Visa Debit

Last updated
Visa Debit
Product type Debit card
Owner Visa Inc.
Country United States
Related brands Visa Electron
MarketsWorldwide
Tagline"Everywhere You Want To Be"
Website www.visa.com

Visa Debit is a brand of debit card issued by Visa in many countries. Numerous banks and financial institutions issue Visa Debit cards to their customers for access to their bank accounts. In many countries the Visa Debit functionality is often incorporated on the same plastic card that allows access to ATM and any domestic networks like EFTPOS or Interac.

Contents

Usage

In many countries the Visa Debit functionality has been added to payment cards, to allow customers to use the card for payments on the internet, point of sale transactions and access to ATMs.

Bo bank Visa Debit card Bo debit card.jpg
Bó bank Visa Debit card

Australia

Bendigo Bank issued the first Visa Debit card in 1982, more than two decades before Debit Mastercard, or widespread Visa Debit use in Australia. [1] Today it is in wide issuance, and domestically switches over local networks, though for new banks, connection to Visa is permitted.

Canada

In Canada, virtually all domestic debit card transactions are processed over the Interac network, though several financial institutions have also permitted PIN-based ATM transactions internationally over the Visa-owned Plus Network. However, Interac's dominance has left little room for alternative debit networks such as Visa or Mastercard to be used for domestic transactions.

Several Canadian financial institutions that primarily offer credit cards through the Visa network – including CIBC, RBC, Scotiabank, and TD – currently offer Visa Debit, either through a dual-network co-badged card which also works on Interac (CIBC, Scotia and TD), [2] [3] [4] or as a "virtual" card used alongside the customer's existing Interac debit card (RBC). [5] Both options ensure customers can perform point-of-sale transactions or ATM withdrawals as usual via Interac, but use the Visa network to process online, phone, and international transactions, none of which are well-supported by Interac. (The latter does have its own online payment service, Interac Online, which co-badged Visa cards are not eligible for.)

For the dual-network cards, in-person transactions within Canada are processed on the Interac network, but international transactions, as well as online and phone orders through Canadian retailers, are processed through the Visa network. [2] [3] (However, Canadian retailers must specifically allow for Visa Debit transactions, even if they already accept Visa credit cards.) [6] "Virtual Visa Debit" works similarly; customers use their existing Interac debit cards for in-person transactions (and Interac Online) in Canada, but are also provided with a secondary "virtual" Visa card (i.e. card number, expiry, and CVV2) which can be used for online and phone transactions (but not point-of-sale, in Canada or internationally). [5]

Although Visa floated the prospect of competing directly with Interac in regards to point-of-sale transactions in 2009, [7] there has been no indication since 2010 that it is continuing to pursue this option.

Germany

Germany's banking industry strongly favours its domestic girocard scheme that can be co-badged with Maestro or V-Pay for many years already, but only from recently also with the more powerful Debit Mastercard (since 2020) [8] or Visa Debit (since 2023). [9]

Greece

In Greece Piraeus Bank and Alpha Bank offer Visa Debit cards to their customers as an option, having updated from the Visa Electron cards that they used to offer. [10] [11]

Ireland

Many Irish banks, such as Permanent TSB, are now issuing Visa Debit cards to their current account customers as the domestic Laser scheme, usually co-badged with Maestro, was abandoned in the early 2010s.

Israel

In Israel, Visa Debit only launched in April 2015, and is only offered to Bank Leumi customers via its subsidiary Leumi Card, [12] now MAX. The bank used to issue debit cards under the Visa Electron brand prior to losing its controlling interest at ICC credit company on 2000.

Italy

In Italy the first Visa Debit branded card was issued by FinecoBank as their default option for debit cards, starting from 2016. All new customers cards (and cards due to renewal) will be replaced by a Visa Debit card co-badged with the national Bancomat network.

