what is the difference between visa and mastercard-What is MasterCard ? - Mgayn

 ‌‌ What Is MasterCard ?

‌1. Mastercard is a credit card company that was founded in 1972 and is based out of Canada. This Card Brand's headquarters are located in Toronto, Ontario, Canada. MasterCard provides its services through a network of banks and financial institutions worldwide. MasterCard offers its customers payment solutions, access control technologies, e-commerce payments, ATM/POS transaction processing, online transactions, gift cards, debit cards, prepaid cards, and travel products.

‌ 2. MasterCard has two different types of credit cards; one is called a “standard” credit card and the other is called a “green” credit card. The standard credit card is used for everyday purchases, such as groceries or gas station purchases, while the green credit card can only be used at businesses that have been approved to accept the green card. Both the standard and green credit cards require a PIN code to make a purchase.

‌ 3. MasterCard is well known throughout the world. They are accepted everywhere and have many different uses. Anyone can use these cards for anything from grocery stores to restaurants.

Introduction of MasterCard : Mastercard is a brand name used by MasterCard International Inc., a global provider of payment cards and related services. As of 2014, MasterCard had nearly 40 million customers who could use its products anywhere that accepts MasterCard around the world. MasterCard has been ranked among the Fortune 500 since 2011.

‌How Mastercard Works ?

‌1. An account number is assigned to each cardholder based on their personal information.

‌ 2. A PIN code is then generated and displayed on the card that can only be read if the customer has physical possession of the card.

‌ 3. Both the account number and the PIN code are embossed on the face of the card.

‌ 4. When making purchases, customers enter both the account number and the associated PIN code.

‌ 5. If the transaction is authorized, details for each purchase (including date) appear on statements sent from MasterCard after the customer's authorization period expires.

‌ 6. Transactions are processed through terminals at banks or other financial institutions.

‌How Many Kinds Of Mastercards ? 

‌There are three types of cards offered, each offering different benefits and costs. Here is a summary of these types of cards to help you choose the right type of card for you.

‌ • Gold, Platinum and Titanium MasterCards offer 1% cash back on eligible purchases plus other rewards. You cannot earn points toward free travel awards on this type of card.

‌ • Amex Card provides 0% APR on Purchases for 15 months for qualifying purchases. You will receive 1 point per $1 spent on this type of card, and 5% cashback on all other purchases. There is no limit to your earning potential. You can also redeem points for flights and hotels.

‌ • Discover offers 2% cash back on purchases. A Discover Cashback Bonus program allows members to earn unlimited 1% cash back on their first $1,500 in combined purchases in the first 90 days of account opening. They also offer 10% cash back on certain categories like travel, gas stations, restaurants and Amazon purchases.

‌What Is The Difference Between Visa And Mastercard ?

‌Visas are issued by country governments while MasterCards are issued by private banks. 

‌🔹 Visas have a validity period while MasterCard do not. 

‌🔹 Visa cards can only be used at places that accept them, while MasterCards can be used anywhere they are accepted.

‌🔹 Visa cards are considered to be safer than MasterCards since they are less likely to be lost or stolen. 

‌However if your card gets lost or stolen, contact your bank immediately by calling.

‌What Is The Use Of Mastercard ? 

‌It is a type of plastic card that can be used for many things like paying for online purchases, withdrawing cash from automatic teller machines (ATMs), making payments at retail stores, etc. These cards are offered by different banks and credit unions around the world.

‌🔹 MasterCard Worldwide Limited operates under several brands including MasterCard, Maestro, Cirrus, and VISA.

‌What Does Mastercard Do ?

‌1. MasterCard is a global payments network that enables consumers to send and receive money around the world from millions of merchants in over 190 countries. We offer customers a choice of how they pay at thousands of locations worldwide - whether through physical stores, online, mobile devices, point-of-sale systems or via ATMs. Our focus is on convenience, reliability and security.

‌ 2. MasterCard has been issuing Credit Cards in the United States since 1966. Today our products and services are used by approximately 67 million Americans who carry consumer balances of $8 trillion. In addition to U.S. cardholders, we have operations in 41 other countries, where we issue more than 2.4 billion payment cards that enable people to shop, bank, travel and conduct business securely and conveniently.

‌ About MasterCard s : A MasterCard is a prepaid debit card that gives its owner access to money deposited into the account. A prepaid debit card is linked to a line of credit called a “prepaid balance”. When funds are deposited into the MasterCard, they appear immediately on your statement as a positive balance. You may withdraw those funds any time you want, but you will have to pay a fee.