Where did the rumor come from? Mastercard has announced that it will gradually discontinue the Maestro payment method from July 1, 2023. This announcement could mean major changes for the Girocard (colloquially known as the EC card), with some even predicting its demise. But is that the case? Let’s first take a closer look at the various payment methods.
Maestro, VPay & Girocard explained
The Girocard is the most popular payment method among Germans in terms of turnover. Over 42% of all sales generated in stationary retail stores are paid for with the Girocard. Over 100 million EC cards are in circulation throughout Germany. If you take a closer look at your EC card, you will usually see a Maestro or V-Pay co-badge alongside the familiar Girocard logo.
Maestro explains
Maestro is an international debit card service from Mastercard that enables cashless payments worldwide using a Maestro card and the use of ATMs with the Maestro logo in the form of a payment card. Maestro is required so that you can use your German Girocard to make payments abroad.
V-Pay explained
V-Pay is Visa’s answer to Maestro. In terms of functionality, the card is almost identical to Meastro, but is mainly only used in Europe.
Girocard explained
Girocard has been the correct name for the often so-called “EC card” since 2007. It is a joint product of the German banking industry and is often issued by banks as a standard card. When paying with a Girocard, the money is debited directly from the account. It is also used to withdraw cash. Over 97% of all Germans have a Girocard. The Girocard is very popular with many merchants as it only costs a very small fee per payment for POS cash service – currently significantly less than for credit card payments.
