Visa Debit
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| Product type | Debit card |
|---|---|
| Owner | Visa Inc. |
| Country | United States |
| Related brands | Visa Electron |
| Markets | Worldwide |
| Tagline | "Everywhere You Want To Be" |
| Website | www |
Visa Debit is a major brand of debit card issued by Visa in many countries around the world. Numerous banks and financial institutions issue Visa Debit cards to their customers for access to their bank accounts. In many countries the Visa Debit functionality is often incorporated on the same plastic card that allows access to ATM and any domestic EFTPOS networks.
In many countries the Visa Debit functionality has been added to existing ATM cards to allow customers to use the card for internet and point of sales transactions.
In Canada, virtually all domestic debit card transactions are processed over the Interac network, though several financial institutions have also permitted PIN-based ATM transactions internationally over the Visa-owned Plus network. However, Interac's dominance has left little room for alternative debit networks such as Visa or MasterCard to be used for domestic transactions.
Several Canadian financial institutions that primarily offer credit cards through the Visa network – namely CIBC, RBC, Scotiabank, and TD – currently offer Visa Debit, either through a dual-network co-branded card which also works on Interac (CIBC and TD), or as a "virtual" card used alongside the customer's existing Interac debit card (RBC). Both options ensure customers can perform point-of-sale transactions or ATM withdrawals as usual via Interac, but use the Visa network to process online, phone, and international transactions, none of which are well-supported by Interac. (The latter does have its own online payment service, Interac Online, which co-branded Visa cards are not eligible for, though that service has had relatively low retailer uptake.)
For the dual-network cards, in-person transactions within Canada are processed on the Interac network, but international transactions, as well as online and phone orders through Canadian retailers, are processed through the Visa network. (However, Canadian retailers must specifically allow for Visa Debit transactions, even if they already accept Visa credit cards.) "Virtual Visa Debit" works similarly; customers use their existing Interac debit cards for in-person transactions (and Interac Online) in Canada, but are also provided with a secondary "virtual" Visa card (i.e. card number, expiry, and CVV2) which can be used for online and phone transactions (but not point-of-sale, in Canada or internationally).
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