Product type | Debit card |
---|---|
Owner | Visa Inc. |
Country | United States |
Related brands | Visa Electron |
Markets | Worldwide |
Tagline | "Everywhere You Want To Be" |
Website | www |
Visa Debit is a major brand of debit card issued by Visa in many countries around the world. Numerous banks and financial institutions issue Visa Debit cards to their customers for access to their bank accounts. In many countries the Visa Debit functionality is often incorporated on the same plastic card that allows access to ATM and any domestic networks like EFTPOS or Interac.
In many countries the Visa Debit functionality has been added to payment cards, to allow customers to use the card for payments on the internet, point of sale transactions and access to ATMs.
Bendigo Bank issued the first Visa Debit card in 1982, more than two decades before Debit Mastercard, or widespread Visa Debit use in Australia. [1] Today it is in wide issuance, and domestically switches over local networks, though for new banks, connection to Visa is permitted.
In Canada, virtually all domestic debit card transactions are processed over the Interac network, though several financial institutions have also permitted PIN-based ATM transactions internationally over the Visa-owned Plus Network. However, Interac's dominance has left little room for alternative debit networks such as Visa or Mastercard to be used for domestic transactions.
Several Canadian financial institutions that primarily offer credit cards through the Visa network – including CIBC, RBC, Scotiabank, and TD – currently offer Visa Debit, either through a dual-network co-badged card which also works on Interac (CIBC, Scotia and TD), [2] [3] [4] or as a "virtual" card used alongside the customer's existing Interac debit card (RBC). [5] Both options ensure customers can perform point-of-sale transactions or ATM withdrawals as usual via Interac, but use the Visa network to process online, phone, and international transactions, none of which are well-supported by Interac. (The latter does have its own online payment service, Interac Online, which co-badged Visa cards are not eligible for.)
For the dual-network cards, in-person transactions within Canada are processed on the Interac network, but international transactions, as well as online and phone orders through Canadian retailers, are processed through the Visa network. [2] [3] (However, Canadian retailers must specifically allow for Visa Debit transactions, even if they already accept Visa credit cards.) [6] "Virtual Visa Debit" works similarly; customers use their existing Interac debit cards for in-person transactions (and Interac Online) in Canada, but are also provided with a secondary "virtual" Visa card (i.e. card number, expiry, and CVV2) which can be used for online and phone transactions (but not point-of-sale, in Canada or internationally). [5]
Although Visa floated the prospect of competing directly with Interac in regards to point-of-sale transactions in 2009, [7] there has been no indication since 2010 that it is continuing to pursue this option.
Germany's banking industry strongly favours its domestic girocard scheme that can be co-badged with Maestro or V-Pay for many years already, but only from recently also with the more powerful Debit Mastercard (since 2020) [8] or Visa Debit (since 2023). [9]
In Greece Piraeus Bank and Alpha Bank offer Visa Debit cards to their customers as an option, having updated from the Visa Electron cards that they used to offer. [10] [11]
Many Irish banks, such as Permanent TSB, are now issuing Visa Debit cards to their current account customers as the domestic Laser scheme, usually co-badged with Maestro, was abandoned in the early 2010s.
In Israel, Visa Debit only launched in April 2015, and is only offered to Bank Leumi customers via its subsidiary Leumi Card, [12] now MAX. The bank used to issue debit cards under the Visa Electron brand prior to losing its controlling interest at ICC credit company on 2000.
In Italy the first Visa Debit branded card was issued by FinecoBank as their default option for debit cards, starting from 2016. All new customers cards (and cards due to renewal) will be replaced by a Visa Debit card co-badged with the national Bancomat network.
Banks offer Maestro and V Pay debit cards, but no Visa Debit cards. Visa has announced Rabobank will start offering Visa Debit cards from mid 2022. [13]
In the Philippines, major banks like BDO, Unionbank, Landbank, EastWest Bank, UCPB and DBP are the major issuers of Visa Debit. [14] [15] [16] [17] [18] [19] All of the three major state-owned banks issue Visa debit cards as well their subsidiaries like the Overseas Filipino Bank.
