Choose from different types of debit cards based on your needs
The banking sector of India has undergone an impressive digital revolution in the last two decades. This change began with the invention of the debit card. Also known as plastic money, this card serves multiple purposes – it serves as an ATM card for anytime cash withdrawals and can be used to make online and retail store payments. Let us look at the different types of debit cards available in India.
Perhaps the most common type of debit card in India and abroad is the Visa debit card. These cards are accepted globally for all kinds of online payments and electronic transactions. Banks which have tied up with Visa’s international Payment System Network provide Visa cards. When you swipe your Visa card, your online transaction is completed via a secure payment platform known as Verified by Visa. Most banks in India typically provide the classic visa electron debit cards, which is a type of Visa card.
While MasterCard debit cards are also incredibly popular, their network is not as widely spread as the Visa network. That said, most of the major banks in India are tied up with the MasterCard network. You can use the MasterCard debit card to pay for domestic and international online transactions, and the payments are processed via the SecureCode Payment platform. MasterCard is renowned for its excellent customer support network and a fantastic reward and cashback programs.
Introduced by the National Payments Corporation of India under the domestic debit card scheme, RuPay debit cards are only accepted in India. You can use this type of debit card for all kinds of domestic transactions like paying for online purchasing, swiping the card at retail outlets and paying your utility bills. The NCPI introduced RuPay with the aim of providing electronic access to the most rural and interior parts of India. RuPay cards also come with special benefits like accidental insurance. These cards are typically issued by Indian banks in the public sector.
Today, banks issue a unique type of debit card – the contactless debit card that allows you to make payments without swiping the card. You can complete faster transactions with contactless debit cards that work on the Radio Frequency Identification (RFID) or Near Field Communications (NFC) principle. Your card gets connected to the PoS terminal through these technologies, thereby enabling you to make secure electronic payments.
Typically, banks issue debit cards randomly. You do not get a choice of the type of debit card offered to you. In some cases, you can request for a specific type of debit card. For instance, if you wish to use the debit card abroad, you can request Visa or MasterCard in place of the RuPay debit card issued by your bank. Use your debit card to make all kinds of online and offline payments conveniently.
Happy shopping with the DBS Bank debit card! Download the app to open your digital savings account instantly and get your debit card!
*Disclaimer: This article is for information only. We recommend you get in touch with your income tax advisor or CA for expert advice.