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Debit Cards in India: Debit cards are crucial for bank account holders, offering various uses for transactions. In India, there are several types of debit cards available, each designed for different purposes. Banks provide a range of options to their customers, some with attractive rewards points and benefits. The choice of a card depends largely on how you intend to use it.
A debit card is issued by the bank where an individual holds a savings account, and it can also be issued to corporate entities, which are linked to a current account. When you use your debit card for a transaction, the amount is ‘debited’ from your account. There are various types of debit cards available, each with different features. Understanding these features is crucial as it allows you to use your card most effectively.
Types of debit cards in India
Visa Debit Card: Visa debit cards are issued through a partnership with VISA Payment Services. The Visa debit cards use the Verified by Visa (VbV) infrastructure for secure online transactions.
RuPay Debit Card: Developed by the National Payments Corporation of India (NPCI), RuPay debit cards are designed for domestic use. They offer online transactions on the Discover network and ATM transactions through the National Financial Switch network.
MasterCard Debit Card: MasterCard debit cards are one of the most widely used electronic transaction cards worldwide, allowing you to access your savings or current account to make payments and withdraw cash from ATMs. These cards come with great benefits and rewards.
Maestro Debit Card: Maestro debit cards are accepted worldwide. Customers can use them to withdraw cash from ATMs globally and pay for both online purchases and in-store transactions.
Contactless Debit Card: Using Near Field Communication (NFC) technology, contactless debit cards allow you to make fast payments by simply tapping or waving your card near POS terminals.
Visa Electron Debit Card: Visa Electron debit cards are similar to Visa debit cards, but they do not offer an overdraft option.
What is printed on a debit card?
The debit card contains the card holder’s name, 16 digits of the debit card number, card issue and expiry date, EMV chip, signature bar, and card verification value (CVV). A debit card is a plastic card that allows electronic transactions to be made using money from a savings account. Debit cards look similar to credit cards, but they work differently.
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