Types of Debit Card: Rupay, Master, Maestro, VISA, and Contactless Card: Today, I am sharing knowledge about the Debit card and its types. You can read the full brief about the types of debit cards like Rupay, Master, Maestro, VISA, and Contactless Card. You should be careful by using your card in atm.
Here, I am sharing important words about Debit Cards:
Types of Debit Card:
- Rupay Card
- Master Card
- Maestro Card
- VISA Card
- Contactless Card
Rupay card can be defined as it is an Indian card which is launched by NPCI (National Payment Corporation of India) in 2012. The main aim of launching the Rupay card is to reduce the foreign gateways eg:- Master, Maestro, VISA, etc. because these are managed by foreign companies and its transactional cost is very high. Therefore we can say that a Rupay card can be proved as a panacea for the Indian economy.
Master Card is an American multinational company. Its headquarter is in New York, United States. MasterCard founded in 1966. MasterCards included prepaid cards, consumer debit, and credit, commercial business.
Maestro Card is a prepaid and debit card which is regulated by Master Card in 1991. Maestro debit card is linked with the customer’s account while Maestro Prepaid Card does not require to link with a bank account to operate. It can be used at POS (Point of sale) and ATM’s. Payments are made by swapping the Maestro debit and prepaid cards through the payment device.
VISA Card is a type of debit card which is regulated by an American multinational company in 1958. The company headquarters is situated in Fresno, California, United States. VISACards products included credit cards, debit cards, and prepaid cards. VISA Card debit card is linked with the customer’s account while VISA Card Prepaid Card does not require to link with a bank account to operate. It can be used at POS (Point of sale) and ATM’s. Payments are made by swapping the VISA Card debit and prepaid cards through the payment device
It is a card that has a chip inside it that emits radio waves and an antenna is built into the plastic cover to secure with a contactless reader. It is also known as RFID(radio frequency identification) technology.
If we are taking an example to pay some amount with a contactless credit card, we hold the card near a payment terminal (known as an RFID – radio frequency identification reader) and it catches the signal, communicates with the card, and processes the payment.
You will get a notification for successful payment or failed payments through the payment device. If it doesn’t work then you need to use your card’s pin instead.
Mobile phones and other electronic devices use something called NFC(near-field communication) to transmit data – which is based on the technology used in RFID.