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Maestro vs Mastercard: What Is the Difference Between Them? Share:
Maestro and Mastercard are both widely recognized bank cards, commonly used for making purchases and withdrawing cash from ATMs. Confusion between the two is understandable. Maestro is a debit card product introduced by Mastercard in the 1990s, allowing users to spend only the funds available in their bank accounts. In contrast, Mastercard has much broader functionality. Understanding these differences helps consumers choose the right card for their needs. Continue reading to learn everything you need to know about these card products
Maestro and Mastercard are both payment products from the same company, but they serve different purposes and offer different coverage. Maestro is primarily a debit card, while Mastercard can be both debit, credit, and prepaid. Over 400 million Maestro cards have been issued in nearly 200 countries. Meanwhile, the Mastercard network is twice as large as Maestro. Statistical information shows that over 1 billion MasterCard credit and debit cards are currently in circulation. Let’s take a close look at the key differences.
Maestro is a debit card issued by Mastercard. It’s linked directly to your bank account, and the money is transferred immediately after a transaction. Every payment made with a Maestro card requires your PIN or signature. The card gives you access to the Mastercard Cirrus ATM network, one of the largest in the world. Maestro cardholders can withdraw cash from ATMs in different parts of the world. They can also make purchases online, offline, and over the phone.
Mastercards can be issued as a debit, credit, or prepaid card. They also offer more flexibility and better coverage, especially for online transactions. Payments made with a Mastercard must be authorized by entering your PIN or signature. In addition, these credit cards often come with rewards programs and added protection for online purchases. Global acceptance makes them perfect for international businesses.
Many consumers think that Maestro is the same as Mastercard, but that’s not the case. Despite being issued by the same company, Maestro can’t be used as Mastercard. The differences in functionality, global acceptance, and usage make them separate payment products.
Mastercard closed the Maestro debit card system on July 1, 2023. Despite millions of cardholders across the world, the card didn’t manage to adapt to the market’s demands. Maestro’s limited capabilities to process online transactions negatively influenced the convenience of use. To align with modern payment trends, the Mastercard network has replaced Maestro with Debit Mastercard. As a result, earlier Maestro card and Mastercard are going to become the same product.
The switch will help consumers manage their e-commerce transactions. Similar to Maestro, Debit Mastercard will offer the same direct access to linked bank accounts but provide better coverage and flexibility through the Mastercard network. The transition process will continue until the end of 2027. Those who have active Maestro cards can use them until their expiry date. However, consumers may face a problem with payments since some stores have already stopped accepting these cards. Maestro cardholders should remember that all new cards, renewals, and replacements are not managed by Mastercard.
Debit Mastercard promises to become the most popular payment method on the market. Consumers will have an electronic record of every transaction, which helps them manage their funds effectively. Here are the primary benefits to consider:
Convenience. Debit Mastercard is supported by most businesses worldwide, including shopping malls, restaurants, and hotels. You can also use this type of card to pay your bills.
Security. Debit Mastercard can be safely used offline, online, and over the phone. You don’t have to worry about unauthorized purchases made without your consent thanks to Zero Liability Protection.
Customer support. If your Debit Mastercard is lost or stolen, you can report it to customer support 24/7. You can also get assistance with finding the nearest ATM and answering card-related questions.
Extra services. Debit Mastercard offers a lot of extra services to praise cardholders. For example, you can request a personal, dedicated meet-and-greet agent to escort you through the airport in different countries.
ID Theft Protection. Debit Mastercard may receive an extra layer of protection for free. With the activation of ID Theft Protection, you can monitor your credit file for suspicious changes and receive alert notifications to be aware of potential risks.
Maestro Card vs Mastercard are both payment products issued by the same company. Nevertheless, they serve different purposes and offer various levels of global coverage. While Maestro remains an active payment method, it is transitioning fully into the Mastercard network. The new Debit Mastercard promises an even better online payment experience for consumers in the future. Spending any amount of money with the new card will be fast and easy in any part of the world.
