MarketNew Girocard functions - this is planned

New Girocard functions – this is planned

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The blue and red Maestro logo will be removed from Girocard from July 2023. But new uses are on the way. More details are now known.


Girocard will receive additional functionality. It has been announced by the Federal Association of German Banks (BdB) as the current leader of the German banking industry. Henriette Peucker, deputy general manager of BdB, said:

This includes the possibility of making a deposit, for example, when booking a hotel room or rental car.

Henriette Peucker, German Banks Association

Peuker continues: “Also about constantly bringing Girocard to the smartphone and opening it for in-app payments.”

When exactly the new functions will arrive, Peucker left open: “It’s not the time to give a definitive schedule yet. Preparations are underway.”

But should consumers expect Girocard’s additional functionality to come at a cost to them? “Each institution decides its own product and pricing policy,” replied Peucker, while also adding: “Payment functions are competitive, there are alternatives for customers. Everyone is aware of that.”

Girocard is the most used debit card.

The Girocard, still called the “EC card” by many, is by far the most widely used bank card in Germany, with 100 million copies printed. Girocard is used to make more than 17 million payments per day, and 42 percent of retail sales in Germany are paid in this way.

But the competition is fierce: Apple Pay and Google Pay, for example, also enable contactless payments via smartphone at the checkout, and the US company Paypal is also very popular with users for online payments in Germany. Peucker stressed that this is about closing the loopholes in the Girocard system.

Maestro logo disappears

The removal of the Maestro functionality, a proposal from Mastercard, will take effect on July 1, 2023. The credit card provider Mastercard justified this step because, among other things, cards with the Maestro function are not compatible with many online portals. .

Until now, endorsement card holders with the blue and red Maestro logo have been able to use this card abroad for payments and withdrawals without any problems. According to DK, banks and savings banks are now either choosing new partners to use Girocard abroad or have already changed the function.

Online payment methods are on the rise

German banks and savings banks also want to make their payment offers more attractive by integrating Girocard into a common online payment process. Summing up the current state of the matter, Peucker said, “The technical preparations have been completed and the offer is now available to customers.” “The first retailer is already offering.”

Source: ZDF

Ben
Ben
I am Ben Stock, a highly experienced professional with over 7 years of experience in the news industry. I specialize in market section writing and have published numerous high-quality articles on various topics under my name. My passion for journalism has helped me to develop an in-depth understanding of the industry, enabling me to stay up-to-date on all the latest trends and developments.

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