Hello Guyz, maybe U are using one of these (Mastercard/ VISA Card/ RUPAY Card) Debit Card to withdraw your money from ATM. But, Have U ever thought, Why there is a different kind of Debit Cards in India??? Let's have a ride.
Before a few years ago, people were going to Banks to deposit and withdraw their money. But, when the customer increased, difficulty also increased. The difficulty was- People had to make a long-line to deposit/withdraw their money.
To solve this problem, the ATM Card concept came out. Every bank established their ATM Machine in different places. With this concept, anyone can withdraw the required money from ATM situated nearby. But, still, it has one problem. When someone goes shopping, that person has to be the same Debit Card which the shopkeeper have.
To solve this problem, two company came up: (1) VISA Inc.
(2) Mastercard
These two company tied up with the Banks all over the world and got access to the bank servers to make easier the shopping, bill payment, money transfer etc. After that, they printed their Debit Cards on which Card Number, Card Holder, and a Logo is placed. Through these Cards, anyone pays during shopping, fund transfer etc. But, you didn't know, to provide this service, the company also debit some few amounts during transactions. For your kind information, these two companies are in the USA.
These companies are like intermediate of Transaction. It was taking 2-3 days to verify the transactions and send the money to targeted Card Holder. After few years, the NPCI (National Payments Corporation of India) took a great decision for Indians. This is an Indian Company which monitors all the payments and banks in India.
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