Types of Debit Cards in Indian Banks www.deekpay.com

According to a report released by Statista, a German consumer and market data research firm, in December 2021, over 590 million ATM transactions and nearly 358 million point-of-sale transactions were made through debit cards across India. Debit cards have simplified the payment process. It eliminates the need for cheques and long queues at banks to collect cash. Although UPI The growth over the past few years has been phenomenal, but debit cards still have a place as a premium payment method. Moreover, users can make international and domestic transactions in seconds through debit cards. Below are the types of debit cards issued by domestic banks in India and their features.

Different types of debit cards in India

Visa RuPay MasterCard Maestro Card Contactless

Here are the most commonly used debit cards in India:

1. Visa

Visa Debit Card is a popular debit card brand issued by Visa. The bank issues this card in association with Visa Inc. Due to the company's wide reach, it is one of the most accepted electronic payment cards in the world. These cards operate through the Visa Payment Systems network, which offers strong security and 24×7 customer support.

Account holders can use many types of Visa debit cards, including:

Visa Classic Debit Card Visa Gold Debit Card Visa Platinum Debit Card Visa Infinite Debit Card Visa Signature Debit Card

2. RuPay

The National Payments Corporation of India (NPCI) has launched RuPay, which is part of India's debit card programme. The main objective behind it is to introduce India's own multilateral open card payment system in the country.

Prior to the launch of RuPay, individuals had to pay significant transaction costs as the debit card market was largely dominated by international card companies. However, RuPay has helped reduce the cost of domestic transactions to a large extent.

Below are the various types of RuPay debit cards:

RuPay PMJDY debit card RuPay Mudra debit card RuPay Platinum debit card RuPay PunGrain debit card RuPay Classic debit card RuPay Kisan debit card

3. MasterCard (Debit MasterCard)

MasterCard debit cards are powered by MasterCard and are widely accepted worldwide. These debit cards are known for their fast service and offer many advantages that vary depending on the type of card. Some of the common advantages include cash withdrawals, reward points (depending on the type of card), uninterrupted banking services, access to the user's bank account from anywhere in the world, and more.

In addition, similar to Visa and Maestro, users can use these cards to withdraw cash from ATMs worldwide and make cashless transactions at any merchant or e-commerce site.

Below are the types of MasterCard debit cards issued by the bank:

Standard Debit MasterCard World Debit Mastercard Platinum Debit Mastercard World Debit Mastercard

4. Maestro Card

Powered by MasterCard and first introduced in 1991, Maestro debit cards can be used for in-store payments as well as cash withdrawals from ATMs. So how are these cards different from MasterCard debit cards? Until a few months ago, there wasn't much of a difference except that the MaterCard debit card could also be used as a credit card. However, according to recent reports, MasterCard has decided to replace the Maestro card with a debit card from 1 July 2023 onwards.

5. Contactless (contactless debit cards)

Contactless debit cards have an inbuilt smart microchip that can be scanned by radio waves. They work on the same principle as employee time cards. When the user waves the card over the machine, a fast, secure transaction is made. However, the user needs to place the card close enough to the merchant's RFID reader.

These cards are considered to be a safer alternative to traditional debit cards as the user does not have to hand over the card to the cashier or enter a PIN code to make a transaction. These debit cards are issued by some of the leading banks in India and are also available at some of the well-known multi-brand outlets.

Top Indian Banks Offering Debit Cards

Debit cards India are one of the most widely used payment methods. However, since most banks offer different types of debit cards, it is important to choose one that offers the most benefits and privileges.

Here are some of the top banks that offer debit cards:

1. State Bank of India (SBI)

SBI offers a wide range of debit cards to cater to the needs of a wide customer base. The bank also offers 3D security services and has partnered with MasterCard and Visa to provide secure transactions.

Some of the popular cards issued by State Bank of India include:

Silver Debit card Pride card Platinum International Debit card Gold International Debit card Global international Debit card

2. HDFC Bank

HDFC Bank Debit Card offers several benefits and cashback offers when used for transactions. Additionally, users can make purchases with this card by availing the EMI schemes offered. HDFC Bank also offers free health insurance on the premium card.

The bank issues a variety of cards including:

Millennia Debit card EasyShop Platinum Debit card Times Points Debit card RuPay Premium Debit card EasyShop Gold Debit card

3. Axis Bank

Axis Bank debit cards offer rewards and points for a variety of international and domestic transactions. Users can also earn vouchers and access to VIP lounges at airports, depending on the type of card they have.

Axis Bank offers various types of debit cards including:

Priority Debit card Prestige Debit card Value Plus Debit card Titanium Debit card Senior Citizen Gold card

4. ICIC Bank (Industrial Credit and Investment Bank of India)

ICICI Bank offers a wide range of debit card types that provide additional discounts to the catering industry. Users can also earn reward points and shopping vouchers for purchases made through debit cards.

The bank offers the following types of debit cards:

Signature debit card Titanium debit card Woman's debit card HPCL debit card Platinum chip card

5. YES Bank

Yes Bank offers a wide range of debit cards, free gift cards for online shopping and more. The bank also offers highly securePayment Gateway, to prevent cyber theft and fraud.

Below are some of the most recognisable bank debit cards issued by Yes Bank:

Premia World Debit card Prosperity Titanium Plus Debit card Prosperity Titanium Debit card RuPay Kisan Debit card PMJDY RuPay chip Debit card

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