 | |
| Product type | Debit card |
|---|---|
| Owner | Mastercard Inc. |
| Country | United States |
| Related brands | Mastercard Maestro |
| Markets | Worldwide |
| Tagline | "Start Something Priceless" |
| Website | www |
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. [1]
Several banks offer Credit and Debit Mastercard in Algeria (Algeria Gulf Bank, Banque de Développement Local, Crédit Populaire Agricole). [2]
In 2011, Banco de Córdoba started offering Debit Mastercard to its clients, as a direct competitor to the Visa Débito card. However, this would not be a direct replacement of all Maestro cards in the Argentine market, since it will be analyzed with each bank. [3]
In Australia, the Debit Mastercard is the main competitor to the Visa Debit cards provided by Visa Inc. [4]
The Debit Mastercard was first launched in Australia by Westpac in 2006 as an alternative card for the bank's Cirrus cardholders. [5]
Swedbank has offered Debit Mastercard in Estonia since 2011, Latvia and Lithuania since 2012. Nordea has offered Debit Mastercard in Latvia since 2016. SEB has offered Debit Mastercard and Visa Debit for years equally in the Baltic states, but since March/April 2014 SEB decided to prefer Debit Mastercard as their main debit card, still somewhat offering also Visa Debit. [6] [7]
Debit Mastercard was launched in Canada in July 2016 with Bank of Montreal. Similar to most Canadian Visa Debit cards, BMO's Debit Mastercard is co-badged with Interac and operates solely over that network for point-of-sale transactions in Canada, but uses the Mastercard network for Internet and international transactions. [8]
Deutsche Bank, Commerzbank, Norisbank, Consors Finanz, MLP, netbank, KT Bank, O2 Banking, Fidor Bank and N26 offer the Debit Mastercard to their customers. [9] In Germany, the Debit Mastercard is a competitor to the national Girocard. [10]
As of March 2015, all four major Greek banks offer a contactless Debit Mastercard to their clients.
Eurobank Ergasias is replacing its Maestro line of debit cards with a new Debit Mastercard. [11]
The National Bank of Greece (NBG) started replacing its Maestro debit card with a new Debit Mastercard in March 2015. [12] NBG is the last one of the four major Greek banks to offer a Debit Mastercard to its customers, and like Eurobank it only offers this debit card.
The other two major Greek banks offer Debit Mastercard cards as well, but not exclusively. Piraeus Bank has added the option for a Mastercard Debit card [13] alongside the Visa Debit (formerly Visa Electron) card that it had been offering in the past as the exclusive option. Also Alpha Bank offers Debit Mastercard and Debit Mastercard Contactless [14] as one of three options for a debit card. It is not clear which debit card these two banks promote the most to customers that do not have a specific preference.
As of January 2021, HSBC, [15] Citibank, [16] WeLab Bank [17] Livi Bank [18] & Mox Bank [19] offer a contactless Debit Mastercard to their clients in virtual and/or physical plastic card.
bunq bank issues a Debit Mastercard to its premium customers. [20] Additionally, ICS issues MasterCard and VISA debit cards including 180-day insurance, which is normally not available on debit cards in the Netherlands. [21] Getsby is the first company to only issue tokenizable Virtual Debit Mastercard Cards in the Netherlands. [22]
Rabobank will start offering Debit Mastercards from mid-2022, alongside their existing Visa Debit cards. [23] ING has also begun rolling out Debit Mastercards, which will gradually replace their current stock of V-PAY and Maestro cards. The full rollout of Debit Mastercards by ING is expected to take place in 2024. [24]
Major banks like BDO, Metrobank, Security Bank, RCBC, BPI and PNB issues Debit Mastercard.
Debit Cards like Mastercard are also accepted in most Point of sales in the Philippines. It directly competes with Visa Debit which is mostly issued by state-owned banks and Bancnet the national interbank network
In Romania the Debit Mastercard is one of the two popular options of debit cards - the other one being Visa Debit.
In the United Kingdom, the Debit Mastercard operates alongside Mastercard's established Maestro debit card scheme, which previously were the only debit cards provided by Mastercard. However, almost all providers have switched to issuing Debit Mastercard instead, as the previous Maestro debit cards are not accepted as widely worldwide, unlike the Debit Mastercard which is accepted worldwide wherever Mastercard is accepted. Although, currently, the Maestro scheme still remains in place. The main issuers of Debit Mastercard are Clydesdale Bank (incorporating Yorkshire Bank), Danske Bank, Virgin Money, Metro Bank, Monzo Bank, Santander UK, Starling Bank, Chase UK, and Thinkmoney.[ citation needed ] First Direct began switching existing customers to Debit Mastercard from Visa in 2021.
