As detailed in the announcement, in almost half of the shops in the Netherlands, paying with Visa Debit and Debit Mastercard was not yet possible. The announcement marks the successful completion of the Debit Card Acceptance project (Project DCA). The aforementioned project of the Dutch Payments Association, together with retailers, terminal suppliers, transaction processors, banks, Visa and Mastercard, aimed to adapt or replace the majority of payment terminals in the Netherlands to accept these ‘new’ debit cards by the end of 2022.
Gijs Boudewijn, general manager of the Dutch Payments Association has stated in the official announement that in most Dutch shops, customers can now also use Visa Debit and Debit Mastercard payment cards, just like in neighbouring countries. That’s good news for tourists, as well as Dutch nationals who will all get these ‘new’ debit cards in the coming years, Boudewijn explained.
According to data offered by the Dutch Payments Association, throughout the course of a year, 425,000 payment terminals have been successfully updated and stated that Dutch retailers are now enabled the acceptance of digital payments with one of the 2.8 billion Visa Debit cards issued worldwide.
As opposed to a credit card, Visa Debit is linked directly to the current account, which is believed to make it ‘ideal’ for day-to-day expenses. As every payment is deducted from the account in an immediate manner, Visa Debit cardholders are provided with complete control over costs and a clear overview of their expenses. Furthermore, consumers can be immediately notified of any transaction via a push message on their smartphone.
Fintech Finance News advised in the announcement that these benefits are responsive towards Dutch consumers’ needs, as Visa has carried out a research that highlights that nine out of ten Dutch people find it important to have an overview of their daily expenses, and 75% have a preference for money to be debited directly from their account when making a purchase.
Following the successful DCA project, almost all existing payments terminals have been updated via a software update, and entrepreneurs have received a message regarding this from their terminal supplier, and if not, are set to receive it shortly. A limited number of retailers with outdated POS terminals whose software could no longer be updated have replaced them or will do so in the time to come. When it comes to cardholders, they will keep on paying as they are used to with their existing payments cards and will not notice any changes when at checkout.
Visa technology of the likes of the Visa Token Service offers an additional security layer so as to enable secure digital payment via smartphones, wearables, and the web. Due to the ‘Zero Liability’ protection, Visa cardholders are not liable for unauthorised payments, as per the terms and conditions of the issuing bank, and the protection is applicable to all Visa transactions, be those in-store, online, or at an ATM.
Rabobank, alongside other Dutch banks is expected to soon start Visa Debit issuance, and customers are set to receive their Visa Debit card automatically and will not be required to take any action.
As detailed by the official press release coming from the Dutch Payments Association, with most POS terminals ready and the rest soon to follow, 30 million Dutch Maestro and V PAY payment cards can be gradually replaced over the next few years. By 2028, all Dutch payment cards will carry the Visa Debit or Debit Mastercard brand. Meanwhile, anyone with a valid V PAY or Maestro debit card can continue to pay and withdraw cash anywhere in Europe.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now