Here’s a quick few facts about debit cards. As of April 2022, Debit Cards in India account for about ₹53k crores in monthly transaction volume. Also, did you know that over 100 crore cards were in circulation in 2021 in India?
Now on to something more specific - Visa Platinum Debit Cards - a class of debit cards that are currently being issued by Visa, the American financial services company. With debit cards, credit cards, and UPI, cash is slowly but surely seeing a decline in usage. Let’s dive in to some facts:
Debit card vs credit card: What’s the difference?
Let’s take a moment to address the basics here. At first glance, a debit card and a credit card look alike. Both have a 16 digit number, an expiration date engraved on them, a magnetic strip, and an EMV chip. In addition, both usually come with VISA or Mastercard services and can be used for shopping and cash withdrawal.
Here’s a fun fact. Debit cards hold 93% of the market share in the total cards circulated in India so far. India, at large, is a credit-starved economy - which means, most people don’t have access to credit cards. This is largely due to not having a credit history or a credit score.
Debit Cards on the other hand, are given out by banks much more easily because it’s linked to the actual savings you hold in your account. Here are some advantages of using debit cards:
There are two major global service providers that most Indian banks utilise to provide financial services and cards to their customers – VISA and MasterCard. While these two still have a stronghold, RBI introduced its own payment network in 2012 – RuPay. The low transaction costs and wider reach have grabbed the masses' attention, giving some competition to its international counterparts.
Being a part of any of these three payment networks, debit cards in India come in 3 types:
Apart from the fact that the VISA Platinum card is accepted worldwide in millions of merchant outlets and ATMs, there are additional advantages of having one. Here are a few:
To top it off, Fi is PCI-DSS compliant. It follows the requirements of the global forum: Payment Card Industry Data Security Standard (PCI DSS). Essentially, it’s the 'gold standard' compliance scheme to secure credit and debit card transactions.
If the VISA Platinum debit card features have lured you, then you’ll need to open a bank account with Fi to get one. The process will take lesser time than reading this article. With an entirely online and paperless process, the account is opened in a jiffy and your debit card is sent to you at your physical mailing address.
Don’t worry! Take out your smartphone and open the Fi app. With one tap, you can freeze your debit card so no one can misuse it. With another tap, you can inform Fi’s customer care team regarding this mishap, and they can quickly issue you a new one. In case you found it, well then, tap again and unfreeze it. It couldn't get easier.
‘Platinum’ is a category of Debit Cards issued by Visa. Visa is a globally recognised payments platform that issues debit and credit cards. The Platinum Debit Card is among the most widely accepted card types around the world, which lets you withdraw cash from almost any ATM.
Different issuing banks have different criteria for Visa Platinum Debit Cards. With Fi, the criteria are quite simple to meet - you only need to have a full-KYC account on Fi and a physical card will be couriered to your registered address. A full-KYC account means that your PAN and Aadhaar details are available in the Central KYC Registry. In case it isn’t, a minimum-KYC account will automatically be opened for you on Fi, following which you will get a virtual debit card. The virtual card has the same features as the physical card, except, you won’t be able to pay at a store. You can upgrade your minimum KYC account to a Full-KYC account with a video call on the Fi app, after which you will get your Visa Platinum Debit Card for free!
‘Platinum’ is a category of Debit Cards issued by Visa. Among its main features are:
These benefits aside, you the card also gives you a tap-to-pay feature, making your payments pretty much contactless.
Fi’s Visa Platinum Debit Card gives you the additional benefit of no forex charges on your transactions. This means, you can swipe your card anywhere in the world and pay no extra charges other than the conversion rate.