Who knew a rectangle-shaped plastic card could be so valuable? Yet, in the digital age, debit cards have become a necessity like no other, and for good reasons!

With a debit card in hand, you can pay utility bills, withdraw cash from any ATM across the country, or simply transfer money when needed. There’s no stress of carrying bundles of cash or them getting torn or stolen during a journey. Which is why, over the years, different types of debit cards have been launched in the market to offer better services.

Nowadays, you can find a variety of debit cards for every need. But which ones fit the bill? Let’s take a closer look at the best types of debit cards available to Indian consumers to compare and contrast.

All types of debit cards in India

Most Debit cards in India depend on the category of payment platform linked to the card. Some of the widely available Indian bank debit card types are listed below.

#1 Visa debit cards

Most Visa debit card types are accepted globally for online and electronic transactions. All the Indian banks that have partnered up with the international Visa payment system network offer this card, and its ATM network is found both in India and overseas. The numerous Visa debit card types come in diverse patterns and designs.

People profit from this Indian bank debit card type by choosing one of the subcategories of cards:

·         Visa Classic Debit Card

·         Visa Gold Debit Card

·         Visa Platinum Debit Card

·         Visa Signature Debit Card

·         Visa Infinite Debit Card

These are the most common visa debit card types issued by banks. Each card has its distinct characteristics. All the Visa debit cards except the Visa Electron Debit card will allow you to avail overdraft facility. Further, Visa offers various types of debit cards. Gold and platinum are two of them. Both the variants offer separate facilities and benefits.

#2 RuPay debit cards

This form of debit card is available all over the country, particularly in rural areas. And has comparatively lower transaction charges since it is a locally originated card. This Indian bank debit card type is only accessible in India and a few locations outside India.

●       All significant public and private sector banks issue RuPay debit card types, which are more flexible than their competitors.

●       Jan Dhan Yojana bank accounts issue RuPay debit cards to its customers.

●       RuPay has several types of debit cards like gold and platinum, among other subcategories. Each variant has its own set of advantages and benefits.

●       They are accepted at all ATMs, POS terminals, and most online shops throughout the country.

●       With the Premium RuPay debit card type, you get 5% cashback when used to pay your utility bills, and it also provides accidental covers.

#3 Contactless debit cards

Among the different types of debit cards, this one may grow more popular in the coming years. As per RBI reports, more than 60% of debit card transactions are below Rs. 2000. So, swiping or using a PIN for small amounts can be risky. Contactless debit cards allow users to make payments by simply waving their cards over the POS machine.

These are the best types of debit cards from a safety perspective because they do not require you to hand over your card to anyone, use the pin in public, or share your card details with retailers. They use sophisticated chip technology and multiple levels of encryptions to maintain safety.

#4 EMV chip cards

Earlier, all different types of debit cards had their transaction information encoded in a magnetic strip. However, they were prone to card skimming, where hackers can steal financial data through the magnetic strip when you swipe it at an untrusted PoS, swipe machine, or ATM.

To make debit card transactions more secure, the EMV chip cards were introduced. These types of debit cards have embedded microchip processors that hold your financial information in an encrypted format. These microchip processors are linked to your registered mobile numbers, and you can set up two-factor authentication for an added layer of security. So, each time a transaction goes through, you will get a unique code on your mobile phone. This is a one-time password, which expires in a few minutes.

You can use EMV chip cards at PoS terminals that are designed for magnetic stripe cards and do not have EMV compatible features. However, in this case, these transactions will lose their chip security.

To sum up

All types of debit cards are designed to add to our convenience and comfort in our daily lives. After all, accessing funds quickly and making instant payments is a requirement in today’s world. Before determining which debit card best matches your needs, you must research and compare the different types of debit cards.

Take time to review the variants, read about their perks and benefits, and pay special attention to the associated fees. Especially for premium types of debit cards (gold and platinum). So you can make a worthy choice.

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