There are a few different types of debit cards available to consumers in the UK, the two most popular being Visa and Maestro. So, which is better? In this article, we will compare and contrast the two card types, and help you decide which is best for you.
What is Visa?
Visa is a global payments technology company that connects consumers, businesses, financial institutions, and governments to fast, secure, and reliable electronic payments. Visa-branded products and services are available in over 200 countries and territories. Visa’s intent is to provide cardholders with a product that is universally accepted, whether they are making a purchase or withdrawing cash from an ATM. Visa also offers a variety of fraud prevention tools and employs stringent security measures to protect against unauthorized use of Visa products and services.
What is Maestro?
- Maestro is a multi-national debit card service owned by MasterCard that was founded in 1992. Maestro cards are issued by banks and can be used at the point of sale locations to withdraw cash, make purchases, and transfer funds. Maestro cards can also be used online and over the phone.
- At the point of sale, Maestro uses the MasterCard network for authorization and settlement. Maestro debit cards are either contactless or have a chip that is read by an electronic terminal. Maestro has been active in developing countries where it offers an alternative to cash and cheques. In some countries, Maestro is the only debit card service available.
- Maestro also offers a mobile payment service called maestro wave which allows customers to make contactless payments using their mobile phones. Maestro cards are issued by banks and can be used at the point of sale locations to withdraw cash, make purchases, and transfer funds.
- Maestro cards can also be used online and over the phone. At the point of sale, Maestro uses the MasterCard network for authorization and settlement. Maestro debit cards are either contactless or have a chip that is read by an electronic terminal.
Difference between Visa and Maestro
Visa and Maestro are both payment processors that facilitate electronic transactions. Visa is a credit card company that issues cards and processes payments, while Maestro is a debit card network that enables customers to access their bank account funds directly. Visa cards can be used for online shopping, point-of-sale purchases, and cash withdrawals, while Maestro cards are primarily used for point-of-sale transactions. Visa also offers a variety of other services, such as fraud protection and travel insurance, that are not available with Maestro.
Conclusion
So, what are the key differences between Visa and Maestro? In short, Visa is a credit card company that offers loans to customers who need them, while Maestro is a debit card company. This means that with a Visa card you can borrow money from the bank and repay it over time, while with a Maestro card you can only spend money that you already have in your account. Additionally, Visa cards are accepted in more places than Maestro cards. Finally, because of their different business models, the fees that Visa and Maestro charge their customers also differ.
