Debit Card is used for financial transactions. Also known by the name plastic cash, bank card and more, you can use it for electronic access to your savings account in any bank through ATMs. It enables you to deposit and withdraw as per your convenience this way without the hassle of standing in long queues. The same card can be utilized for mobile banking and Internet Banking.
Types of Debit Cards in India
These debit cards are provided with the bank’s that use VISA payment services providing the Verified by Visa (VbV) platform for online transactions.
These debit cards are mostly similar to Visa debit cards, but they differ by not providing the overdraft feature.
A MasterCard Cirrus Card or a MasterCard Maestro Card enables their customers to get access to their funds worldwide and they can do online transactions using their bank accounts via MasterCard SecureCode platform.
Customers can perform payments by just tapping or waving their contactless debit cards over PoS terminals, as the cards work on Near Field Technology (NFC) thereby making electronic payments easier.
As a domestic card scheme by the NPCI, RuPay debit cards enable online purchases and transactions on the Discover network and ATM transactions under the National Financial Switch network.
Founded back in 1992, Maestro from MasterCard is a premier, International Debit Cards service that has been popularly accepted by over 13 million locations spread across 100+ countries around the globe. Maestro enables the customer to access to his/her funds immediately through a robust, international network of compatible ATMs, POS outlets, and online resources.