# General Fintech & Banking Articles Megathread **URL:** \ **Category:** Fintech Chat\ **Created:** [21 October 2021 14:18 UTC](https://community.monzo.com/t/general-fintech-banking-articles-megathread/124541 "2021-10-21T14:18:16Z")\ **Posts on this page:** 20\ **Page:** 1
**Author:** ![kolok](https://dub1.discourse-cdn.com/monzo/user_avatar/community.monzo.com/kolok/32/46634_2.png) [@kolok](https://community.monzo.com/u/kolok)\ **Post date:** [21 October 2021 14:18 UTC](https://community.monzo.com/t/general-fintech-banking-articles-megathread/124541/1 "2021-10-21T14:18:16Z")
I thought it was a good idea to have have a megathread to post those articles which come up that will only get a couple of replies and don’t really need their own thread. Obviously make your opinions known if it’s a bad idea mods and non mods. ---
**Author:** ![kolok](https://dub1.discourse-cdn.com/monzo/user_avatar/community.monzo.com/kolok/32/46634_2.png) [@kolok](https://community.monzo.com/u/kolok)\ **Post date:** [21 October 2021 14:18 UTC](https://community.monzo.com/t/general-fintech-banking-articles-megathread/124541/2 "2021-10-21T14:18:25Z")
To start off; MasterCard is scrapping the Maestro brand. > **[Warum sich dieser Maestro nach 30 Jahren zur Ruhe setzt](https://www.mastercard.com/news/europe/de-de/blog/de-de/2021/warum-sich-dieser-maestro-nach-30-jahren-zur-ruhe-setzt/)** > > Maestro wurde in den vergangenen Jahrzehnten zur einzigen europaweiten Debit-Karte, die nahezu überall in Europa akzeptiert wurde. Warum Mastercard bis 01. Juli 2023 die Karten mit Maestro austauscht. ---
**Author:** ![kolok](https://dub1.discourse-cdn.com/monzo/user_avatar/community.monzo.com/kolok/32/46634_2.png) [@kolok](https://community.monzo.com/u/kolok)\ **Post date:** [21 October 2021 14:18 UTC](https://community.monzo.com/t/general-fintech-banking-articles-megathread/124541/3 "2021-10-21T14:18:55Z")
> ---
**Author:** ![breville\_monkey](https://dub1.discourse-cdn.com/monzo/user_avatar/community.monzo.com/breville_monkey/32/70932_2.png) [@breville\_monkey](https://community.monzo.com/u/breville_monkey)\ **Post date:** [21 October 2021 14:27 UTC](https://community.monzo.com/t/general-fintech-banking-articles-megathread/124541/4 "2021-10-21T14:27:19Z")
I for one already appreciate the existence of this thread ---
**Author:** ![Peter\_G](https://dub1.discourse-cdn.com/monzo/user_avatar/community.monzo.com/peter_g/32/89632_2.png) [@Peter\_G](https://community.monzo.com/u/Peter_G)\ **Post date:** [21 October 2021 14:31 UTC](https://community.monzo.com/t/general-fintech-banking-articles-megathread/124541/5 "2021-10-21T14:31:41Z")
> [@kolok](#): > > MasterCard is scrapping the maestro brand > > [Warum sich dieser Maestro nach 30 Jahren zur Ruhe setzt | Mastercard Newsroom](https://www.mastercard.com/news/europe/de-de/blog/de-de/2021/warum-sich-dieser-maestro-nach-30-jahren-zur-ruhe-setzt/) About time! No more cards issued after 2023 - and nudging issuers to move to Mastercard Debit. Very good. Carry on, please 😃 ---
**Author:** ![breville\_monkey](https://dub1.discourse-cdn.com/monzo/user_avatar/community.monzo.com/breville_monkey/32/70932_2.png) [@breville\_monkey](https://community.monzo.com/u/breville_monkey)\ **Post date:** [21 October 2021 14:40 UTC](https://community.monzo.com/t/general-fintech-banking-articles-megathread/124541/6 "2021-10-21T14:40:46Z")
This report is interesting. Maybe fewer new fintechs popping up next year then, maybe even a few of the smaller ones going? Nothing that would slow the bigger players down I don’t think. ---
**Author:** ![SebH](https://avatars.discourse-cdn.com/v4/letter/s/6f9a4e/32.png) [@SebH](https://community.monzo.com/u/SebH)\ **Post date:** [21 October 2021 15:36 UTC](https://community.monzo.com/t/general-fintech-banking-articles-megathread/124541/7 "2021-10-21T15:36:40Z")
This is major news, and hopefully will mean that Maestro-reliant countries will start accepting a wider range of cards instead of even just Mastercard Debit. ---
**Author:** ![SebH](https://avatars.discourse-cdn.com/v4/letter/s/6f9a4e/32.png) [@SebH](https://community.monzo.com/u/SebH)\ **Post date:** [21 October 2021 17:57 UTC](https://community.monzo.com/t/general-fintech-banking-articles-megathread/124541/8 "2021-10-21T17:57:04Z")
The Mastercard press release earlier was not showing in English for me. Here’s the English version: > **[Why this Maestro is retiring after 30 years](https://www.mastercard.com/news/europe/en/perspectives/en/2021/blog-from-valerie-nowak-why-this-maestro-is-retiring-after-30-years/)** > > Starting July 1, 2023, banks and other card issuers will begin replacing expired or lost Maestro cards - for instance with a Debit Mastercard ---