NatWest Group began switching existing customers to and providing new customers with a Debit Mastercard in 2022.
The Debit Mastercard is a competitor to the Visa Debit cards provided by Visa Inc.
In the United States, unlike Australia and the United Kingdom, three levels of Debit Mastercard are available: Standard, Enhanced, and World. [25] In 2012, there were four levels of Debit Mastercard available: Standard, Gold, Platinum and World. [26]
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 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. Debit cards are similar to a credit card, but 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, abbreviated as EFTPOS; is the technical term referring to a type of payment transaction where electronic funds transfers (EFT) are processed at a point of sale (POS) system or payment terminal usually via payment methods such as payment cards. EFTPOS technology was developed during the 1980s.
Visa Inc. is an American multinational payment card services corporation headquartered in San Francisco, California. It facilitates electronic funds transfers throughout the world, most commonly through Visa-branded credit cards, debit cards and prepaid cards.
Mastercard Inc. is an American multinational payment card services corporation headquartered in Purchase, New York. It offers a range of payment transaction processing and other related-payment services. 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.
Discover is a credit card brand issued primarily in the United States. It was introduced by Sears in 1985. When launched, Discover did not charge an annual fee and offered a higher-than-normal credit limit. A subsequent innovation was "Cashback Bonus" on purchases.
Solo was a debit card in the United Kingdom introduced as a sister to the then existing Switch. Launched on 1 July 1997, by the Switch Card Scheme, it was designed for use on deposit accounts, as well as by customers who did not qualify for a Switch card on current accounts, such as teenagers. The Solo card scheme was decommissioned permanently on 31 March 2011.
Laser was a debit card scheme in Ireland between 1996 and 2014.
Switch was a debit card brand in the United Kingdom from 1988 until 2002. It was then merged with Maestro, which is owned by MasterCard.
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 was 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.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.
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.
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.
Network for Electronic Transfers, colloquially known as NETS, is a Singaporean electronic payment service provider. Founded in 1986 by a consortium of local banks, it aims to establish the debit network and drive the adoption of electronic payments in Singapore. It is owned by DBS Bank, OCBC Bank and United Overseas Bank (UOB).
Shinhan Card Co. Ltd. is Korea's biggest, global top-five credit card company. Headquartered in Seoul, South Korea, the company has a partnership with Shinhan Capital, and is an affiliate of Shinhan Financial Group. Shinhan Card was established in 1990, as a technical and business company licensed by Shinhan Bank. It introduced the technology of sending virtual one-time card numbers in Visa's 3-D Secure first in the world for its customers' security.
Contactless payment systems are credit cards and debit cards, key fobs, smart cards, or other devices, including smartphones and other mobile devices, that use radio-frequency identification (RFID) or near-field communication (NFC) for making secure payments. The embedded integrated circuit chip and antenna enable consumers to wave their card, fob, or handheld device over a reader at the point-of-sale terminal. Contactless payments are made in close physical proximity, unlike other types of mobile payments which use broad-area cellular or Wi-Fi networks and do not involve close physical proximity.
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.
A card security code is a series of numbers that, in addition to the bank card number, is printed on a credit or debit card. The CSC is used as a security feature for card not present transactions, where a personal identification number (PIN) cannot be manually entered by the cardholder. It was instituted to reduce the incidence of credit card fraud. Unlike the card number, the CSC is deliberately not embossed, so that it is not read when using a mechanical credit card imprinter which will only pick up embossed numbers.
RuPay is an Indian multinational financial services and payment service system, conceived and launched by the National Payments Corporation of India (NPCI) in 2012. 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.
Apple Pay is a mobile payment service by Apple Inc. that allows users to make payments in person, in iOS apps, and on the web. Supported on iPhone, Apple Watch, iPad, Mac, and Vision Pro, Apple Pay digitizes and can replace a credit or debit card chip and PIN transaction at a contactless-capable point-of-sale terminal. It does not require Apple Pay–specific contactless payment terminals; it can work with any merchant that accepts contactless payments. It adds two-factor authentication via Touch ID, Face ID, Optic ID, PIN, or passcode. Devices wirelessly communicate with point of sale systems using near field communication (NFC), with an embedded secure element (eSE) to securely store payment data and perform cryptographic functions, and Apple's Touch ID and Face ID for biometric authentication.