V PAY
Encyclopedia
V PAY is a type of debit card issued by Visa Europe. It provides a fully chip & PIN
Chip and PIN
Chip and PIN is the brandname adopted by the banking industries in the United Kingdom and Ireland for the rollout of the EMV smartcard payment system for credit, debit and ATM cards.- History :...

 based card that may be co-branded with various national debit card schemes, such as the German Girocard
Girocard
Girocard is an interbank network and debit card service connecting virtually all German ATMs and banks. It is based on standards and agreements developed by Central Credit Committee....

http://vpay.com/bank_technical.htmlhttp://vpay.com/press28.htmlhttp://vpay.com/press29.html or Italy's PagoBancomathttp://www.gruppocarige.it/carige/html/ita/prodotti/famiglia/acquisti/carige_cash_eu.htm. V PAY is designed to provide a SEPA-compliant card that enables usage across the whole of Europehttp://vpay.com/banks.html, and to compete with MasterCard
MasterCard
Mastercard Incorporated or MasterCard Worldwide is an American multinational financial services corporation with its headquarters in the MasterCard International Global Headquarters, Purchase, Harrison, New York, United States...

's similar Maestro
Maestro (debit card)
Maestro is a multi-national debit card service owned by MasterCard, and was founded in 1990. Maestro cards are obtained from associate banks and can be linked to the card holder's current account, or they can be prepaid cards...

debit card product. V PAY began to be accepted at merchants in France & Greece in 2005http://vpay.com/press4.html, and acceptance has since expanded to more European countries. By 2010, 14,000,000 V PAY cards had been issued.

V PAY, unlike its main competitor Maestro, may not be used in non-chip & PIN environments, limiting its acceptance to those countries and merchants that have upgraded to this system. Also, unlike Maestro, which is issued and accepted globally, V PAY is designed as a specifically European product, and is not issued or accepted outside European countrieshttp://vpay.com/banks.html, limiting its usefulness for travelling abroad.
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