Netherlands

Banks offer Maestro and V Pay debit cards, but no Visa Debit cards. Visa has announced that Rabobank will start offering Visa Debit cards from mid-2022. [13] ING has also started rolling out Visa Debit cards, which will be gradually introduced as their current stock of V-PAY and Maestro cards is depleted. The widespread rollout of these Visa Debit cards is expected to begin in late 2024. [14]

Philippines

In the Philippines, major banks like BDO, Unionbank, Landbank, EastWest Bank, UCPB and DBP are the major issuers of Visa Debit. [15] [16] [17] [18] [19] [20] All of the three major state-owned banks issue Visa debit cards as well their subsidiaries like the Overseas Filipino Bank.

Most Visa Debit cards are connected to the national interbank network BancNet and is the primary network for most over-the-counter transaction.

Romania

The Visa Debit are - along with Debit Mastercard - the most issued debit cards in Romania.

Visa entered in the Romanian market in 1996 (26 years ago), the first debit cards issued by Visa in Romania were Visa Electron, but now most of them were replaced by Visa Debit and it's variant Visa Classic. [21]

United Kingdom

Visa Debit was formerly called Visa Delta solely in the United Kingdom. Visadelta.svg
Visa Debit was formerly called Visa Delta solely in the United Kingdom.

The first debit card in the United Kingdom was launched by Barclays in June 1987 under the "Connect" brand. NatWest followed with the "Switch" debit card in October 1988. Connect was later merged into Visa. [22]

The Visa Debit card was previously known as "Visa Delta" solely in the UK. [23] The Delta name began to be phased out in favor of the Visa Debit branding from September 1998. [24]

United States

Numerous banks issue Visa-branded debit cards linked to accounts. Some issuing banks call their cards "Visa check cards". [25] Cards allow for purchases at any merchant where any type of Visa card is accepted. Transactions are processed one of three ways. A signed transaction is processed through the regular Visa credit network. [25] PIN-based transactions, including ATM withdrawals, are processed through the Visa-owned Plus, Interlink networks or other regional networks such as STAR. [25] Many retailers allow cashback with PIN-based transactions. Also, in line with other credit and debit purchases, transactions under $25 are exempt from requiring signatures or PINs. [25]

Market competition

Among competitors to Visa Debit in the debit card market are Debit Mastercard cards as well as local domestic debit cards. In addition to the above, China's UnionPay, India's RuPay, and Japan's JCB Co., Ltd. are competitive as well. In a few countries, such as the United States, American Express is still another competitor.

Related Research Articles

<span class="mw-page-title-main">Debit card</span> Card used for financial transactions, usually without a credit line

A debit card, also known as a check card or bank card, is a payment card that can be used in place of cash to make purchases. The card usually consists of the bank's name, a card number, the cardholder's name, and an expiration date, on either the front or the back. Many new cards now have a chip on them, which allows people to use their card by touch (contactless), or by inserting the card and keying in a PIN as with swiping the magnetic stripe. Debit cards are similar to a credit card, but the money for the purchase must be in the cardholder's bank account at the time of the purchase and is immediately transferred directly from that account to the merchant's account to pay for the purchase.

<span class="mw-page-title-main">EFTPOS</span> Type of Electronic Funds Transfer system

Electronic Funds Transfer at Point Of Sale, abbreviated as EFTPOS, is the technical term referring to a type of payment transaction where electronic funds transfers (EFT) are processed at a point of sale (POS) system or payment terminal usually via payment methods such as payment cards. EFTPOS technology was developed during the 1980s.

<span class="mw-page-title-main">EMV</span> Smart payment card standard

EMV is a payment method based on a technical standard for smart payment cards and for payment terminals and automated teller machines which can accept them. EMV stands for "Europay, Mastercard, and Visa", the three companies that created the standard.

<span class="mw-page-title-main">Interac</span> Canadian interbank network

Interac is a Canadian interbank network that links financial institutions and other enterprises for the purpose of exchanging electronic financial transactions. Interac serves as the Canadian debit card system and the predominant funds transfer network via its e-Transfer service. There are over 59,000 automated teller machines that can be accessed through the Interac network in Canada, and over 450,000 merchant locations accepting Interac debit payments.

