This era is high technological. Now people do not need calculators, watch, letterboxes, cameras, recorders, etc. only a smartphone is enough to do the job. In the case of money, people also do not need to carry cash notes in their pockets. The new debit cards have made the world cashless.
The emergence of debit cards facilities many people. Huge transactions are normally carried in debit cards. And the pocket pickers have no use in picking debit cards as it requires a pin. There are two kinds of debit cards found around the globe. One is a Visa card, and the other is a Solo card. Here are a few differences among these cards.
Visa vs Solo
The main difference between the Visa and the solo is that the Visa card is still in use in the market, and on the other hand, the Solo card was discontinued in the year 2011. They are also issued by different authorities. The Visa card is issued by Visa Inc., and the Solo cad is issued by Switch Card Scheme.
Visa debit card was first issued in June 1987. This card is formerly known as Visa Delta. This card is originated from the United States of America. Now this card is also used by many countries. This debit card is very easy to use and is accepted everywhere.
The solo debit card was first issued in July 1997. This card originates from the United Kingdom. This card is called the sister of the existing Switch card of that time. The solo card is issued by Switch Card Scheme. This card was issued to the cardholders who were not eligible for the Switch debit card. This card was discontinued from the year 2011.
Comparison Table Between Visa and Solo
| Parameters of Comparison | Visa | Solo |
| Issued by | Visa Inc. | Switch Card Scheme |
| First issued on | June 1987 | July 1997 |
| In present | This is still in use in the present time. | This is discontinued in 2011 |
| Identity of card | Can be used abroad with the Visa logo | Can be used abroad with the Maestro logo |
| Age eligibility | Applicant should be above 18 years old | Applicant should be above 11 years old |
What is Visa?
Visa debit card was first issued in June 1987. This card is formerly known as Visa Delta. This card is originated from the United States of America. Now this card is also used by many countries. This debit card is very easy to use and is accepted everywhere.
The countries which use these Visa debit cards are United States, United Kingdom, Russia, Germany, Canada, Australia, Greece, Ireland, Israel, Italy, Pakistan, etc. There are many banks that issue this Visa debit card in their country. There are many types of debit cards available.
The banks that issue Visa debit card also put their logo so that these cards can be linked with the bank account. The card payment is preferred when a huge amount of money is to be transacted. Debit cards are also safe as compared to cash during traveling. The user can withdraw money from any ATM machine in the route of the journey. ATM is widely available now. Nowadays the online payment is also possible with a Visa card.
What is Solo?
The solo debit card was first issued in July 1997. This card originates from the United Kingdom. This card is called the sister of the existing Switch card of that time. The solo card is issued by Switch Card Scheme. This card was issued to the cardholders who were not eligible for the Switch debit card. This card was discontinued from the year 2011.
This card was used as a multi-functional cash card. This Solo card was mainly issued for teenagers. The Royal Bank of Scotland issues the card to holders who are above the age of 11. The HSBC bank, which is now known as Midland bank, issues cards to holders above the age of 13. As teenagers cannot apply for the Switch card, they are allowed to use the Solo card for their usage.
The solo card was also widely accepted with the Maestro logo abroad. As the Switch card merged with Maestro, this Solo card which was a part of Switch, also belongs to Maestro. This cash card was also used to purchase goods and provide payments. This can be used by swiping method and PIN provided. Now this card is not in use.
Main Differences Between Visa and Solo
- The Visa card is issued by visa Inc. on the other hand, the Solo card was issue by Switch Card Scheme.
- The Visa card was first issued in June 1987 in the United States of America, whereas the Solo card was first issued in July 1997 in the United Kingdom.
- The Visa card is still widely used in the present time, but the Solo card was decommissioned on 31 March 2011.
- To use the card abroad, the Vis card should have the Visa logo, whereas to use the Solo card abroad should have the Maestro logo on it.
- The age eligibility to get a Visa card is above 18 years, and on the other hand, the Solo card is the applicant should be above 11 years.
Conclusion
Debit cards are very important in today’s world. As the countries are moving towards a cashless society, the debit card has become the important part. Visa and the Maestro are the companies issuing the debit cards. They have their own schemes. Visa and Maestro are huge competitors in the international market. The bank issues these cards in partnership to link them with the user’s account in the bank.
These are used for withdrawing cash or pay the bill by swiping methods. The card numbers are also used for online payment methods. There is a third party who communicates between the receiver and sender through an online method and transfers the money directly from bank accounts.
References
- https://link.springer.com/content/pdf/10.1007/978-1-84996-139-4.pdf
- https://search.proquest.com/openview/e25c546322e14bb83f7f746aca8b768c/1?pq-origsite=gscholar&cbl=18750&diss=y