RuPay vs Visa vs Mastercard vs American Express- A Comparison

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Since its inception in 2012, RuPay has grown tremendously not just within India but also outside. It has already beat MasterCard and Visa in the local competition, becoming the market leader in India within just a few years. Although its international acceptance is not something that can be bragged about yet, RuPay is still on the right track with a firm pace. Here are a few parameters showing how RuPay is when compared to other competitors from the international market.

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RuPay is mostly used in India with very limited international usage. American Express while having a lot of international exposure, has little share in the Indian market. However both Visa and MasterCard are quite popular in and out of India. RuPay is certainly at a disadvantage here. With such low international recognition, it is likely to be less preferred by businessmen and travelers.

Entry Fee:

A bank don’t need to pay any fee in order to sign up for the RuPay program while Visa, MasterCard and American Express all three require the bank to pay an upfront amount to make use of their services. This could help RuPay propel itself faster into the international market and become a bigger player eventually.

Cost of Processing:

Every transaction made online will be charged with a processing fee by the card company. This fee could be quite high if the processing is done overseas, which is the case with Visa, MasterCard and American Express. RuPay however charges a much lower transaction fee as the processing is done within India. This would ensure RuPay’s dominance within India as locals have no reason to go for other options when RuPay is offering the same services at a cheaper rate.

Transaction Time:

The time for processing a transaction is quite low for RuPay compared to the other three as it is done within India. Again, a big plus for RuPay in the local market!

Services Offered:

Visa, MasterCard and American Express offer both debit and credit card types to their customers while RuPay is yet to fully implement the credit card scheme. This remains, till date the biggest drawback of RuPay.

Banks Offering the Service:

RuPay is offered by a wider variety of banks. Most public, private and even a few rural banks are offering RuPay services. In the case of the other three cards, the smaller banks are rarely included. This opens up RuPay services to a whole new market of people who are introduced to this concept for the first time. RuPay also opened up a special cardscheme for farmers calledthe ‘RuPay kisan card’.

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