<span class="mw-page-title-main">Laser (debit card)</span> Irish debit card scheme, 1996–2014

Laser was a debit card scheme in Ireland between 1996 and 2014.

<span class="mw-page-title-main">Switch (debit card)</span> British debit card, 1988–2002

Switch was a debit card brand in the United Kingdom from 1988 until 2002. It was then merged with Maestro, which is owned by MasterCard.

<span class="mw-page-title-main">President's Choice Financial</span> Subsidiary of the Loblaw Companies

President's Choice Financial, commonly shortened to PC Financial, is the financial service brand of the Canadian supermarket chain Loblaw Companies.

<span class="mw-page-title-main">Maestro (debit card)</span> Debit card from Mastercard

Mastercard Maestro is a brand of debit cards and prepaid cards owned by Mastercard that was introduced in 1991. Maestro is accepted at around fifteen million point of sale outlets in 93 countries.

<span class="mw-page-title-main">Plus (interbank network)</span> Worldwide interbank network

Visa Plus is a worldwide interbank network that provides cash to Visa cardholders. As a subsidiary of Visa Inc., it connects all Visa credit, debit and prepaid cards, as well as ATM cards issued by various banks worldwide bearing the Visa / Electron logo.

<span class="mw-page-title-main">Visa Electron</span> Debit card

Visa Electron was a debit card product that uses the Visa payment system. It is offered by issuing banks in every country with the exception of Canada, Australia, Argentina, Ireland and the United States. The difference between Visa Electron and Visa Debit, a similar product, is that payments with Visa Electron always require on-line electronic authorisation, and typically require that all the funds be available at the time of transfer, i.e., Visa Electron card accounts may not normally be overdrawn. Most Visa Debit cards, on the other hand, may be processed offline, without online authorisation, and may allow transfers exceeding available funds up to a certain limit. For that reason, Visa Electron cards are more commonly issued to younger customers or customers that have poor credit. Online stores and all offline terminals do not support Visa Electron because their systems cannot check for the availability of funds. In addition to point of sale debit payments, the card also allows the holder to withdraw cash from automated teller machines (ATMs) using the Plus interbank network.

<span class="mw-page-title-main">Payment card</span> Card issued by a financial institution that can be used to make a payment

Payment cards are part of a payment system issued by financial institutions, such as a bank, to a customer that enables its owner to access the funds in the customer's designated bank accounts, or through a credit account and make payments by electronic transfer with a payment terminal and access automated teller machines (ATMs). Such cards are known by a variety of names, including bank cards, ATM cards, client cards, key cards or cash cards.

<span class="mw-page-title-main">ATM card</span> Type of bank card providing access to Automatic Teller Machines

An ATM card is a dedicated payment card card issued by a financial institution which enables a customer to access their financial accounts via its and others' automated teller machines (ATMs) and, in some countries, to make approved point of purchase retail transactions. ATM cards are not credit cards or debit cards, however most credit and debit cards can also act as ATM cards and that is the most common way that banks issue cards since the 2010s.

<span class="mw-page-title-main">Dankort</span>

The Dankort is the national debit card of Denmark. Today it is often combined with a Visa card or Mastercard and functions as a Visa or Mastercard debit card abroad and in stores that don't accept Dankort.

An interbank network, also known as an ATM consortium or ATM network, is a computer network that enables ATM cards issued by a financial institution that is a member of the network to be used to perform ATM transactions through ATMs that belong to another member of the network.

ATM usage fees are what many banks and interbank networks charge for the use of their automated teller machines (ATMs). In some cases, these fees are assessed solely for non-members of the bank; in other cases, they apply to all users. There is usually a higher fee for the use of White-label ATMs rather than bank-owned ATMs.

The payment card industry (PCI) denotes the debit, credit, prepaid, e-purse, ATM, and POS cards and associated businesses.

girocard Interbank network and debit card service

girocard is an interbank network and debit card service connecting virtually all automated teller machines (ATMs) and banks. It is based on standards and agreements developed by the German Banking Industry Committee.

