That changes for bank customers 
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End of Maestro card :That changes for bank customers
vonJan-Ole Kraksdorf
- Datum:
The payment service provider Mastercard abolishes the Maestro function. This changes a lot in the payment system - even if only in the background.
There are over 100 million Girocards in circulation in Germany. Starting next month, however, the issuing of EC cards with a Maestro function is to be discontinued.
- Post length:
- 1 min
- Datum:
The classic checkbook is hardly ever used anymore in Germany. Nevertheless, many Germans still talk about their check or EC card when they actuallymean the giro card. The "EC" stands for "Electronic Cash", i.e. electronic payment. After entering a pin or legitimating by signature, the money is debited directly from the account.
This is also possible through the payment systems of the credit card companies Visa and Mastercard. Which of the systems is used as so-called "co-badging" can be seen on the card by the "V-Pay" or "Maestro" sign. Above all, payments abroad are possible thanks to this cooperation. But even in Germany, some retailers or retail chains do not accept giro cards without "co-badging".
Credit cards are handy - especially abroad. What should be considered when deciding on a credit card? Where are costs lurking? Our moma service clarifies.
- Post length:
- 2 min
- Datum:
The giro card does not end with Maestro
Mastercard is now ending the Maestro function. Although the affected cards remain valid, payments abroad may no longer be possible. Banks and savings banks that have opted for Maestro are now offering debit cards with a Mastercard function as "co-badging".
The savings banks have issued around 46 million of the 100 million giro cards in circulation. According to the German Savings Banks and Giro Association (DSGV), each institute is free to decide how the exchange works. Up to 15 million new cards have already been issued.
Banks are closing more and more branches nationwide - including the Sparkasse. In the last three years, the bank has reduced its branch network in Germany from almost 9,000 to a good 7,700 Sparkasse locations.
- Post length:
- 2 min
- Datum:
Maps still work
The Volks- und Raiffeisenbanken usually replace their customers' cards when they have expired. Association spokesman Steffen Steudel says:
Customers don't have to worry. The cards work.
Steffen Steudel, Federal Association of German Volksbanks and Raiffeisenbanks
Many private banks do the same. Mastercard is reportedly extending the feature to allow for a smooth transition. If in doubt, customers should ask their house bank.
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The Girocard is theprobably the most common payment cardin Germany. According to the industry associations, there are 100 million cards in circulation. The Girocard is what is known as a debit card, which means that the amount paid is immediately deducted from the account. This keeps consumers in control of their finances.
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With the credit card you buy on credit. The transactions are collected on the credit card account. They are debited from the checking account once a month. A special form is the "Revolving Credit Card". Here, the credit card customer can leave part of the debt and have to pay it off at a later date. Consumer advocates warn of the danger of getting into debt.
Similar to the Girocard, some credit cards also have oneDebit function. Here, the money is deducted immediately from the credit card or checking account after payment. Users must therefore always ensure that their account has sufficient funds.
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Anyone who pays with their mobile phone or digital watch does so via an app. Behind this are service providers such as Apple Pay or Payback Pay or even your own house bank. Payment is made by scanning a barcode or QR code in the app on the respective device. As with the Girocard, the payment is immediately debited from the account.
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They have established themselves primarily in online shopping. Payment service providers, such as Paypal or Klarna, handle the purchase in an online department store reliably and often offer the option of paying in installments. Consumer advocates see the risk of a debt trap here. If many small amounts owed add up, there is even a risk of over-indebtedness. Hence the advice to always pay the amount spent immediately.
V-Pay is also expected to be discontinued
DieAlternative to Maestrowould be to switch to V-Pay from Visa. However, Rudolf Linsebarth, payment expert at the consulting company CGI, doesn't think that makes sense "since V-Pay will be discontinued in the foreseeable future". Another option would be to offer debit and credit cards separately. However, Linsenbarth is certain:
If banks give customers two cards instead of one, they are likely to charge extra for either one.
Rudolf Linsebarth, payment expert
Cashless payments have long been part of everyday life. So far, however, the market has been dominated by companies based outside the EU.
- Post length:
- 2 min
- Datum:
More plastic than cash
The shift in payment systems comes at a time when card payments are more popular than ever. "In the past two years - also accelerated by thePandemic- the number of card acceptances in the stationary market has increased significantly, so that it is now also possible in Germany to get through everyday life for the most part without cash," says Kilian Thalhammer, an expert for payment systems at Deutsche Bank.
An interim solution. Because in view of the growing popularity of mobile payment via smartphone or watch, the expert predicts an end to the "plastic card form factor".
Master-Aus - This is how expensive card payment is for retail
Payment giant Mastercard makes the Maestro logo disappear from the Girocard. The move could be expensive for retailers.
- video length
- 1 min
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