Farewell to the Maestro function: bezahl.de scores points with inexpensive payment alternatives

Cologne, 28.06.2023. At the beginning of the 90s, the Maestro function was groundbreaking for the functionality of the current card and thus for all cashless payment transactions: For the first time, the network offered the opportunity to easily withdraw money worldwide and pay by card, thus heralding the end of the paper-format traveller check era. The direct debit network prevailed in international payment transactions, particularly in retail. The success story has been tried and tested over 30 years — there are now over 400 million cards with the Maestro function in circulation and the red and yellow logo is a natural part of their current card for most Germans.

Outdated: The Maestro success story fails due to digitization

Of course, a lot has happened in the world over the last three decades: New technologies have revolutionized the global market, and digitization has increasingly prevailed in all areas of life. The originally innovative Maestro function could not keep up with all the new features. The reason for this is in particular the success story of online retail, to which the benefits of Maestro could not be applied. This is due, among other things, to the number combination of up to 19 characters on the cards, which is not compatible with standard e-commerce portals. Maestro cards could not be used by online retailers, which were becoming increasingly important, which the manufacturer finally considered outdated.

The US provider Mastercard therefore announced in autumn 2021 that new current cards should only be issued until July 2023 with the Maestro function. In Germany, this decision affects millions of bank customers. Until now, they were only able to do so due to functions such as Maestro or V-Pay (V-Pay is a system similar to Maestro, which is offered by rival company Visa) use their bank cards abroad for payments or cash withdrawals. The consequences are manifold: Banks are handling the planned change differently. Due to the limited function of the current card in the future, many consumers and banks will probably switch to current cards with a debit function or classic credit cards in the future. Experts from the consumer advice center therefore assume that the share of credit and debit cards on the German market will increase significantly.

Retailers fear high costs due to expected credit card boom

If, instead of the traditional current card direct debit procedure, there will be more and more use of debit and credit cards in the future, this will be expensive for retailers. While Mastercard then diligently earns on every transaction, this profit is at the expense of retailers, who have to pay significantly higher fees here compared to paying by credit card. While card payments have become an integral part of retail, the restriction of the standard German means of payment will probably lead to a significant turning point for retailers: How can goods and services continue to be offered cost-effectively via card payment?

• The current card suffers as Germans' standard means of payment significant functional restriction and will no longer be internationally applicable in the future.
• Experts therefore expect a sharp increase in credit and debit card usage on the German market.
• Mastercard earns from every debit or credit card payment through higher fees — the Retailers therefore fear high charges for card payments in the future.

bezahl.de continues to provide cheap payment options

The Cologne-based payment specialist bezahl.de has been optimizing payment processes in German car dealerships for over 5 years now and has long since established itself as the first point of contact for digital payment management in the German-speaking automotive sector. The fully automated system impresses, among other things, with its integrated and ultra-modern payment modalities, which appeal to different customer groups and thus make it easier to close a sale. In addition to standard card payments, other digital options such as direct payment, PayPal or flexible installment payment options can also be conveniently selected via the payment invitation on your own device.

As a result of the discontinuation of the Maestro function, retailers expect many changes in the future, to which they must react flexibly. The payment management system of bezahl.de has proven itself here thanks to constant top conditions for card payments, which will also enable retailers to offer digital payment options cost-effectively in the future. Cooperation partners continue to benefit from low fees per transaction and are thus sustainably relieved against the backdrop of current developments. Progressive digitalization is constantly presenting companies with new challenges — with bezahl.de has a strong partner at your side who will prepare you for all new features. Arrange your personal product presentation and find out how your company saves money with bezahl.de. Free of charge and without obligation, of course!