What are exactly visa and Mastercard?

Visa and Mastercard are payment network operators: The networks consist of banks that help consumers make payments (issuing banks) and help merchants accept payments (acquiring banks). read more

VISA and Mastercard are payment processing companies. They bear their names on our credit card which is issued by different Banks. It means when you will use that card by any mean possible, that transaction will route to respective name bearer company. Then, these companies send those transactions further to respective banks for authorization. read more

Visa and MasterCard are international settlement & clearing houses that help transfer of funds from one entity to the other. For ex: You might have a credit card from XYZ Bank. If you need to use your credit card at a merchant shop, that shop would need to have a machine provided by XYZ bank installed. read more