The Girocard system has had its day at one of the largest retail banks. This step could also lead other banks to consider whether the cards will still be needed in the future.
Big change for Santander customers: The retail bank will do away with the Girocard system in the future. That comes from a report in the Handelsblatt (via Finanz-Szene). There it says: “Santander relies on Visa, Girocard expires”. In the future, customers will probably only get a Visa card.
While this card can then be used internationally through V-Pay, the giro system is a purely German system. So far, customers have only been able to pay abroad with additional services and other cards. The reason for the change is likely to be that Maestro, such a payment service for foreign countries by Mastercard, is to be discontinued soon.
Mastercard discontinues popular service: Big change for millions of customers in Germany
Girocard at Santander before the end: are other banks following suit?
Since Santander is one of the top 10 retail banks, other big names should also take a look at this decision. If the move turns out to be a good decision, other banks could follow suit. After all, a girocard can hardly be used for anything other than shopping directly on site. Other institutes – such as the savings banks – rely on so-called “co-badges”. Means: There is another chip on the cards, which can then be used for international payments.
However, should the giro card ever be taken out of service on a large scale, customers could feel it. The retail sector is currently relying more and more on the system. In the event of a changeover, retailers could pass on the implementation costs and any fees for other systems to customers through price increases.
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