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End for debit card? Maestro feature will be phased out in 2023 - that's what it means

2022-11-29T11:39:31.487Z

"EC card before the end": This message is haunting in many media. From 2023 this should be over. But: This only means the Maestro function. But how do I make cashless payments abroad?



"EC card before the end": This message is haunting in many media.

From 2023 this should be over.

But: This only means the Maestro function.

But how do I make cashless payments abroad?

For many it is indispensable for daily shopping: the EC card.

Alongside cash, it is still one of the most popular means of payment in this country.

After all, it's so practical: If you don't have any banknotes to hand or you've forgotten to withdraw money, you can simply pay with your plastic card in many shops.

But for some time now, reports have been piling up that the EC card is about to be phased out.

Accordingly, it will be abolished in 2023.

Bank card with Maestro function will be phased out in July 2023

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Cashless payments with a bank card with a Maestro function will only be possible to a limited extent from 2023.

© Ute Grabowsky/Imago

For many shopping friends that would be absurd.

But as it turns out, this is not the giro card per se, but the Maestro function.

EC cards that are equipped with this can be recognized by the two interlocking blue and red circle symbols and the “maestro” label underneath.

This enables owners to withdraw money worldwide and make cashless payments and is a service of the US group Mastercard.

Competitor Visa has a similar product on the market, the V-Pay feature.

However, this can only be used within Europe.

NEWS: On July 1st, 2023 the time has come - then our #Maestro will go into well-deserved retirement.

You can find out how things will continue afterwards and what role our #Debit-#Mastercard will then play here: https://t.co/AyFWjc8p7a #MastercardInnovates

— MastercardDE (@MastercardDE) October 20, 2021

But since Mastercard wants to discontinue its service, the Maestro function will disappear from mid-2023.

How do I still pay abroad?

Many banks offer credit or debit cards for this, either free of charge or for a fee.

It is therefore advisable, before you decide to apply for a credit card, to compare providers and their conditions in advance.

But: Bank cards with a Maestro function have the advantage that the amount due is debited directly and promptly from the account.

With many credit cards, on the other hand, the debit or billing takes place later.

Euro, dollar or yen: These are the currencies worldwide

Euro, dollar or yen: These are the currencies worldwide

Maestro function will be abolished in 2023 - note the expiry date of the EC card

After all, if you have a bank card with a Maestro function that does not expire until after July 2023, you can continue to use it.

This is then valid until the end of its expiry date, which is stamped on the card.

But by the end of 2027 at the latest, it should finally be over and the function should be completely discontinued.

However, it is up to the banks themselves whether they want to switch them off before the official date.

However, they will not do this overnight, but will inform you about this and alternatives in writing.

List of rubrics: © Ute Grabowsky/Imago

Source: merkur

All life articles on 2022-11-29

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