<span class="mw-page-title-main">Debit Mastercard</span> Debit card

Debit Mastercard is a brand of debit cards provided by Mastercard. They use the same systems as standard Mastercard credit cards but they do not use a line of credit to the customer, instead relying on funds that the customer has in their bank account.

RuPay is an Indian multinational financial services and payment service system, conceived and owned by the National Payments Corporation of India (NPCI). It was launched in 2012, to fulfil the Reserve Bank of India's (RBI) vision of establishing a domestic, open and multilateral system of payments. RuPay facilitates electronic payments at almost all Indian banks and financial institutions. NPCI has partnered with Discover Financial and JCB to help the RuPay network gain international acceptance.

V Pay is a Single Euro Payments Area (SEPA) debit card for use in Europe, issued by Visa Europe. It uses the EMV chip and PIN system and can be co-branded with various national debit card schemes such as the German Girocard or Italy's PagoBancomat.

References

  1. ↑ Visa Debit. Australia rba.gov.au
  2. 1 2 The Toronto-Dominion Bank. "Your new TD Access Card" . Retrieved 2012-07-17.
  3. 1 2 Canadian Imperial Bank of Commerce. "CIBC Advantage Debit Card" . Retrieved 2012-07-17.
  4. ↑ The Bank of Nova Scotia. "VISA Debit | Scotiabank" . Retrieved 2018-03-07.
  5. 1 2 Royal Bank of Canada. "Introducing RBC Virtual Visa Debit" . Retrieved 2012-07-17.
  6. ↑ Canadian Federation of Independent Business. "Credit/Debit Code of Conduct Protects Merchants in Dispute with Visa Debit". Archived from the original on 2016-03-05. Retrieved 2012-07-17.{{cite web}}: |author= has generic name (help)
  7. ↑ The Canadian Press (uncredited staff) (2009-03-30). "VISA CHALLENGES INTERAC'S DEBIT 'MONOPOLY'". Macleans.ca . Retrieved 2012-07-17.
  8. ↑ Jochen Siegert (1 April 2020). "Sparkasse fusioniert Girocard mit Mastercard Debit". Payment & Banking. Retrieved 4 April 2023.
  9. ↑ "Sparkassen-Card including a new digital co-badge makes mobile payment easier worldwide". Deutscher Sparkassen- und Giroverband. 16 August 2022. Retrieved 4 April 2023.
  10. ↑ "Piraeus Visa-Debit | Piraeus Bank".
  11. ↑ "ALPHA BANK". Archived from the original on 2015-06-28.
  12. ↑ "כרטיס DEBIT לחיוב מיידי | לאומי קארד". www.max.co.il (in Hebrew). Retrieved 2017-12-12.
  13. ↑ "Rabobank introduceert nieuwe betaalmogelijkheden met Visa Debit". Visa Inc. 2022-03-21. Retrieved 2023-04-07.
  14. ↑ "Visa Debit & Debit Mastercard". ING. Retrieved 2024-08-18.
  15. ↑ "Debit Card | BDO Unibank, Inc". Archived from the original on 2016-11-01.
  16. ↑ "ATM Services - Development Bank of the Philippines".
  17. ↑ "Land Bank of the Philippines | Cards".
  18. ↑ "EastWest".
  19. ↑ "UnionBank of the Philippines - EON". Archived from the original on 2015-01-22.
  20. ↑ "UCPB.com | Cards". Archived from the original on 2020-10-28.
  21. ↑ "Faceți cunoștință cu Visa. O rețea care lucrează pentru toată lumea".
  22. ↑ "theukcardsassociation.org.uk". Archived from the original on 2010-06-24. Retrieved 2010-07-14.
  23. ↑ Sue Beenstock (16 July 1988). "AGENDA: Visa rethinks debit card strategy". Marketing. Retrieved 24 January 2013.
  24. ↑ Victoria Medhurst (13 August 1998). "Visa to back football for card rebranding". PR Week. Retrieved 24 January 2013.
  25. 1 2 3 4 "Visa USA Debit Cards". Archived from the original on 7 April 2013. Retrieved 28 July 2023.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.