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Why are there different types of debit cards like Visa, RuPay, Maestro, etc. and what is their purpose?

1 Answer
Pooja

The digital world has boosted the lifestyle and made everything so easy and convenient for many people all over the world and usage of debit cards is one of the best examples for the same. Bank transactions are made so easy with ATMs at every convenient place of the city, town or a village and purchasing became simple and comfortable.

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A debit card is defined as a card used for fund transactions. It allows the electronic access to your savings accounts in any bank via ATMs. Some other benefits include deposit and withdraw as per your convenience and can be utilized for mobile and internet banking as well.

In India, there are 6 types of debit cards which are offered by different banks. Let’s take a look for the types and its purposes:

Visa Debit Cards:

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The most common debit card. Most of the banks have tie-ups with VISA, to deliver a Verified by Visa service for enhanced security in online transactions. Some services which make it the most convenient one is used as flight reservations, hotel reservations, restaurant reservations, ticket purchases, etc and also to shop safely without worries of any sort.

Visa Electron Debit Cards:

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These are almost similar to Visa debit cards but do not provide the overdraft features. It is a simple, cost-effective debit card and the big advantage is that you will never be allowed to overspend at any stage. There are no interest charges when you withdraw cash and are very secure.

MasterCard Debit Cards:

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Also known as MasterCard Cirrus Card, allows the customers to access the funds worldwide and can perform online transactions using their bank accounts on the MasterCard SecureCode platform. This card is known for its fast service and excellent customer support as well as its excellent benefits and rewards program. This is accepted all over the world, so you can use them to when you are on a trip abroad or while shopping at a foreign online store.

Contactless Debit Cards:

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Based on Near Field Technology (NFC), which makes electronic transactions safer and secure. Customers can make transactions with just a tap or wave of their contactless debit cards near PoS terminals. These are much faster than other types of debit cards and useful while performing transactions in a busy market.

RuPay Debit Cards: 

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RuPay is India’s own version of Visa and MasterCard, a scheme by the NPCI. This card allows safe payments at POS terminals and secure online transactions. RuPay is considered as the best alternative MasterCard and Visa because of its low transaction costs and availability.

Maestro Debit Card:

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Maestro from MasterCard is a premier, international debit card service that has been recognized by over 1.5 crore POS terminals in India. Maestro, as easily identified by the signature logo on all partner cards, are flexible, fast and have very low transaction costs.

These different types of debit cards serve different purposes and types of transactions. This is why there are so many different types of debit cards which can be used anywhere whether in or outside the country based on their features and rules.

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