EC card before the end: why it brings a lot of disadvantages for customers

One of the reasons why the EC card came to an abrupt end is that around half of the payments made worldwide come from Germany. A market that is now too small for the internal payment system, as the banks find it. That is why they will be using debit cards from next summer. The huge sales of more than 200 billion euros in retail, which have so far been done via the giro card, are luring the Visa and Mastercard groups out of their corners.

The use of card payments is currently higher than ever before, as a study shows. “By getting rid of existing card solutions, they are trying to get into the market through the banks,” says Rau. “Payment with the conventional EC card will still be possible at home and abroad, but when it comes to online purchases, this is no longer possible”. For example, when buying train or plane tickets – leaving the Maestro card also makes business trips more difficult. An alternative could be that banks offer a two-card system.

A Girocard would then be used for domestic use and a debit or credit card for use abroad. Companies that want to buy new giro cards can do so, but have to pay a monthly fee. The neo-banks are offering a solution that is being used more and more, since with their new options they provide alternatives to the two-card system and the increase in fees.

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