While everyone carries a debit card these days, most are unaware of the different types of debit cards available and their uses. To select the right card for your financial needs, you must first understand the difference between each type of card.
There are four major types of debit cards available in India. They are Visa, MasterCard, RuPay, and Maestro. While contactless cards have become popular recently, they are also issued under one of the four payment service systems mentioned above.
Take a look at the types of cards available for Indian users.
Visa Debit Cards
This is the most popular payment gateway in India. Visa is one of the most globally accepted cards to make online and offline electronic payment transactions. It uses the Visa payments gateway which comes with high security and 24x7 assistance.
Visa debit cards are available in Classic, Gold, Platinum, and other variants. These cards can be a great alternative to cash and bank debits, as they give access to online shopping and ATM facilities all in one place.
Types of Visa Cards:
Visa Classic
Visa Gold
Visa Platinum
Visa Signature
Visa Infinite
MasterCard Debit Cards
MasterCard is one of the most widely-used cards in India. While it does not have nearly as wide a network of banks making payments for you as Visa does, it offers many benefits like cashback and reward points for every purchase.
In addition to being used for domestic and international online transactions, the cards can also be used to withdraw cash from any ATM machine that supports the MasterCard network.
Types of MasterCard debit cards:
Standard debit MasterCard
Platinum debit MasterCard
World debit MasterCard
Maestro Card
MasterCard introduced the Maestro card in 1991. Maestro Debit Cards, like MasterCard Debit Cards, are accepted all over the world. Maestro Debit card holders can easily conduct online transactions both within and outside of the country.
Additionally, they can withdraw money from ATMs all over the world. These cards are well-known for their super secure payment platform and advanced security features.
RuPay Debit Cards
RuPay is an Indian payment service provider that was introduced in 2016 by the National Payments Corporation of India, a state-owned financial services company. Many public, private, cooperative, and regional rural banks in India issue RuPay cards to their customers.
It allows users to make purchases domestically, withdraw cash from ATMs and make online payments within the domestic boundary only. RuPay debit cards are accepted at all ATMs, POS terminals, and by the majority of online merchants in the country.
In comparison with Visa and MasterCard, RuPay has lower processing costs and takes a shorter time to complete a transaction.
Types of RuPay Debit Cards:
RuPay Classic
RuPay Platinum
RuPay Select
Contactless Debit Cards
In recent times, contactless cards have risen to prominence as they eliminate the need to enter the PIN up to a certain amount. Contactless debit cards are an ideal choice for people who love convenience and want to make quick payments.
In contrast to traditional debit cards, these do not require you to hand over your card to a cashier or enter a PIN. By doing so, it prevents fraudulent use where the card can be duplicated.
The contactless card enables you to pay for transactions by just waving your card in front of the PoS terminal. You can complete a transaction faster than with the swipe method, which significantly reduces the amount of time involved in completing payments.
Conclusion
Debit cards have given way to virtual payment gateways and revolutionized the banking sector. They have replaced cash and became an everyday essential. Apart from being convenient to carry, they are secure and eliminate the need to carry cash on us at all times.
Debit cards come in different types. They offer several rewards, and cash-back options and make payment transactions convenient. However, it is best to be aware of the type of debit card you are choosing.
While some provide exclusive offers for traveling, others can get you discounts on several products and services. Choose the one that works for you and your requirements!
