As India strides towards a cashless economy it’s important that we all understand how online payments and card-based payments work.
For making cashless payments via netbanking or offline payments one needs to have either a debit or credit card. While these cards are issued by banks and financial institutions, the transaction is processed by card network companies such as Visa, Mastercard, RuPay, and others.
You must have seen either of these names on the bottom right corner of your debit or credit cards. These card network companies process transactions between the merchant and card issuers such as banks and financial institutions.
Among these, Visa is one of the oldest and largest card network companies globally. The company started in 1958 when Bank of America launched the first credit card program for consumers as well as small and medium businesses in California.
Today, it has grown as one of the largest global card networks with 2.3 billion Visa cards in circulation.
What is a Visa card?
Visa is a cashless facility to pay for goods and services. It is a card issued to facilitate purchases free of charge for a limited period. A Visa-powered debit or credit card uses the Visa network to process payments.
While Visa started with its credit card offering, it now provides debit, prepaid, and gift cards as well. The US-based company partners with financial institutions to come up with bank-specific Visa cards.
Visa cards consist of a unique 16-digit number printed on the card along with a microchip that stores user information.
Why is a Visa card important?
Visa cards are accepted by merchants and businesses in more than 200 countries across the world. It means that with a Visa card businesses can accept payments from customers anywhere in the world. The robust Visa network allows for safe and secure transactions from users’ bank accounts.
Types of Visa cards in India
Visa has six different cards in India. Each of these cards are available for debit as well as credit cards.
- Visa Classic: Visa’s Classic line of cards are accepted at 1.9 million ATMs in the world. It offers round-the-clock assistance to users. Customers can get cash advance on their Visa Classic card in case of emergency such as loss of card
- Visa Gold: Visa Gold cardholders get travel assistance, medical and legal referral and assistance. Users also receive special offers at select retail, restaurants, and entertainment establishments
- Visa Platinum: Customers with Visa Platinum card can avail discounts, special privileges, and deals from hundreds of online and offline stores. Users can update their Platinum card on its app to get concierge services. It helps you plan travel itineraries, provides city guides, and much more
- Visa Signature: For every payment using Visa Signature users get rewards and access to customised deals and discounts. Banks issuing this card also provide their own deals to customers
- Visa Infinite: As a Visa Infinite user, one gets all the privileges that Signature offers, plus a higher line of credit. Users get special discounts not only in retail stores but also for their premium purchases such as jewellery, foreign tours, etc.
Why businesses should accept payments from Visa cards
Since Visa is one of the largest card networks in the world it’s important for online as well as offline businesses to accept payments via Visa cards.
Physical businesses can use POS machines to accept payments through Visa cards. Businesses will have to create an account with their bank which would support payments on the Visa network.
Visa’s payment network VisaNet processes over 56,000 transaction messages every second, making it one of the fastest and safest ways to accept money from customers.
While it’s important for businesses to have a bank partner that allows Visa payments, payment gateways are the ones that decide whether a business can accept payments via a certain card network.
Paytm Payment Gateway works seamlessly with Visa
As the leading payment gateway in the country, Paytm Payment Gateway processes payments from all card networks including Visa.
Businesses can use Paytm Payment Gateway to accept money from customers with Visa cards instantly. Unlike other payment gateways, we settle payments to businesses’ accounts a day after the payment. The added benefit for businesses is that Paytm Payment Gateway works relentlessly even on bank and public holidays.
With Paytm Payment Gateway businesses can easily accept payments from Visa cardholders. Paytm Payment Gateway onboards businesses with minimal paperwork allowing them to immediately start accepting money. Sign up now.
