Cashless payments: Problems with debit cards from Visa and Mastercard - financial expert clarifies

Cashless payments: Problems with debit cards from Visa and Mastercard - financial expert clarifies

According to a report by www.merkur.de, more and more banks are introducing the debit card from the US companies Visa and Mastercard as a standard product, which is often intended to serve as a replacement for the Girocard. However, consumer advocates have reported numerous problems with the acceptance of debit cards. The new debit cards were sometimes not accepted, particularly in shops within Germany, in hotels, abroad or to receive cash at the checkout. Debit card owners have also reported acceptance problems to authorities, clinics, online retailers or the TÜV. Furthermore, functionalities such as age verification, the possibility of using the ChipTAN procedure or the option to open doors to self-service areas at banks are missing. After a consumer appeal, “problem descriptions” were received in 1745.

These issues can have a significant impact on the market and consumers. The introduction of Visa and Mastercard debit cards as a standard product could have a negative impact on customer satisfaction as the cards are not accepted in many situations and certain features are missing. This could lead to consumers resorting to alternative payment methods, which in turn could impact the revenues of banks and payment providers.

It is important that issuing banks take the issues of acceptance and lack of functionality seriously and find solutions to make Visa and Mastercard debit cards more attractive to consumers.

Overall, the increasing number of problem reports shows that the introduction of debit cards in their current form may not meet consumer expectations and further adjustments are required to ensure smooth acceptance and use.