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From Wikipedia, the
free encyclopedia Visa Electron is a
debit or credit card available across most of the world, with the exception
of Canada, Australia, Ireland and the United States. The card was introduced
by VISA in the 1980s and is a sister card to the Visa Debit card. The
difference between Visa Electron and Visa Debit is that payments with Visa
Electron require that all the funds be available at the time of transfer,
i.e., Visa Electron card accounts may not be overdrawn. Visa Debit cards, on
the other hand, allow transfers exceeding available funds up to a certain
limit. Some online stores and all offline terminals (e.g., on trains and
aircraft) do not support Visa Electron because their systems cannot check
for the availability of funds.
Details
In different regions the card is issued with different specifications. For
example, one bank may issue a Visa Electron debit card, while another may
issue a credit card. It is most commonly issued as a debit card. Applying
for a credit card requires the applicant to present some proof of regular
income (such as an employment certificate) or financial assets invested
elsewhere.
In addition to debit facilities, the card also allows the holder to withdraw
cash from automated teller machines (ATMs) even outside the holder's country
of residence unlike normal ATM cards issued in some countries. This is
because Visa Electron cards are also linked to the PLUS interbank network.
While the card is not available in the United States, it can be used to
transfer funds from other countries[citation needed].
In the United Kingdom the card is not as widely accepted as the Visa Debit
card, but is often issued by banks as a debit card for basic bank accounts
and children's accounts.[1] As of 2009, most UK banks have migrated away
from Visa Electron - of the major banks, only HBOS and Abbey still issue the
card, with others issuing some form of Visa Debit.[2]
In countries that have stricter criteria for issuing credit cards Visa
Electron has become popular with younger people and students. As each
transaction requires funds to be checked accounts cannot be overdrawn.
Therefore banks will issue a Visa Electron card to customers who may not
qualify for credit. In some cases, especially in the UK, rather than issuing
Electron to customers who should not be allowed to go overdrawn banks will
issue what is ostensibly a full Visa Debit card but which authorises online
for every transaction, in exactly the same manner as Electron. This can
cause these cards to be declined where an actual Visa Debit card would be
accepted, for example at petrol pumps or train stations.
As Visa Electron cards do not have embossed details they cannot be used with
older card imprinters that imprint a paper slip with the card number and
other details which are embossed in raised letters on the card, unless the
card details are written on the slip.
As the card carries a low interchange fee, airlines and other businesses
which surcharge credit and debit card payments do not usually surcharge Visa
Electron payments. Ryanair has become infamous for this, with customers of
the airline signing up to one of the few accounts which still offers a Visa
Electron-branded card in order to save money.[2]
In China Visa Electron is the only non-UnionPay debit card type available
for newly issued accounts as of 2009, and only from ICBC.
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