an American one.
Both international payment systems were founded in the United States in the last century.
- First Visa credit cards appeared in the 1970`s. According to some data, today the VisaNet processing network processes about 65 thousand transactions every second.
- MasterCard was created by several Californian banks: United California Bank, Wells Fargo, Bank of California Crocker National Bank as an analogue of BankAmericard cards, that is Visa. An interesting fact is that since February 2021 MasterCard has been allowing its clients to perform transactions using certain cryptocurrencies.
Thus, we see that there are no differences in origin, so how do these payment systems differ?
Both types of cards are accepted in the vast majority of countries
A virtual debit card is by no means a luxury in modern reality, but a convenient and affordable service that greatly simplifies life. In terms of the latest world events, shopping in a virtual environment is a must. Therefore, hurry up to order a prepaid card at the most favorable conditions at WestStein.
Returning to the topic, these plastic cards can be used both locally (within one country) and abroad (during travel or business visits). If the consumer does not plan to travel outside the country, then it does not matter at all which payment system to choose. Visa and MasterCard have been competing with each other since their establishment, so there are no fundamental differences in service. This is explained by a simple fact: if you set the higher price, customers will go to competitors.
In addition, both payment systems are accepted in any shopping malls, terminals, ATMs, supermarkets and even in a virtual environment. In the latter case, you need to know the CVV2 (Visa) or CVC2 (MasterCard) code, which are indicated on the back side of the card.
But if the consumer travels regularly, then he should choose a reliable online account, for this you need to know the main difference between the payment systems.
Payment system and traveling abroad
Non-cash is extremely necessary if you are going abroad as a tourist, because there may be problems with the transportation of cash. In addition, paper money must be declared, which is not the case for the funds in the bank account. Let’s give a simple example: a traveler works as a freelancer and receives income on his debit card, but he/she does not register as an entrepreneur and does not report the earnings. At the customs control he/she will be asked about the origin of the money he/she carries.
Also to visit certain countries it is necessary to have a credit card with a certain amount of money, which minimizes the risk of labor migration and illegal stay in the country.
If the tourist goes to America, then it is better to give preference to Visa, since the payment system uses the US dollar currency. And if they go to Europe, they should chose MasterCard as it supports the dollar and the euro. Perhaps that is why confusion arises with the origin. In the latter case, the client must control the selected currency, since its choice is regulated by the bank, it is better to clarify in advance which clearing currency is linked to the MasterCard.
You may ask: why not use the MasterCard for a tour in the United States, if they use their national currency? The answer is simple: when currency is converted, a certain interest is taken into account, so if there are three currencies involved, the expenses become higher. Converting pounds sterling into dollar is more profitable than converting it first into euro, and then into dollar. Besides Europe, MasterCard is also more convenient in Africa as the consumer will pay a minimum commission. Visa should be reserved for a tour to Southeast Asia, Latin America, Australia, Canada. Today experts recommend carrying both types of cards.
At the same time, it is also possible to arrange a convenient Internet service quickly and without problems. A virtual card will allow you to make purchases easily and pay for services offline and onlne. Register now and receive your card within a few days!