The Maestro debit card that many of us have in our purses and wallets its set to change its name from 1 July. The name change to Debit Mastercard will also make it easier to use for online payments and will mean that the card will be able to be used in twice as many shops, bars and restaurants abroad than is currently the case with the Maestro debit card.
Existing Maestro cards will be replaced with Debit Mastercards once they expire. Maestro card holders need to take no action and their debit cards will still function after 1 July until their allotted expiry date.
However, if your Maestro card is soon going to expire you will be issued with a new Debit Mastercard. The Debit Mastercard enables you to make both contactless and pin code payments and withdraw money from ATMs, as is currently already the case with Maestro. However, the new card is accepted by a far greater number of online vendors as well as many more vendors abroad than is the case with Maestro.
Henri Dewaerheijd of Mastercard Benelux told VRT News that "Wherever you can shop online, a every e-commerce outline, the Debit Mastercard will become standard.
“The card will also be more widely accepted both within and outside Europe. The card will be valid in twice as many stores as is currently the case with the Maestro network and will be in use at than 100 million locations worldwide."
Revolutionary, but not for the digital age
"Maestro was launched in 1991 and was quite revolutionary at the time because the card enabled secure payments in serval European countries. It became the best payment method for consumers, also when they were travelling," Mr Dewaerheijd said.
"However, Maestro was developed for use in physical stores and is not designed for the digital age. The card isn't accepted everywhere online, and if it is you have to enter a verification code that is not on the card, so the transaction ultimately falls through," Me Dewaerheid added.
From 1 July Mastercard debit cards will be issued to new account holders, while those with existing accounts will see their Maestro cards replaced with Mastercard Debit Cards once they expire. In 5 years there will be no more Maestro cards in use in Belgium.
In the meantime, Maestro will still be able to be used for payments. Vendors that are currently unable to accept Mastercard payments will need to contact their bank to ensure that this is rectified before the new cards enter circulation.