Electronic money allows you to make purchases at a distance and many other financial transactions, while significantly saving time. The most common payment systems are Visa and Mastercard. Each of them has its own characteristics.
What are Visa and Mastercard
Visa is an American payment system represented in 200 countries of the world. Through it, non-cash payments are made between the subjects of commodity and financial relations.
Mastercard refers to an international payment system located in the United States, but represented in 210 countries. It allows you to carry out non-cash transactions with your own bank account, transfer money, pay for online purchases.
In other words, Visa and Mastercard are global payment systems that provide banks with a currency-pegged standard for transactions, both of which have quality service with fast and reliable payments.
Differences between Visa and Mastercard
The main payment unit of the Visa is the dollar. If, while in another country, you want to withdraw a currency corresponding to your location from your card, the required amount will initially be converted into dollars at the rate of the payment system and only then into rubles. The resulting amount in rubles will be deducted from the account.
In the case of the Mastercard, this procedure will proceed in the same way, the only difference will be that the first conversion at the rate of the payment system will take place in euros. This is due to the fact that many Russian banks use accounts in this currency to work with Mastercard.
When using a ruble Visa card in Europe, initially rubles will be converted first into dollars, and then into euros. Both of these conversions will incur a commission. When paying for goods with a Mastercard card in Europe, the conversion will occur once, i.e. rubles are converted to euros.
The Visa payment system is more popular than Mastercard. However, this is not so important, since where the first is accepted, the second functions there. Most banks offer cards of both payment systems, and the tariffs for their service are almost the same.
Thus, the main differences between Visa and Mastercard are as follows:
1. The Visa card is more popular than the Mastercard, but this is not critical, as almost everywhere where the first is accepted, the second is also accepted.
2. The overwhelming majority of banking structures work with both types of cards, and the tariffs for their service are approximately the same.
3. To make purchases in Europe, it is more profitable to use Mastercard, when payment is supposed to be in US currency, then Visa.
