Debit MasterCard is a
debit card with the
MasterCard logo embossed on it. The
Debit MasterCard market is gradually gaining ground snatching away market stakes from visa.
In an effort to target higher income groups Visa is losing considerable market stake to MasterCard.Debit MasterCard has made itself available to common men and women all over the world irrespective of which income strata they fall into.
The Debit MasterCard is used as an alternative method of payment. Everyday small retail transactions can also be performed with the help of Debit MasterCard.
The various steps followed in carrying out a transaction with a Debit MasterCard is summarized below.
Bank issues the Debit MasterCard:
A bank issues the Debit MasterCard to it's customer. The Debit MasterCard can be availed either by applying for the Debit MasterCard online or by visiting the nearest bank. An annual fees is deducted for retaining the Debit MasterCard. This annual fees may differ from bank to bank depending on the policies adopted by the respective banks.
Debit MasterCard holder:
The Debit MasterCard holder purchases goods from a retail merchant.
The merchant accepts the Debit MasterCard at his shop's terminal.
An authorized member acquires the details of the transactions which have taken place from the retailer, processes the requests and transaction details and carries out the financial settlement for the retailers.
MasterCard gives license to different financial institutions and members who in turn work for MasterCard.
The Debit MasterCard can be used as an alternative to writing cheques. Terminals accepting the Debit MasterCard can be used for:
shopping for any goods including grocery
booking airlines, railways, concert, movie tickets
depositing and withdrawing money from ones account.
Accessing all ATM terminals having the MasterCard logo.
Checking ones account balance.
Once the transaction is done with, the amount spent for the purchase is directly deducted from the account of the Debit MasterCard holder.