What is the difference between Sberbank's Visa and MasterCard?

A little about the history of Visa

Visa International Service Association is a company founded in America in 1958. It marks the beginning of the history of the widely used Visa payment system. Initially, it served only one card—Bank of America—but as the product's popularity grew, the company decided to license its use to other banking organizations. Thus, in 1976, the Visa brand as we know it today came into existence.

 

Note.

The name of the Visa payment system is simply an abbreviation for Visa International Service Association.

 

Today, Visa is a popular payment system that allows you to pay for purchases and withdraw cash almost anywhere in the world. In Russia alone, it has about 200 credit organization clients, and the number of cards issued in our country exceeds 130 million. Worldwide, as of the end of 2018, there were more than 3.4 billion Visa cards.

Briefly about MasterCard

MasterCard, like Visa, is an American company. It was founded in 1966 at the initiative of United California Bank, Wells Fargo, Crocker International Bank, and the Bank of California. Initially, the organization was called the Interbank Card Association. The company's first product was Master Charge: The Interbank Card, and it only received its familiar name, MasterCard, in 1979.

Today, MasterCard serves more than 200 countries. According to 2017 data, there were more than 2.4 billion bank cards of this payment system in the world. In Russia, in 2016 alone, MasterCard accounted for 49.4% of the total volume of issued cards.

 

Note.

The settlement center for the MasterCard payment system in Russia is Sberbank, and for the Visa system, it is VTB Bank.

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What are the differences between Sberbank Visa and MasterCard

At first glance, there is no difference between Visa and MasterCard, as both payment systems serve almost all countries in the world, including Russia. However, there are differences, and it is especially useful for active bank card users to know them. Therefore, let's talk about this in a little more detail.

Currency conversion

The settlement currency for the Visa payment system is the dollar, while for MasterCard, it is both the dollar and the euro. Therefore, there is an opinion that it is more profitable to pay with the former in America and with the latter in Europe. In reality, the currency for the cards is determined by the issuing bank. For this reason, in practice, MasterCard in European countries can be just as disadvantageous as Visa.

 

Note.

To avoid double conversion when paying for goods and services abroad, check with your bank in advance to see which currency is their clearing currency.

Country coverage

MasterCard payment system cards are accepted in 210 countries and 30 million retail outlets, while Visa serves 200 countries and 20 million retail outlets. Often, of course, payment is available via both systems. However, for convenience, we recommend holding both Visa and MasterCard products.

Security code

The security code for MasterCard cards is called CVC, while for Visa, it is CVV. The difference in the name of the security code does not affect its technical parameters in any way; the functionality of both CVV and CVC is the same.

Bonus programs

MasterCard has a larger list of partners in Russia than Visa, so using cards from the former system can sometimes be more profitable. However, we recommend regularly monitoring the offers of both companies, as the list of partners and personal discounts for clients are constantly changing.

Contactless payment systems

Contactless payment systems allow cardholders to pay for goods and services by holding the card to a terminal instead of inserting it into a reader. Just as with the security code, the difference in the name of the technology does not change its essence.

In fact, the difference between MasterCard and Visa in this case is insignificant:

• MasterCard's contactless payment system is called PayPass and allows transactions of up to 1,000 RUB without entering a PIN;
• Visa's system is called PayWave, and the transaction limit without entering a PIN is 3,000 RUB.

How to choose a payment system

In reality, if you only use your card in Russia, there is no fundamental difference in which payment system you choose, as the service terms are the same. If you regularly use your card abroad, choose a system based on which part of the world you visit most often. Do not forget that the main currency for MasterCard can be either the dollar or the euro at the issuer's discretion, so we advise you to clarify this with your bank in advance.

Advantages and disadvantages of payment systems

To conclude the article, we will talk about the advantages and disadvantages of MasterCard and Visa. Let's start with the pros:

• both payment systems have the widest country coverage compared to other companies;
• settlement currencies are freely convertible, meaning there are no restrictions on performing currency transactions.

Perhaps all the disadvantages of these payment systems are only relevant for citizens of our country:

• due to sanctions, the use of MasterCard and Visa in Crimea is limited, so the only payment system on the peninsula is MIR;
• budget payments (i.e., pensions, benefits, salaries for public sector employees) are made only to MIR system cards.

If you only use your card within our country, you can choose either payment system—there will be no fundamental difference for you whether it is MasterCard or Visa, as the service terms are identical. If you frequently use your card abroad, find out the currency of the countries you are visiting in advance and choose the appropriate one.