Visa or mastercard? Is there a difference?

grastgirl

Just wondered whether anyone knew of any substantial differences between Visa and Mastercard cards. Dad always used to have one of each, but I'm not sure why.

Also I've noticed that Mastercard are bringing in "SecureCode", what is it? Do people think it's a good idea to sign up?

cifpower

I think in some parts of the world one is accepted more than the other. SecureCode is very like Verified By Visa. Its just another set of security to authorise a transaction online; namely a password.

exel1966

Most of the major credit card companies have started to move away from VISA due to their excessive charges and Mastercard id now the preferred choice. Mastercard is now more popular worldwide. Obviously they are completely different organisations and will therefore use different exchanges rates on foreign transactions. How different ??

SecureCode is another defence barrier for online fraudsters to encounter so can only be a good thing.

VISA on the other hand are the preferred debit card choice for banks.

clio

Didn't mastercard used to be called the Access card many moons ago??

Paul_Herring

clio wrote: »

Didn't mastercard used to be called the Access card many moons ago??

No. They used to be two separate companies. http://en.wikipedia.org/wiki/Access_credit_card

PROLIANT

Visa has been around since they were giving out provy vouchers during the war, everybody knows it, what next, Mastercard Debit????

exel1966

PROLIANT wrote: »

Visa has been around since they were giving out provy vouchers during the war, everybody knows it, what next, Mastercard Debit????

It already exists under the branding of Maestro and I'd expect them to be actively persuing the debit card market in the future.

PROLIANT

exel1966 wrote: »

It already exists under the branding of Maestro and I'd expect them to be actively persuing the debit card market in the future.

So, why are HSBC ditching Meeeeeeeastro for Visa next year? Cant be that popular.

greyster

verified by visa and securecode are like the chip and pin of the internet, except it is not catching on as quickly as mastercard and visa would have hoped in the UK.

The merchants are reluctant to implement it because they're noticing more customers are dropping out of their checkout before purchasing... probably cos they are wondering what the hell it is the first time they see it.

The merchants are no longer liable for any fradulent sale if the customer passes the securecode/verified by visa process, the bank becomes liable. I guess that's why the banks don't advertise it so much either.

All in all, good for the customer... worth signing up to... just will take a long time before every merchant starts using it. Many merchants would rather pay fines to Visa and mastercard rather than implement it.

antuk

greyster wrote: »

The merchants are no longer liable for any fradulent sale if the customer passes the securecode/verified by visa process, the bank becomes liable. I guess that's why the banks don't advertise it so much either.

I don't think this is technically correct, from what i understand of the authorisation process on visa's end, if you pass verified by visa the merchant's bank is no longer liable for chargebacks and responsibility falls to the acquiring bank, they can of course still charge it back to the customer. Same situ as chip and pin, we become responsible not the banks!

greyster

What scenerio can they charge it back to the customer?

Both visa and mastercard say the 'I didn't do it' cases including card number theft, card skimming, counterfeit number generation and home-based fraud by family members are covered.