Switch to migrate to Maestro brand
01 August 2002 | 4647 views | 0
Switch Card Services, owner of the UK debit card Switch, has entered an agreement to migrate its branding to MasterCard' Maestro brand over a five year period.
Under the agreement, Switch will embark on a five year migration plan to the Maestro brand, scheduled to be completed by mid-2007. In the early stages, most cards and shop windows in the UK will carry both the Switch and Maestro logos, and then gradually the Switch brand will be withdrawn.
The Switch scheme will also outsource its transaction processing to MasterCard using EPS-Net, the telecommunications and data processing arm for MasterCard and Maestro transactions in Europe. EPS-Net will be responsible for the processing of all inter-member transactions performed domestically in the UK.
The Switch UK debit card scheme was launched in 1987 and has 21 million cards in issue - one in three of all UK card payments.
Tim Green, CEO of Switch Card Services, says: "Now accounting for 1.3 billion transactions a year and an annual spend of over £45 billion, Switch has become a part of everyday life and language. Nevertheless this agreement with MasterCard will 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."
Ann Camarillo, MasterCard chief debit officer and head of the debit centre of excellence, comments: "That such a strong and dynamic debit market as the UK has chosen Maestro will help us promote the benefits of our debit value proposition globally. Rationalising the branding will make life simpler for cardholders who live in, or who visit the UK because it will boost acceptance."
Maestro cards are already accepted at over six million locations across the globe and over 790,000 ATMs worldwide.