Visa vs Mastercard: A Complete Comparison

Did you know? Credit card adoption in India has surged by 81% between 2019 and 2024. Now, the country is approaching over 10 crore active credit cards.

While exploring the world of credit cards, you must have witnessed two key players - Visa and Mastercard. These are the heavyweights in the payment gateway game, helping banks, financial institutions (FIs), and companies process card payments seamlessly. 

While Visa and Mastercard dominate much of the global landscape, it's interesting to note that there's a third player in the mix-American Express (Amex), another American company. In India, there's Rupay, the homegrown alternative.

Now, if you're caught in a bit of a dilemma trying to pick between Visa and Mastercard, you're not alone. Both are excellent choices and while they have a lot in common, there are a few little details that might sway your decision.

Table Of Contents

• What is a Visa Card?
• What is a Mastercard?
• Visa vs Mastercard: A Comparative Analysis
• Best Visa and Mastercard Credit Cards

What is a Visa Card?

Founded in 1958, Visa operates as a global payment network with a market share reportedly accounting for around 60%. It connects consumers, merchants, FIs, and governments and is accepted in over 200 countries. It offers a variety of credit, debit, and prepaid card options. Here are some cards offered by Visa:

• Visa Gold
• Visa Classic
• Visa Platinum
• Visa Signature
• Visa Infinite

What is a Mastercard?

Mastercard is a multinational financial services company founded in 1966. Like Visa, it also offers payment processing services for FIs and has a market share of around 30%. It is accepted in more than 210 countries and territories globally and offers the following cards:

•    Standard Mastercard
•    Platinum Mastercard
•    World Mastercard
•    World Elite Mastercard

Visa vs Mastercard: A Comparative Analysis

Before we head to know the difference, here are 3 similarities between Visa & Mastercard:

• Contactless Payment: Both cards offer contactless payment technology. To make a transaction, simply tap your credit card on a PoS machine—no PIN is needed!
• Fraud-proof: The best part about these cards is that both offer protection against fraudulent activities. For instance, if someone makes an unauthorised transaction from your credit card, you will bear no liability. 
• Issuing Banks: Did you know that Visa and MasterCard don't issue credit or debit cards themselves? They provide the infrastructure for banks to issue cards bearing their brand. So, your bank is the actual issuer. 

However, the benefits, terms and conditions may vary. Since you know the similarities now, here are 4 distinct features you must know: 

• Ownership and Operational Models: While Visa is an association of member banks and FIs, MasterCard is a for-profit corporation. Both models have their merits, but the choice of the card depends on what you value most.
• Acceptance and Reach: Both Visa and Mastercard are accepted at millions of merchants, ATMs, and online platforms worldwide. However, some regional differences exist in terms of which brand may have a stronger presence. For instance, Visa might have slightly broader acceptance in certain regions, like North America, while Mastercard may have an edge in others, such as Europe and parts of Asia.
• Rewards and Benefits: Mastercard tends to have more premium benefits on its higher-end cards (like World and World Elite), including exclusive travel privileges and access to airport lounges. Visa also offers similar benefits but can be more limited to select cards or tiers.
• Currency Conversion: Visa is known for offering slightly better currency exchange rates compared to MasterCard. So, if you are making frequent international transactions, a Visa card can help you save a bit. Though MasterCard's exchange rates are still competitive, this difference can be a deciding factor for some globetrotters.

Best Visa and Mastercard Credit Cards

Wanna know the Best Visa Credit Cards in India? Scroll down.

Looking for more options? Select's Card Genie can help you out!

Want the Best Mastercard Credit Cards in India? Have a look:

Bottom Line

Both Visa and Mastercard offer similar core services. Still, your choice may depend on personal preferences, the specific card issuer, and the features that match your lifestyle. 

In India, both Visa and Mastercard have excellent credit card options, whether you're looking for cashback, travel benefits, or premium perks. Ultimately, the best card will depend on your spending habits and what rewards or services matter most to you. And Finology Select is always there to help you!