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02/08/2002
Switch card to be phased out in favour of Maestro
The Switch card is set to be phased out of circulation in the UK over the next five years in favour of the more internationally recognised Maestro card operated by MasterCard, it was announced today.
The Switch Card Scheme Board revealed that an agreement in principle had been made with MasterCard Europe to "migrate" the Switch debit card brand to Maestro. The agreement should be in place by next week.
MasterCard Europe President, Peter Hoch, said that the move would be "beneficial to all parties".
He added: “This move would prove beneficial to all parties, giving retailers access to millions of new customers from across the globe and cardholders one, clearly identifiable, world-wide debit brand.”
Under the proposed agreement, the Switch, Solo (also run by Switch Card Scheme) and Maestro brands would be managed by an independent UK company, owned and run by an alliance of UK banks as at present. This company would be licensed by MasterCard to manage the Maestro brand in the UK domestic market.
“This agreement with MasterCard would ensure even greater growth of debit card use in the UK and abroad. With international commerce breaking down borders between countries, it clearly makes sense to migrate to Maestro,” Tim Green, CEO of Switch Card Services, said.
Maestro cards – owned by MasterCard – are accepted at over six million locations across the globe and over 790,000 ATMs worldwide, although most Switch cards already carry the Maestro logo on the reverse.
Switch, which was founded in 1988, now has over 22.06 million cardholders and more than 595,511 outlets. However, the brand is only recognised within the UK which has proved problematic for cardholders accessing money abroad. By allying to the Maestro scheme, cardholders will be able to make transactions at 445 million outlets worldwide.
Switch, which currently accounts for 1.4 billion transactions a year and an annual spend of over £45 billion, will have its logo phased within the next two years.
(GMcG)
The Switch Card Scheme Board revealed that an agreement in principle had been made with MasterCard Europe to "migrate" the Switch debit card brand to Maestro. The agreement should be in place by next week.
MasterCard Europe President, Peter Hoch, said that the move would be "beneficial to all parties".
He added: “This move would prove beneficial to all parties, giving retailers access to millions of new customers from across the globe and cardholders one, clearly identifiable, world-wide debit brand.”
Under the proposed agreement, the Switch, Solo (also run by Switch Card Scheme) and Maestro brands would be managed by an independent UK company, owned and run by an alliance of UK banks as at present. This company would be licensed by MasterCard to manage the Maestro brand in the UK domestic market.
“This agreement with MasterCard would ensure even greater growth of debit card use in the UK and abroad. With international commerce breaking down borders between countries, it clearly makes sense to migrate to Maestro,” Tim Green, CEO of Switch Card Services, said.
Maestro cards – owned by MasterCard – are accepted at over six million locations across the globe and over 790,000 ATMs worldwide, although most Switch cards already carry the Maestro logo on the reverse.
Switch, which was founded in 1988, now has over 22.06 million cardholders and more than 595,511 outlets. However, the brand is only recognised within the UK which has proved problematic for cardholders accessing money abroad. By allying to the Maestro scheme, cardholders will be able to make transactions at 445 million outlets worldwide.
Switch, which currently accounts for 1.4 billion transactions a year and an annual spend of over £45 billion, will have its logo phased within the next two years.
(GMcG)
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