Most Visa Debit cards are connected to the national interbank network BancNet and is the primary network for most over-the-counter transaction.
The Visa Debit are - along with Debit Mastercard - the most issued debit cards in Romania.
Visa entered in the Romanian market in 1996 (26 years ago), the first debit cards issued by Visa in Romania were Visa Electron, but now most of them were replaced by Visa Debit and it's variant Visa Classic. [20]
The first debit card in the United Kingdom was launched by Barclays in June 1987 under the "Connect" brand. NatWest followed with the "Switch" debit card in October 1988. Connect was later merged into Visa. [21]
The Visa Debit card was previously known as "Visa Delta" solely in the UK. [22] The Delta name began to be phased out in favor of the Visa Debit branding from September 1998. [23]
Numerous banks issue Visa-branded debit cards linked to accounts. Some issuing banks call their cards "Visa check cards". [24] Cards allow for purchases at any merchant where any type of Visa card is accepted. Transactions are processed one of three ways. A signed transaction is processed through the regular Visa credit network. [24] PIN-based transactions, including ATM withdrawals, are processed through the Visa-owned Plus, Interlink networks or other regional networks such as STAR. [24] Many retailers allow cashback with PIN-based transactions. Also, in line with other credit and debit purchases, transactions under $25 are exempt from requiring signatures or PINs. [24]
Among competitors to Visa Debit in the debit card market are Debit Mastercard cards as well as local domestic debit cards. In addition to the above, China's UnionPay, India's RuPay, and Japan's JCB Co., Ltd. are competitive as well. In a few countries, such as the United States, American Express is still another competitor.
A debit card, also known as a check card or bank card, is a payment card that can be used in place of cash to make purchases. The card usually consists of the bank's name, a card number, the cardholder's name, and an expiration date, on either the front or the back. Many of the new cards now have a chip on them, which allows people to use their card by touch (contactless), or by inserting the card and keying in a PIN as with swiping the magnetic stripe. These are similar to a credit card, but unlike a credit card, the money for the purchase must be in the cardholder's bank account at the time of the purchase and is immediately transferred directly from that account to the merchant's account to pay for the purchase.
Electronic funds transfer at point of sale is an electronic payment system involving electronic funds transfers based on the use of payment cards, such as debit cards or credit cards, at payment terminals located at points of sale. EFTPOS technology was developed during the 1980s.
Mastercard Inc. is the second-largest payment-technology corporation worldwide. It offers a range of payment transaction processing and other related-payment services. Its headquarters are in Purchase, New York. Throughout the world, its principal business is to process payments between the banks of merchants and the card-issuing banks or credit unions of the purchasers who use the Mastercard-brand debit, credit and prepaid cards to make purchases. Mastercard has been publicly traded since 2006.
EMV is a payment method based on a technical standard for smart payment cards and for payment terminals and automated teller machines which can accept them. EMV stands for "Europay, Mastercard, and Visa", the three companies that created the standard.
Interac is a Canadian interbank network that links financial institutions and other enterprises for the purpose of exchanging electronic financial transactions. Interac serves as the Canadian debit card system and the predominant funds transfer network via its e-Transfer service. There are over 59,000 automated teller machines that can be accessed through the Interac network in Canada, and over 450,000 merchant locations accepting Interac debit payments.
President's Choice Financial, commonly shortened to PC Financial, is the financial service brand of the Canadian supermarket chain Loblaw Companies.
Mastercard Maestro is a brand of debit cards and prepaid cards owned by Mastercard that was introduced in 1991. Maestro is accepted at around fifteen million point of sale outlets in 93 countries.
Visa Electron is a debit card product that uses the Visa payment system. It is offered by issuing banks in every country with the exception of Canada, Australia, Argentina, Ireland and the United States. The difference between Visa Electron and Visa Debit, a similar product, is that payments with Visa Electron always require on-line electronic authorisation, and typically require that all the funds be available at the time of transfer, i.e., Visa Electron card accounts may not normally be overdrawn. Most Visa Debit cards, on the other hand, may be processed offline, without online authorisation, and may allow transfers exceeding available funds up to a certain limit. For that reason, Visa Electron cards are more commonly issued to younger customers or customers that have poor credit. Some online stores and all offline terminals do not support Visa Electron because their systems cannot check for the availability of funds. In addition to point of sale debit payments, the card also allows the holder to withdraw cash from automated teller machines (ATMs) using the Plus interbank network.
