Debit cards are arguably better than credit cards as they prevent you from overspending and keep you within your limits. They are better than cash as well for the simple reason that you don’t have to carry wads of notes in your pocket.
Debit cards can be used to make payments online and they are arguably more secure than credit cards. We don’t get to see the same level of fraud with debit cards as seen with credit cards. In India, there are generally 6 types of debit cards that are offered by the various banks. Let’s take a look at the 6 types of debit cards in India.
Related: 10 Best Debit Cards in India
Types of Debit Cards in India
1. Visa Debit Cards
Visa debit cards are perhaps the most popular debit cards in India. A majority of the banks in the country have tie-ups with VISA. Visa debit cards allow banks to deliver a Verified by Visa service for enhanced security in online transactions. The Visa Global Customer Assistance Service works on a 24/7 basis and deals with any debit card-related issues or queries on an immediate basis. There’s a special feature called the 24 Hour Concierge Service, which makes so many things easier such as flight reservations, hotel reservations, restaurant reservations, ticket purchases, etc. The VISA ATM network is widespread as well. The enhanced security offered by VISA allows you to shop safely without worries of any sort.
2. Visa Electron Debit Cards
Visa Electron debit cards are the same as Visa debit cards except that they do not offer the overdraft feature that Visa debit cards do. Most Indian banks such as Syndicate Bank, Bank of India, and Bank of Maharashtra offer Visa Electron debit cards.
It is a simple, cost-effective debit card that doesn’t charge much for its services. The big advantage of using Visa Electron debit cards is that you will never be allowed to overspend at any stage and will never fall into debt. There are no interest charges when you withdraw cash either. You can shop online using Visa Electron debit cards and pay your utility bills online as well.
Plus, these debit cards are very secure and there is very little risk of any sort of fraud happening with them unless you are particularly careless about how you use them.
3. MasterCard Debit Cards
MasterCard, along with Visa is one of the biggest debit/credit card companies in the world. MasterCard debit cards are very popular and they are offered by a majority of banks in India. MasterCard is known for its fast service and excellent customer support as well as its excellent benefits and rewards program. MasterCard debit cards are accepted all over the world, not just in India – so you can use them to make payments when you go on a trip abroad or when shopping at a foreign online store. You can use the MasterCard debit card to withdraw cash from an ATM no matter where you are in the world. The 24/7 customer support is very professional and resolves issues very quickly.
4. Contactless Debit Cards
Did you know that over 60 percent of debit/credit card transactions in India are less than Rs 2,000? Any transaction below Rs. 2,000 in India can be processed without a pin, as per RBI regulations. That’s why contactless debit cards are offered by a number of banks in India. They are based on the Near Field Technology (NFC) which allows for safer and more secure transactions. Contactless debit cards are much faster than other types of debit cards and are very useful when performing transactions in a busy market or retail environment. Customers don’t have to worry about finding change and don’t have to carry cash either. Top banks such as SBI, Axis Bank, HDFC Bank, and ICICI offer contactless debit card services.
5. RuPay Debit Cards
RuPay is India’s own version of Visa and MasterCard and has been going great guns since being introduced by RBI in 2012. RuPay allows for safe payments at POS terminals and secure online transactions. RuPay is considered by many to be the best alternative to both, MasterCard and Visa because of its low transaction costs and because of its easy availability even in rural areas. RuPay debit cards are also more flexible than their multinational competitors.
6. Maestro Debit Card
Maestro debit cards are recognized by over 1.5 crore POS terminals in India and used by every bank in the country, except for ICICI Bank. It is the debit card of choice for the Punjab National Bank, State Bank of India, Oriental Bank of Commerce, Bank of Rajasthan, and Syndicate Bank. Maestro debit cards are flexible, fast, and have very low transaction costs. They can be used overseas as well. Maestro debit cards are very safe and protected by a very advanced security system.
Related: Best Credit Cards in India
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