Visa Debit

What is a debit card?

Visa Debit cards function exactly like any Visa card but they provide direct access to funds in a cardholder’s deposit account rather than a line of credit.  With Visa Debit, cardholders exercise the choice to “pay now,” compared with Visa credit products, which allow cardholders to “pay later.”  This means that for a debit card to work, the cardholder must already have the money in his account to cover the transaction.

The success of debit

The success of Visa Debit means that more individuals are tapping into the power of Visa for transactions anytime and anywhere. 
 
At the end of December 2004, Visa Debit card volume grew 19 percent over the previous year, reaching US$1.75 trillion and surpassing global Visa credit volume of US$1.44 trillion.  There are now more than 815 million Visa Debit, Electron, Interlink and PLUS cards currently in use around the world with 159 million debit cards in circulation in the Asia Pacific region.

How it works

Visa Debit can be used to purchase goods or access cash in all types of merchant environments, from typical retail transactions to mail, telephone and Internet transactions.  When using the card, cardholders must verify their identity by signing a receipt at the point of sale, or by entering their personal identification number (PIN).

Visa product extensions

Over the last couple of years, market forces have created new demand for products based on the Visa Flag platform with greater risk control features.  Market forces driving demand include the rapid growth of debit card volumes at the point of sale, and the need to offer payment solutions to higher risk customers.Visa has responded to these market needs by launching the unembossed Visa Flag card.  This product combines the powerful acceptance and usage features of the traditional Visa Flag mark with the convenient issuance and enhanced risk management features of the unembossed card.

	Unembossed Visa - introduction Account details on the unembossed Visa card are printed rather than embossed (raised). When used for transactions where the card is present, the unembossed Visa card product is intended for use with online payment terminals that can instantly request issuer authorization, providing additional protection to cardholders and financial institutions. In cases where an online terminal is not available for authorization of a cardholder transaction, existing procedures for off-line, paper-based, or call-in authorization may be used.

Click here for frequently asked questions on the unembossed card.