Millions of Maestro debit cards will be replaced in the Netherlands from mid-2023. Payment institutions Mastercard and Visa are working on new technology that will change Maestro and V Pay into Debit Mastercard and Visa Debit.
Payment cards will look like credit cards due to this new technology, making it easier to use them for online payments, the Dutch Payments Association reports.
In a statement, MasterCard announced that it would discontinue Maestro. The company assures that cardholders do not have to do anything. Once the card expires after July 1, 2023, the bank will send a new debit card that works the same way.
Maestro is the most widely used payment standard in the Netherlands. The current system works well for in-store payments, but the technology was not designed for online payments. Even abroad, the card doesn’t always do what it’s supposed to do. Your new debit card must change this.
From next year, there will already be payment terminals in the Netherlands that will accept new cards, in most cases this is a software update. This is because permits are already in use in a number of other European countries, such as Germany and Belgium. These cards will also soon be accepted in the Netherlands, which is good for these card holders.
ING says it is still investigating what this news means for ING and its customers.
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