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A. Samuel, Content Manager, Masters in Marketing and accounting, Florida
Answered Jul 15, 2020
A lot of people tend to become confused between Visa and Mastercard because they seem to be the same. The main difference between the two is the payment network where the different companies can operate. For example, you cannot use Visa when you are trying to use the network of Mastercard and vice versa.
When it comes to the number of merchants, Mastercard will have more merchants at 30 million as compared to the 28 million merchants of Visa. Yet, you still have to admit that these are large numbers. Just imagine the number of merchants that you can purchase from.
A lot of consumers feel that Visa and MasterCard are just the same. Basically, these two can offer credit to people. They can use their credits to purchase things when they do not have cash yet.
They are both accepted in different countries and it would be rare to find one location that will accept either Visa or MasterCard but will not accept the other. The misconception is people assume that they are credit cards but they just offer credit.
The credit card companies would either use Visa or MasterCard to offer the credits that people need to make purchases. Some people need them especially when they are in another country and they need cash.
Mike John, Content Explorer, MCA, Los Angeles, California, USA
Answered Oct 17, 2019
Visa and MasterCard are two credit-card companies out of many that exist. Visa was created in 1970, and it has risen up as one of the top credit-card companies with prompt electronic payment services. Visa ensures that payments and transactions are made easily between businesses and customers, individuals, private and public organizations, etc. MasterCard, on the other hand, is also a credit-card company. With MasterCard, the processing of payments between you and your bank is guaranteed.
It is important to note that visa and MasterCard don’t issue cards to credit-card users, what they do is to set up the payment system to ease the processing of payments between you and your bank. Visa and MasterCard do not determine the interest rate on your credit-cards. Visa headquarter is situated in California, while MasterCard has its headquarter situated in New York. In short, there is no big difference between visa and MasterCard.
VISA and master cards are types of cards that make money available to customers to carry out transactions. Both types of cards offer similar services to their users. They offer global services to their users. The major difference between Visa and Master card is the annual rate and interest rate. Master card was founded in 1966 and the headquarters is located in New York while Visa was founded in the year 1970 with its headquarters in San Francisco.
The visa card offers 3 levels of benefits. The traditional, significant and infinite levels are the three levels of visa benefit. The MasterCard also has 3 levels of benefits. These include the standard, world, and world elite levels. Hope you find this information helpful.
Visa and Mastercard are the two most widely accepted credit cards. Visa offers three levels of membership, which includes base, signature, and infinite. Mastercard, on the other hand, offers base, world, and elite as their three levels of membership. Visa tends to have an enhanced "loss of use" coverage on car leasing insurance than Mastercard. However, visa prohibits car rental insurance in certain countries. Mastercard provides better cost protection service.
Also, certain merchant's do not accept visa but accept MasterCard and vice versa. Mastercard was founded in 1966, and its headquarters is in New York. Visa was founded in 1970, and their headquarters in San Francisco. Both of them are owned cooperatively by several participating financial institutions.