what’s the difference from Mastercard and Maestro, why these two circuit exits and why Mastercard cards have 16 digits while Maestro have 15? (And respectively Visa from VisaElectron which are the the same but from another company)

Question

what’s the difference from Mastercard and Maestro, why these two circuit exits and why Mastercard cards have 16 digits while Maestro have 15? (And respectively Visa from VisaElectron which are the the same but from another company)

In: Economics

Answer 1

It might be hard because we blur the concepts in the United States with how we issue debit cards. But abroad, a credit card is a credit card, a debit card is a debit card, and neither the two shall meet.

Debit networks, like Maestro, require a PIN, and settle the transaction immediately.

Credit networks, like MasterCard, do not necessarily require a PIN (though it’s usually required outside the US), and settle the transaction a couple of days later.

In the US, we programmed our debit cards to run over whatever network was available for convenience. This is why you’re usually asked, “Debit or credit?” at checkout.