Debit Card:
Debit Card is an electronic payment card where the transaction amount is deducted directly from the card holder’s bank account upon authorization.
Generally, debit cards function as ATM cards and act as a substitute for cash The way of using debit cards and credit cards is generally the same but unlike credit cards, payments using a debit card are immediately transferred from the cardholder’s designated bank account, instead of them paying the money back at a later with added interest. In modem era the use of debit cards has become so widespread’.
The debit card and credit card are identical in their physical properties. It is difficult to differentiate two by their appearance unless they have the term credit or debit imprinted.
Currently there are three ways of processing debit card transactions:
1. EFTPOS (also known as online debit or PIN debit)
2. Offline debit (also known as signature debit)
3. Electronic Purse Card System