**Author:** ![Dan5](https://dub1.discourse-cdn.com/monzo/user_avatar/community.monzo.com/dan5/32/45125_2.png) [@Dan5](https://community.monzo.com/u/Dan5)\ **Post date:** [21 October 2021 19:13 UTC](https://community.monzo.com/t/general-fintech-banking-articles-megathread/124541/9 "2021-10-21T19:13:36Z")
How long before we run out of 16 digit card numbers if 400millon maestro cards are transitioning to MasterCard 🤔 ---
**Author:** ![projectfortytwo](https://dub1.discourse-cdn.com/monzo/user_avatar/community.monzo.com/projectfortytwo/32/82645_2.png) [@projectfortytwo](https://community.monzo.com/u/projectfortytwo)\ **Post date:** [21 October 2021 19:50 UTC](https://community.monzo.com/t/general-fintech-banking-articles-megathread/124541/10 "2021-10-21T19:50:12Z")
> [@Dan5](#): > > How long before we run out of 16 digit card numbers I believe Mastercard now have the ability to use card numbering beginning “2” as well as “5” (first digit, Major Industry Identifier?). Appreciate that not all of the range may be available, but should keep things moving for a while yet. ---
**Author:** ![Dan5](https://dub1.discourse-cdn.com/monzo/user_avatar/community.monzo.com/dan5/32/45125_2.png) [@Dan5](https://community.monzo.com/u/Dan5)\ **Post date:** [21 October 2021 19:52 UTC](https://community.monzo.com/t/general-fintech-banking-articles-megathread/124541/11 "2021-10-21T19:52:49Z")
> [@projectfortytwo](#): > > I believe Mastercard now have the ability to use card numbering beginning “2” as well as “5” (first digit, Major Industry Identifier?) That’ll be fun if merchants don’t keep on top of their BIN tables 😂 Thanks for the info though! ---
**Author:** ![projectfortytwo](https://dub1.discourse-cdn.com/monzo/user_avatar/community.monzo.com/projectfortytwo/32/82645_2.png) [@projectfortytwo](https://community.monzo.com/u/projectfortytwo)\ **Post date:** [21 October 2021 19:57 UTC](https://community.monzo.com/t/general-fintech-banking-articles-megathread/124541/12 "2021-10-21T19:57:20Z")
222100 to 272099, added to 50xxxx to 55xxxx, apparently - announced a few years ago but I’ve never yet encountered one. But yes, as always it depends on system configurations being kept up to date - having had that task once in a previous life I know just how tricky that is… 🙂 ---
**Author:** ![alawrence](https://dub1.discourse-cdn.com/monzo/user_avatar/community.monzo.com/alawrence/32/5331_2.png) [@alawrence](https://community.monzo.com/u/alawrence)\ **Post date:** [21 October 2021 20:36 UTC](https://community.monzo.com/t/general-fintech-banking-articles-megathread/124541/13 "2021-10-21T20:36:31Z")
This was previously discussed, but for Japan! > [@Japan running out of credit card numbers](https://community.monzo.com/t/japan-running-out-of-credit-card-numbers/104264/9): > > This is actually a really interesting problem. So, you look at the card number and think “16 digits is shit loads, how can they be running out?” So, the first 2 digits are assigned to the card network (3x Amex, 4x Visa, 5x Mastercard,… ) the next 4 digits they give out to issuers like us. For example we own 535522 (our BIN or IIN) for UK Debit cards. The last digit is a checksum. You can use it to verify if a card number is legal (read about [Luhn Algorithm](https://en.m.wikipedia.org/wiki/Luhn_algorithm)). That means we now have 9 digits … ---
**Author:** ![projectfortytwo](https://dub1.discourse-cdn.com/monzo/user_avatar/community.monzo.com/projectfortytwo/32/82645_2.png) [@projectfortytwo](https://community.monzo.com/u/projectfortytwo)\ **Post date:** [21 October 2021 21:01 UTC](https://community.monzo.com/t/general-fintech-banking-articles-megathread/124541/14 "2021-10-21T21:01:04Z")
> [@alawrence](#): > > previously discussed Yes! I thought I remembered having this conversation before 👍 ---
**Author:** ![sahajesh](https://avatars.discourse-cdn.com/v4/letter/s/977dab/32.png) [@sahajesh](https://community.monzo.com/u/sahajesh)\ **Post date:** [22 October 2021 03:23 UTC](https://community.monzo.com/t/general-fintech-banking-articles-megathread/124541/15 "2021-10-22T03:23:25Z")
So what exactly is the difference between Maestro and Debit Mastercard? Just the card number length? I recall fd (I think) issuing Maestro a few years back and then moving away. I know some cards like Solo/Electron couldn’t be used in places like filling stations (as you couldn’t guarantee the transaction amount before transaction completion etc). Be good to have something to explain the various major types of card and differences, if someone has the time/inclination. Payments systems have always interested me, just a pity I didn’t take a job in that area years ago when I could have. Mind you, I remember Mondex so that’s how old I am! ---
