Established in 1992, Maestro is a multi-national debit cards provider that is currently owned by MasterCard. Maestro debit cards are acquired from their associate banks and can be linked to the card holder’s current account. Maestro debit cards can be used to make transactions at any Point of Sale (POS) terminal that features the MasterCard/Maestro logo. The transactions thus made need to be authorised by the concerned card provider bank which ensures that the customer has adequate amount in his/her account to complete the transaction. Cardholder also has to confirm the transaction by entering a 4 digit PIN to authorise the transaction. Maestro is MasterCard’s main debit brand which is similar to VISA debit cards. In most countries, Maestro cards are viewed as MasterCard’s tertiary cards which require payment authorization like a regular debit card. Maestro debit card transactions are secured with chip or magnetic stripe which links to the information on the respective card provider bank which approves the final transaction. Based on this encrypted information, a POS transaction is authorised.
About Maestro Debit Cards
Most of the major banks issue maestro debit cards to its customers and Maestro cards are accepted at over 1.5 crore POS terminals. It is one the most popular PIN debit cards in terms of payment security and usage. Maestro debit cards are widely accepted at over 13 million merchant outlets across India as well as at over 100 countries worldwide.