DEBIT CARD IN INDIAN ECONOMY
A Debit Card is personal card provided to the customers by the Bank to enable the card holder to withdraw money or to have the cost of purchases charged directly to the holder's bank account.
A debit card (also known as a bank card or check card) is a plastic card that provides the cardholder electronic access to their bank account at a financial institution. Some cards have a stored value with which a payment is made, while most relay a message to the cardholder's bank to withdraw funds from a payee's designated bank account. The card, where accepted, can be used instead of cash when making purchases. In some cases, the primary account number is assigned exclusively for use on the Internet and there is no physical card.
In many countries, the use of debit cards has become so widespread that their volume has overtaken or entirely replaced cheques and, in some instances, cash transactions. The development of debit cards, unlike credit cards and charge cards, has generally been country specific resulting in a number of different systems around the world, which were often incompatible. Since the mid 2000s, a number of initiatives have allowed debit cards issued in one country to be used in other countries and allowed their use for internet and phone purchases.
Unlike credit and charge 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 date.
Debit cards usually also allow for instant withdrawal of cash, acting as the ATM card for withdrawing cash. Merchants may also offer cash back facilities to customers, where a customer can withdraw cash along with their purchase.
|Contents | | [hide] | |1 Types of debit card systems | |1.1 Online Debit System | |1.2 Offline Debit System | |1.3 Electronic Purse Card System | |1.4 Prepaid debit cards | |1.4.1 Legal disputes | |2 Advantages and disadvantages | |2.1 Advantages of debit cards | |2.2 Disadvantages of debit cards | |3 Consumer protection | |4 Financial access | |5 Issues with deferred posting of offline debit | |6 Internet purchases | |7 Debit cards around the world | |7.1 Angola | |7.2 Australia | |7.3 Bahrain | |7.4 Brazil | |7.5 Canada | |7.5.1 Consumer protection in Canada | |7.6 Chile | |7.7 Colombia | |7.8 Denmark...
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