The Girocard, often still colloquially referred to as an “EC card” (Electronic Cash), is a popular German debit card system that provides a cashless payment option.
What is “Girocard”?
The Girocard system is an interbank network connecting virtually all ATMs and banks in Germany, allowing for direct debit transactions. It is a product of the German Banking Industry Committee (GBIC) and is widely used for cash withdrawals and point-of-sale (POS) transactions within Germany. The Girocard is typically co-branded with international services like Maestro or V Pay, enabling its use across Europe and, in some cases, globally.
More information about “Girocard”
Girocards are equipped with a secure chip and PIN procedure, ensuring maximum security for transactions. They are accepted at approximately 1.132 million terminals in Germany alone. Contactless payment options are also available with Girocards, making transactions faster and more convenient. For international use, Girocards are often co-branded with services like Maestro or V Pay, but with the phasing out of Maestro, banks are transitioning to alternatives such as Visa Debit or Debit Mastercard.
Related to “Girocard”
Here are some additional terms that are related to Girocard:
- Maestro: A co-branding partner for Girocard, allowing international use, which is being phased out[17].
- V Pay: Another co-branding partner for Girocard, focusing on European use[17].
- Debit Mastercard: A potential replacement for the Maestro function on Girocards, allowing broader international use[17].
- Electronic Direct Debit (ELV): A non-guaranteed payment processing method used in conjunction with Girocard[17].
- Contactless Payments: A feature of Girocards that allows for quick and secure transactions without the need for PIN entry for small amounts[3].
The Girocard system is an integral part of the German payment landscape, offering a secure and convenient way for cashless transactions. With the upcoming changes in co-branding partnerships, the functionality of Girocards is expected to evolve, maintaining its relevance in the ever-changing financial ecosystem.