Visa Electron is a debit card available in most parts of the world, with the exception of Canada, Australia, Ireland, and the United States. This card was introduced by Visa in 1985 and is a sibling card to Visa Debit card. The difference between Visa Electron and Visa Debit is that payments with Visa Electron require that all funds be available upon transfer, ie Visa Electron card accounts are usually not excessive. Visa Debit cards, on the other hand, usually allow transfers to exceed the funds available to some extent. Some online stores and all offline terminals (such as on trains and airplanes) do not support Visa Electron because their system can not check the availability of funds.
Video Visa Electron
Detail
In various regions, cards are issued with different specifications. For example, one bank may issue a Visa Electron debit card, while another may issue a credit card. This is most often issued as a debit card. Example of Visa Electron Credit Card is a Vevo Saving Account issued by BisB in Bahrain; where card holders can store as much as they want and withdraw according to their premise.
In addition to debit facilities, the card also allows the holder to withdraw cash from an automated teller machine (ATM) even outside the country where the cardholder resides like an ordinary ATM card issued in several countries. This is because the Visa Electron card is also connected to the Visa PLUS interbank network. Although cards are not available in the United States, they can be used to transfer funds from other countries.
In the UK cards are not widely accepted as Visa Debit cards. By 2015, most British banks have migrated away from Visa Electron - from major banks, all offering some form of Visa Debit in place of Visa Electron cards. Lloyds TSB (now Lloyds Bank and TSB), Barclays, Halifax Bank, Santander, and The Co-operative Bank previously issued a card - all now moving to an "all official" Visa Debit card for basic account holders.
In countries that have strict criteria for issuing credit cards, Visa Electron has become popular among young people and students. Because each transaction requires funds to review, the account can not be redeemed. Therefore, the bank will issue Visa Electron cards to customers who may not qualify for credit. In some cases, especially in the UK, rather than issuing electrons to customers who should not be allowed overdrawn, the bank will issue a Visa Debit card requiring online authorization for each transaction but otherwise following the Visa Debit processing rules. This may cause these cards to be denied where Visa Debit cards allowing off-line use will be accepted, for example at gas stations or onboard trains.
Maps Visa Electron
Design
Visa Electron logo, usually in lower right. Most Visa Electron cards do not have dove hologram like on Visa credit and debit cards, but some banks do include it.
Card number and validity and name of card holder are printed not embossed, so card can not be used in card stamp - for card transactions now, this card requires magnetic stripe reader, chip reader and PIN or contactless payment terminal.
References
External links
- The BBC article in Halifax turned to Electron, May 15, 2004
Source of the article : Wikipedia
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