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Blog  /  Wallets  /  Visa vs Mastercard: Which is Better in 2022?
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Visa vs Mastercard: Which is Better in 2022?

Time to read: 4 minute(s)

Which electronic payment system do you prefer, Visa or MasterCard? Such words are heard in the bank when a person is issued a new card. However, for an ordinary user, there are no differences between payment systems, and the words on the card are no more than their decorations. But in practice, everything is not as simple as it seems. Consider what’s the difference between a Visa and MasterCard in clear words.

General differences between Visa and Mastercard

What is Visa and MasterCard? Both systems have been fighting for the title of the best and most convenient payment system in the world for more than a year. Today, Visa is active in 200 countries, while MasterCard is used in 210 states. However, despite the difference in coverage, Visa system products account for 29% of all bank cards worldwide. For the second payment system, this figure barely exceeds 15%. Which is better: Visa or MasterCard?

There are also differences in the number of outlets connected to one of the systems. In the case of Visa, their number is about 20 million, while MasterCard has 30 million. But the number of ATMs supporting the first system, on the contrary, is greater. But the main difference between both systems remains the main currency. For Visa, it is the US dollar, while MasterCard has two of them: the dollar and the euro.

In the case of using the second PS, the shortest and most profitable path for the client will be automatically selected. That is, there will be only one conversion from the local currency to the euro since the card supports 2 currencies at once. In countries where the main currency is the US dollar, it is more convenient to use Visa due to its prevalence by default.

A bit of history

Over the years, it has been said that Mastercard is a European payment system, and Visa is an American one. This is not true. Both come from the USA and has been evolving since the middle of the last century, thanks to the Bank of America credit organization. Are Visa and MasterCard the same company? Exactly!

In 1958, the financial market first learned what bank cards are, and in 1976 Visa credit cards appeared and the bank received the status of an international payment system. At the same time, having agreed, several American banks founded the MasterCard system. When the European payment system joined them in 1979, the card became known as the MasterCard World Wide. Now both types of cards are accepted for payment in the vast majority of countries.

Is Visa and MasterCard the same? No! There is a difference between Visa and Mastercard, and not only in the name but how significant it is, only the cardholder can answer. You can deal with this issue further in the article.

Is Visa or MasterCard better?

Before looking for the difference between the systems, it would be nice to understand what options for plastic cards they offer.
Bank cards are divided into several categories:

  • Standard.These include Visa Classic, Visa Business, and Mastercard Standard. These cards are suitable for online shopping, withdrawing cash from an ATM, and making payments through a terminal. Clients receive a virtual IBAN and can receive money transfers from all over the world. You will need to enter the CVV2 code for Visa or CVC2 for MasterCard. The bank may offer an additional service linked to the card, or, conversely, some restrictions. You can clarify the terms of service before issuing a card.
  • Electronic.Visa Electron, Mastercard Electronic, and Maestro are cards with restrictions on online purchases. If someone in the family loves to buy unnecessary goods at online sales without measure, this version of the card will help save the budget.
  • Premium.Mastercard and Visa category Platinum or Gold. If you are going on a trip, such a card will not be superfluous. Despite the expensive service, it will help save on many things. In many countries, you can rent a car at a discount, travel insurance is included in the cost of servicing the card, and the card participates in discount programs – exact information about the service can be obtained from the bank. The bonuses that a premium card offers depend on the foreign country. If you are running a business, Visa MasterCard high-risk merchants will suit you. This is an account that will cover the possibility of chargebacks or fraud

A Visa or MasterCard payment system user gets the opportunity to provide additional security using 3D Secure technology. The logo confirming this is individual for each of the systems. Visa uses the Verified by Visa Real brand, while Mastercard uses MasterCard Secure Code.

Which is more popular, MasterCard or Visa?

Depending on where the client is located – in Europe or America – the type of card can make a difference. The currency used by the Visa payment system is the dollar, and Mastercard uses the dollar or euro. It depends on the issuing bank, the Bank reserves the choice of currency for the card. It is for this reason that some people call a card with a euro tied to it European. The cardholder must check with the bank which clearing currency is linked to the Mastercard. Converting currencies from one to another removes a certain percentage, and when three currencies are involved in the process, the expense is greater.

If the purchase is made in the United States, converting your local currency into dollars will be more profitable than double currency conversion – from local currency to euros and then to dollars. The situation is similar for the EU countries: it is better when the currency exchange takes place directly, the local currency is the euro. However, if you are a resident of the country and not a tourist, then the choice is even simpler and more obvious. Remember that several Visa MasterCard alternatives also deserve your attention.

To make transactions even more secure, we recommend opening a Paydo account. It can be used for personal and corporate needs. The company provides a huge range of banking services: multi-currency IBAN for legal entities and individuals, SEPA and Target2 payments, acceptance and processing of online payments, transfers of funds to a card, and bank details.

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