How many types of debit cards are there?

Types of debit cards in India

The types of debit cards in India depend on the type of payment platform linked to the card.

Visa Debit cards: Visa debit cards are regarded as the most globally accepted debit cards for all kinds of online and electronic transactions. Such types of debit cards are issued by banks that have tied up with the international Visa Payment System network. Online transactions take place through the secure Verified by Visa  payment platform. The cardholders also have an overdraft facility.

There are different types of Visa Debit cards. Usually, banks issue Visa Classic Debit Card, Visa Gold Debit Card, Visa Platinum Debit Card, Visa Signature Debit Card, and Visa Infinite Debit Card. Each card has its own unique features.

The VISA ATM network is spread throughout India and abroad.

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.

MasterCard debit cards: MasterCard debit card fall within the popular types of debit cards. MasterCard is one of the world’s most accepted forms of electronic payment. With a MasterCard, you can access your savings or current account through the company’s Secure Code payment platform.

The World Debit MasterCard, the standard debit card and the enhanced debit card are some of the most popular types of MasterCard debit card. These debit cards are particularly popular for their service and excellent customer support. MasterCard also offers a host of  excellent benefits and a rewards program.

Contact less 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 contact less 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. Contact less 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 contact less debit card services.

RuPay Debit cards: RuPay debit card was introduced in India. Such types of debit cards are issued under a domestic debit card scheme by the National Payments Corporation of India. These cards are accepted only domestically. RuPay debit card can be used to make a variety of domestic transactions: you can pay for purchases on online and retail outlets as well utility bill payments.

These debit cards were especially launched to provide electronic access to bank accounts to the people who reside in smaller towns and villages.  RuPay debit cards are issued by all major public and private sector banks.

RuPay is a great alternative to both MasterCard and Visa. The low transaction costs and easy availability even in rural areas makes RuPay an attractive option.