**Author:** ![SebH](https://avatars.discourse-cdn.com/v4/letter/s/6f9a4e/32.png) [@SebH](https://community.monzo.com/u/SebH)\ **Post date:** [22 October 2021 03:50 UTC](https://community.monzo.com/t/general-fintech-banking-articles-megathread/124541/16 "2021-10-22T03:50:41Z")
Maestro these days isn’t hugely different, it’s still a Mastercard technology but processed in a different way. Mastercard cards (credit and debit) use a “dual message” system to complete a transaction (authorisation and presentment are separate processes). Maestro uses “single message” where everything happens at once, there is no separate presentment. This means that Maestro is a bit like an online debit card, you can never go overdrawn with a Maestro card as all transactions have to be authorised “live” or it won’t be processed at all. This is why they won’t work in certain situations, like pay at pump or potentially on a plane/train where the terminal may be offline. There’s more detail here on the forum from people much more knowledgeable than me so search a bit and you should be able to find a few interesting posts on the topic. > [@projectfortytwo](#): > > 222100 to 272099, added to 50xxxx to 55xxxx, apparently - announced a few years ago I think the whole reason it was announced years ago was to make sure BIN tables could be updated well before the numbers were actually needed and brought into use. Like everything, Mastercard has likely been planning this for around 5 years already and this European phase-out is also fairly likely to just be a precursor to a global phase-out (although Maestro is still currently popular in South and Central America) so millions more numbers will be needed. It does make sense to unify everything under their primary global brand and more flexible technology, though, especially as more payments are moving online. It should also have a nice side-effect benefit of improving acceptance for everyone. ---
**Author:** ![SebH](https://avatars.discourse-cdn.com/v4/letter/s/6f9a4e/32.png) [@SebH](https://community.monzo.com/u/SebH)\ **Post date:** [22 October 2021 07:46 UTC](https://community.monzo.com/t/general-fintech-banking-articles-megathread/124541/17 "2021-10-22T07:46:48Z")
PS: There’s more on all this in the following old thread. > [@Maestro](https://community.monzo.com/t/maestro/50615/6): > > This is an interesting one. Lemme start by throwing out some background to this problem: There are two paradigms of running a payments network: most payment cards these days (Mastercard, Visa, American Express, …) use what’s called a “dual-message” system, while Maestro is the most prominent “single-message” card these days. Single-message is really simple: when you walk into a store with a Bunq card (Maestro, single-message), you swipe your card, and the money moves from your account to the … ---
**Author:** ![kolok](https://dub1.discourse-cdn.com/monzo/user_avatar/community.monzo.com/kolok/32/46634_2.png) [@kolok](https://community.monzo.com/u/kolok)\ **Post date:** [25 October 2021 19:06 UTC](https://community.monzo.com/t/general-fintech-banking-articles-megathread/124541/18 "2021-10-25T19:06:36Z")
Thought this was interesting , amex can accept incorrect cvv2 codes, [https://bugs.chromium.org/p/chromium/issues/detail?id=1112057#c2](https://bugs.chromium.org/p/chromium/issues/detail?id=1112057#c2) ---
**Author:** ![kolok](https://dub1.discourse-cdn.com/monzo/user_avatar/community.monzo.com/kolok/32/46634_2.png) [@kolok](https://community.monzo.com/u/kolok)\ **Post date:** [26 October 2021 12:50 UTC](https://community.monzo.com/t/general-fintech-banking-articles-megathread/124541/19 "2021-10-26T12:50:52Z")
> **[Fintech giants Stripe and Klarna partner on 'buy now, pay later' as...](https://www.cnbc.com/2021/10/26/stripe-partners-with-klarna-on-buy-now-pay-later.html)** > > The deal could be a way for Stripe to capitalize on the fast-growing BNPL trend as rivals like Square and PayPal make big moves in the space. ---
**Author:** ![kolok](https://dub1.discourse-cdn.com/monzo/user_avatar/community.monzo.com/kolok/32/46634_2.png) [@kolok](https://community.monzo.com/u/kolok)\ **Post date:** [27 October 2021 15:27 UTC](https://community.monzo.com/t/general-fintech-banking-articles-megathread/124541/20 "2021-10-27T15:27:42Z")
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