Debit cards are a form of payment card. Debit cards are connected to already created bank accounts. Then they are used to purchase goods and services, withdraw cash at ATMs, or a merchant who charges for this service. The world is growing into a cashless society, and debit cards are at the forefront of the change as they simplify buying and selling by reducing our dependence on cash as a means of purchase.
Debit cards contain 16 digits, a chip, and an expiry date; transactions are authorized by a pin only known to the owner of the card. Debit cards are often mixed up with credit cards. Unlike credit cards, debit cards are deducted from the owner’s main account and deducted immediately, not stored to be paid later.
Debit card features
- Making a withdrawal from another atm apart from the one the card was received from will incur extra charges
- Debit cards do not require a cash advance or annual membership charges, as credit cards do
- Debit cards in some banks reward 1% on purchases
- Debit card attainment does not require big credit or funds; even consumers with poor credit can attain them.
- Debit cards are easy to attain and are safer to carry around than cash
- Debit cards do not incur debts
- Debit cards prove to be susceptible to fraudulent activities as pins can be used to access the funds, and online transactions that do not require pins can be used fraudulently.
Conclusion
Debit cards are suitable in today’s technologically advanced setting. Debit cards guarantee more convenience and safety in the use of funds. They tackle the problem of mobility as presence is no longer important to make purchases in any part of the world: debit cards, a form of cashless transaction, aid buying, and selling.