Visa/ Master card are in business to process payment in between the merchandise bank’s or card issuing banks. Both of them rely on bank to issue credit/debit cards that utilize this payment methods. Thus, the interest rates, rewards, annual fees, and all other charges are issued by bank and when transaction is processed; all the terms and conditions are with the bank or institution that issues card and not Visa or MasterCard.
Below is the process flowchart of Master Card and Visa which is also similar in working.
Even though Visa and master card are different organization and both have different discount and benefits offers; there way of working as well as presence across the globe remains alike.