UnionPay, also known as China UnionPay or by its abbreviation, CUP or UPI internationally, is a Chinese state-owned financial services corporation headquartered in Shanghai, China. It provides bank card services and a major card scheme in mainland China. Founded on 26 March 2002, China UnionPay is an association for China's banking card industry, operating under the approval of the People's Bank of China. It is also an electronic funds transfer at point of sale (EFTPOS) network, and the only interbank network in China that links all the automatic teller machine (ATMs) of all banks throughout the country. UnionPay cards can be used in 181 countries and regions around the world.
Payment cards are part of a payment system issued by financial institutions, such as a bank, to a customer that enables its owner to access the funds in the customer's designated bank accounts, or through a credit account and make payments by electronic transfer with a payment terminal and access automated teller machines (ATMs). Such cards are known by a variety of names, including bank cards, ATM cards, client cards, key cards or cash cards.
An ATM card is a dedicated payment card card issued by a financial institution which enables a customer to access their financial accounts via its and others' automated teller machines (ATMs) and, in some countries, to make approved point of purchase retail transactions. ATM cards are not credit cards or debit cards, however most credit and debit cards can also act as ATM cards and that is the most common way that banks issue cards since the 2010s.
An interbank network, also known as an ATM consortium or ATM network, is a computer network that enables ATM cards issued by a financial institution that is a member of the network to be used to perform ATM transactions through ATMs that belong to another member of the network.
ATM usage fees are the fees that many banks and interbank networks charge for the use of their automated teller machines (ATMs). In some cases, these fees are assessed solely for non-members of the bank; in other cases, they apply to all users. There is usually a higher fee for use of White-label ATMs rather than bank owned ATMs.
Moneris is a Canadian financial technology company that specializes in payment processing.
The payment card industry (PCI) denotes the debit, credit, prepaid, e-purse, ATM, and POS cards and associated businesses.
The Euro Alliance of Payment Schemes (EAPS) was an international alliance of European bank and interbank networks that had aimed to creating a pan-European debit card system in the Single Euro Payments Area to rival Visa and Mastercard using existing country specific systems. It was launched in 2007 with the support of the European Union but failed and was abandoned sometime after 2013.
girocard is an interbank network and debit card service connecting virtually all automated teller machines (ATMs) and banks. It is based on standards and agreements developed by the German Banking Industry Committee.
Debit Mastercard is a brand of debit cards provided by Mastercard. They use the same systems as standard Mastercard credit cards but they do not use a line of credit to the customer, instead relying on funds that the customer has in their bank account.
RuPay is an Indian multinational financial services and payment service system, conceived and launched by the National Payments Corporation of India (NPCI) in 2014. It was created to fulfil the Reserve Bank of India's (RBI) vision of establishing a domestic, open and multilateral system of payments. RuPay facilitates electronic payment at all Indian banks and financial institutions. NPCI maintains ties with Discover Financial and JCB to enable the RuPay Card scheme to gain international acceptance.
Mir is a Russian card payment system for electronic fund transfers established by the Central Bank of Russia under a law adopted on 1 May 2017. The system was developed by Belgian digital payments company OpenWay and is operated by the Russian National Card Payment System, a wholly owned subsidiary of the Central Bank of Russia. Mir does not itself issue cards, extend credit or set rates and fees for consumers; rather, Mir provides financial institutions with Mir-branded payment products that they then use to offer credit, debit, or other programs to their customers. The development and implementation of Mir was spurred by the imposition of international sanctions against Russia in 2014 to circumnavigate the reliance on the likes of Visa and Mastercard, which were blocked in Russia at the time. Mir created its own digital wallet for contactless payments.
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