Does anyone know why my bank has decided to switch my debit card from Visa to Mastercard?
Is there some financial incentive for banks?

Its already a done deal, just wondering why they suddenly switched?
They say its for added security but banks operate to make money, is there a real story to this or is Mastercard actually more secure than Visa?
If so, what does that say about Visa?

Hiya tom
My understanding is that both visa and MasterCard are just payment methods . They make money by charging retailers . Card interest rate and fees are issued by the bank and can be dependent on foreign currency exchange rates , the current financial market and which bank you use . Might pay to check what other local banks are offering for both cards . Check also the incentives/ rewards programmes and the actual bank fee you will be charged .

Thanx, like I said, its already a done deal.
Thing is, I have another bank with a Visa debit card.

If it is a security measure I wonder why one bank switched but the other has not?
According to the bank that switched, it was for better security for me.
Probably the 'customer feel good' blanket statement.
I'm wondering if there is actually something else going on and the blanket statement is to set the customer at ease about the change?
Does one bank know something the other does not?

Understand the bank that changed has given me great service for the last 10 years on the Visa platform.
The other bank has given me great service for the last 5 years on a Visa platform.
Its the sudden change that has me pondering the security of the Visa platform.
Does Visa have a "hole" in their security that one bank knows about but the other does not?

I ask because I am not very financially bright.
There are many things happening in the financial world I do not grasp.
Should I suspect the security of my Visa debit card?

I read an article tom that said the USA was behind other countries as it was really slow to implement the EMV microchip system ( apparently designed by PayPal , visa and MasterCard ) . Do you use a verification pin and microchip or is your card the swipe and sign type .

From what I read visa and MasterCard offer similar securities .. and both offer zero liability for the cardholder in event of fraud ., however identify theft is also of concern and perhaps banks are working on ways to minimise that .
As I understand .. when fraud happens someone has to wear that cost .. either the issuer (bank) or the merchant retailer who accepted the transaction .

really don't think there is much difference security wise between visa and MasterCard as they use the same encryption system . If the bank clIms there is increased security ask them What it is ., tell them blondey wants to know

My Debut card is a VISA through my bank which is US Bank (love that bank).
I haven't had credit cards for several years but I haven't heard anything about it.

I think it is because you look a bit shifty

at a guess without digging tom i would say it's prolly the back end rates between the bank and the card company that encouraged the change

Tom...i recently encountered retailers who refused to accept my visa card...it still puzzles me...and i don't have a clue what's going on behind the financials curtains...luckily i have both mastercard and visa...

Not really.
I don't know what bank you use.

For all I know your bank was bought out by a bigger bank and they are standardizing to mastercard. And that is why they say "security."

Or you're with a big bank and they bought out a bunch of smaller banks and all the smaller banks use a similar system.

Or your bank used mastercard 20 years ago, developed systems that work with mastercard, then switched to visa for greater financial concessions, and now switched back.


Yes. Visa and Mastercard compete over banks.


Pretty much any question, and simply a safe assumption, that starts with "why do they? Why don't they?" in regards to any business or government can be answered with "money."


That doesn't mean it's the only reason or even the main reason.
Any business for any change can pretty much come out and say anything they can back up by any minimal means.
Kind of like "oh no, it's not that I'm not attracted to you...uh...I just don't want to ruin our friendship."

A bank is not going to come out and tell customers "we are putting you through this for our own selfish profits."


Nothing.
At least not without more information.
There's a big difference between "our bank transaction and security systems are based on a similar framework that mastercard uses, so standardizing systems to interact and operate in an integrated manner allows for greater security" vs. "mastercard uses beta x0.395 security software, visa only uses sg53monkeysauce95!"