Why is Visa so popular?
2016-06-12 00:00:00:
It is difficult to find a person who does not use plastic cards. Most people receive wages, retirement benefits, social benefits at stake. With its help, they pay for purchases in the supermarket, pay for goods / services via the Internet. Despite the variety of payment systems, Visa is the most popular .
Largest payment system
In the financial services market, Visa is the elder. The development of the system began in 1958 in America, it was then that an innovative product was created for conducting payment transactions. To date, cards of this payment system are used in more than 200 countries around the world.
The number of cards issued reaches two billion, the annual cash turnover exceeds $ 4 trillion. The system serves up to 6 thousand people every hour. During this time, more than 65 thousand transactions are carried out. Such statistics is the main indicator of the reliability of the system, the popularity of Visa throughout the world.
What explains the popularity of Visa?
After analyzing the features of the system, you can understand why Visa is popular, why so many customers trust it. The main reasons why the payment product occupies a leading position are:
- Time check.
- Existing loyalty program.
- Reliability.
- Versatility.
- Can be used in many countries.
- Application of effective methods of payment security, safety of funds in customer accounts.
- Simplicity of design.
Features of using cards abroad
Having a Visa card in your wallet, you can easily travel, pay for purchases on the territory of any country, regardless of which country the card was opened in, in what currency.
It should be taken into account when withdrawing funds in the currency of the state on whose territory you are located, a conversion will occur - the transfer of funds from foreign currency to the state one. It is better to use the card for non-cash payments. As you know, on the exchange, you can lose some of the funds. Therefore, it is necessary to take care of the travel cash in advance. This fact does not make the Visa card less popular .
The main differences from other payment systems
When issuing a card in any banking institution, the client is offered a choice: to receive a Visa or MasterCard. To make the right choice, you need to know the main differences between the two systems.
Usually, bank employees cannot explain how one system differs from another, the standard phrase “In principle, there are no significant differences” sounds. Although the nuances do exist.
In general, the functionality of payment systems is similar. With their help you can:
- Make purchases on the Internet.
- Withdraw funds through an ATM.
- Pay in stores.
- Pay for services.
If we consider the possibility of using cards on a geographic basis, then the popularity of visa is much higher throughout the world. Its activity indicator is almost 57%, which is a high step in the ranking of recognized payment products.
MasterCard is in demand by 27%, mostly in Europe. Therefore, there is a misconception that Visa is an American brand, and MasterCard is a European one. Both companies have offices in the United States. The first has the main currency - the US dollar, the second - the euro.
In other words, visa cards are accepted for payment anywhere in the world , which is why it is more popular. The visa gives more guarantees to clients, its reliability is higher. Although it is difficult for an ordinary user to assess the security level of an account, this requires some knowledge.
Types of popular Visa cards
The most common are debit and credit cards. Debit - used by almost all versts of the population. Funds are credited to it, and then, when making purchases / payments, they are debited. With credit - borrowed funds of the bank are used. You will have to repay the debt with interest, by crediting your own funds to it, in the form of monthly payments.
At the moment, almost all types of cards are produced with an embedded microprocessor (chip), which reliably protects all savings. Such a device practically does not lend itself to falsification.
There are several types of Visa cards. The most popular is the visa classic. It can be debit or credit. Has an optimal ratio of service cost and quality. In most cases, banking institutions open it to individuals who have reached the age of 18, who have a permanent residence permit, the citizenship of the country in which the plastic card is opened. By participating in special loyalty programs, the client can receive additional monetary rewards in the form of accrued bonuses.
The second most popular is visa electron. This is the simplest type of cards, the main disadvantage of which is the established limit on transactions.
Elite cards designed for people with high income include Visa Gold, Platinum, black Card. Such payment cards have advanced capabilities, allow customers to receive additional benefits and discounts. Even outwardly, they look more representative than ordinary ones.
Modern internet technologies
To make purchases on the Internet, you can use virtual Visa cards. They do not have a material carrier, but in terms of functionality they do not differ in any way from an ordinary plastic bank card.
It only takes a few minutes to issue these cards. To do this, it is absolutely not necessary to visit the branch of the issuing bank. You can order such a payment instrument via the Internet.
Knowing why visa is so popular, it will be easier for bank customers to decide on the choice of a card. Visa loyal customers choose convenience, ease of use, reliability, stability of the payment system.