How the Visa payment system works. Visa and Mastercard payment systems

The payment card today is present in the wallet of any modern person. When it is issued in many banking institutions, you will be offered a payment system to choose from: Visa or MasterCard. For a correct solution, let us find out what are the main differences between them. If you ask such a question to a financial institution employee, basically the answer is: "In general, there are no significant differences". To understand the nuances, you need to consider how Visa and MasterCard payment systems work . Knowing their functional characteristics will enable a person to make purchases without leaving home and without spending their personal time.

If you use the cards of these systems without going abroad, then they do not differ much. However, if the map is used in different countries of the world, then some features are revealed.

What is the difference between a Visa plastic card and MasterCard?

Payment systems are very similar to each other, but they have some differences. If you look at the geographical possibilities of operating bank cards, you can notice: Visa stands out because it is popular and in demand in almost every corner of the world. Its share of activity in the world is about 57%, which is a very high indicator.

However, the second card in terms of the system - MasterCard, is distributed by about 27%, and a large proportion falls on the countries of Europe. It is for this reason that the opinion was expressed that the first system is American, and the second is European, although this is not so. Both companies have their main offices in the United States. The main currency of Visa plastic cards is the US dollar, and the MasterCard can use both the dollar and the euro.

If the card is used for traveling abroad or for buying foreign goods, it is worthwhile to study the main characteristics and choose the best option for yourself. But in your country it does not really matter which system you choose to use. However, it should be noted that if you withdraw money from the card in foreign currency, then there is a mandatory conversion. This must be remembered in order not to lose money. All well-known payment systems can be used practically anywhere in the world, which makes them reliable and versatile.

Features of work with payment systems

If it is necessary to cash out money in foreign currency, such a process as conversion takes place. This is the transfer of funds from foreign currency to the state, in other words, to the currency of the country where you are at the given time. How Visa payment system works, you can find out by reading this article.

If your card was opened on the territory of Russia, then calculations on it are made in rubles. The Visa payment system is quite simple and convenient. For example, if you need to make a purchase in China and pay in RMB, the conversion will follow the following rules.

Visa (payment system): currency conversion for payment of goods and services

• Initially, the required amount of money in RMB will be transferred to the dollar by means of currency conversion at the official exchange rate in the Visa payment system.
• After that, the financial institution receives the necessary amount in dollars, and then makes its conversion into rubles according to its own rate.
• In the end, your account will be written off the resulting amount in Russian rubles.

Knowing these rules will help you understand how the Visa payment system works.

Currency conversion in MasterCard system

The process of currency conversion as a whole follows the same pattern as described above. But there is one thing: in this system, the conversion is not in US dollars, but in euros. The rest of the procedure is identical. That is, we see that there is no fundamental difference when working with these payment systems. When choosing a card for yourself, be sure to consider how often you plan to leave the country, as well as make purchases in foreign currency. From these vital circumstances, and you need to proceed to make the right choice of payment card.

Are Visa and MasterCard popular and why?

With the help of these plastic cards today you can make many necessary financial transactions that are mandatory for each of us. Payment systems provide for convenient payment for various purchases and bills, and many customers have already appreciated this.

Nuances of working with these payment systems

All banks have different conditions for servicing payment cards. It depends on the laws and characteristics of each financial institution. If you are going to use the card exclusively on the territory of your country, then you should not choose an expensive option. And if you need to pay for purchases abroad, pay attention to the features and price policy of the bank.

The international payment system Visa allows you to conduct financial transactions anywhere in the world. If you are a holder of a Visa or MasterCard card, then when you make a new one, select the one you do not have yet. In this case, in any country you can use the optimal terms of payment for goods and services. This is an actual moment for those who often travel or work outside their state.

Payment system Visa in Russia and its prospects

In May this year, the Russian president passed a law on the development and creation of a country's payment system. Now we can safely say that soon the problem with the operation of Visa / MasterCard systems will be solved. The law already exists, which means that the matter is moving forward. In this situation, Western financial institutions will have to work according to new rules. A detailed answer to the question about how the Visa payment system works now can be found in the amendments to the legislation.

Whether this is a positive step, only time will show, but everyone expected it. The management of the Visa payment system expressed the opinion that the new rules of the work may influence its ability to provide services in the territory of the Russian Federation. The company is ready to consider all proposals for finding a consensus and continuing high-quality and uninterrupted operation. The Visa payment system in Russia plans to continue working and find compromises with the government and new amendments in the legislation.

Types of payment cards Visa, MasterCard

Any bank issues payment cards. Many of us today have this in their wallet. It is very easy to use, and you can not worry about cash. In addition to the different cost of production and service, payment cards have different designs and, naturally, different functional characteristics. Having studied how the payment system Visa works, almost every client comes to a decision to become a holder of a plastic card, as it is profitable and reliable.

Cards can be debit or credit cards. The latter differ in that the client of the bank can use money in debt. It can be a car purchase or a consumer loan. The loan term, as well as the amount depends on each client individually. Payment systems Visa and Mastercard as the main criteria put forward working age and availability of an official place of work. In this case, you can count on a significant amount of the loan. The debit card is intended for use of own money, that is purchases and payment of services at own expense. Credit funds for this type of cards are not allocated. Payment systems Visa and Mastercard are very simple and convenient. They allow you not to carry large amounts of cash with you and not worry about them. This is a secure financial tool for a variety of transactions.