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Banking Cards and its Types- Explained

Hi guys welcome back to our new blog, Here I am with a new topic about Banking cards. Now a days banking cards are becoming a basic need used in purchasing stuffs & Goods. There are different types of cards available now a days, So we will be discussing the Banking cards in deep details, So lets get Stared.

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What is Banking Card?

Banking card is a rectangular card provided by bank for the transaction of money easily and fast. Every bank provide their card so that their consumer can have access to their money across different region of country.

Why was Banking card introduced?

Before the introduction of the Banking cards. People used to get their money from their bank, This created a long line of people outside the bank. People needed to go to bank to even get their own money, So every bank introduced their banking card which can be used in their respective ATM. But this was a problem that people needs to find the ATM of that particular bank where they have their account.

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What is Mastercard?

The problem to find the respective bank was a major issue that’s why a company requested the server access of all the banks and unified them in their own single server. By doing so they had the access of each and every account holder in any specific country or you can say across the globe. After this they introduced their card named MASTERCARD which can be used in the ATMs of all the banks across the globe. That’s how MASTERCARD was introduced.

What is RuPay card?

When Master card was introduced it became very popular due to the easiness provided for the transaction, but they charges commission on every transaction made through their card. Indian government after realizing the potential, NPCI (National Payments Corporation of India) unified Indian banks along with some foreign collaboration where Rupay card can be used to transact money with a very low commission. The country where Rupay card can be used is India, Bhutan, UAE, Singapore, Bahrain, Saudi Arabia.

Quick Fact : Initially, the card was referred as India Pay. The name ‘RuPAY’ was finalised after years of planning. The NPCI created the card as an alternative to Mastercard and Visa cards.

Conclusion

Banking Card was a revolutionary change in the banking system and thus it solved many problem related to the banking. Each Card has their own potential and uses. RuPay can be used in India along with few more country by charging a very low commission whereas if you are looking to transact money in different part of world then surely Master and Visa Cards can be a great choice to you.

I hope you find this article helpful about Banking Cards. Share this post with your friends. Sharing is Caring 🙂 If you want to know anything about any query then, please let me know in the comment section I will write a dedicated post about your Query.

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