How is payment made using debit card and in online shopping?

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1 Answer

answered Aug 24, 2022 by Taraknath Pal (62.4k points)
selected Aug 25, 2022 by Ramesh nirvani

Best answer

Credit and debit cards:

Credit and debit cards are also called plastic money. These cards are used quite widely in online shopping.
While making payment through credit cards the banks provide credit to the buyer which he uses to shop online. The buyer pays to the seller by providing his card details. The bank pays to the seller on behalf of the buyer.
The bank then adds this amount to the buyer’s account and sends him a statement. The buyer pays to the bank as per the time limit mentioned in the statement.
If the buyer buys using debit card the amount gets debited from his bank account immediately. The buyer can buy only till the balance is available in his account.