RuPay, Visa and Mastercard are payment networks that have collaborated with the banks to issue debit cards. You can apply for a RuPay Debit Card through the bank which you have savings account with and the bank will give you a debit card as per the eligibility. However, RuPay cards work differently as compared to Visa and Mastercard. They are accepted domestically and comes with a faster processing time. Here are the differences between RuPay, Visa and Mastercard:
Acceptance: As mentioned earlier, RuPay is an Indian network and is accepted only in India. On the other hand, Visa and Mastercard are international payment networks and they are accepted across the globe. RuPay cards are designed only for domestic use and cannot be used for overseas transactions.
Processing Time: Being a domestic payment network, RuPay cards work quickly as compared to Visa and Mastercard. This is because whenever you make a transaction, the data is sent to the payment network for verification. So, for RuPay, the data is processed within the country which takes lesser time whereas, for Visa and Mastercard, the data is sent to the servers available outside the country, which increases the processing time. Hence, for domestic use, RuPay cards are a better option than Visa or Mastercard.
Fees & Charges: RuPay provides its services to the bank without any charges, whereas, banks have to pay a quarterly or joining fee to avail the services from a foreign payment network. Hence, with RuPay, there are no processing or transaction charges levied. However, the bank may charge an annual fee for using a RuPay debit or credit card. But the overall fees and charges levied on RuPay cards are fewer than Visa or Mastercards.
Security: When it comes to security, RuPay cards are more secure than Visa and Mastercards. One of the major reasons is because it is used within India and the data is shared only with the national networks. However, for Visa and Mastercard transactions, the data is shared internationally which increases the risk for data theft or phishing.