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| rdfs:comment | - A debit card (also called a check card) is
- A debit card is a plastic card which provides an alternative payment method to cash when making purchases. Physically the card is a ISO 7810 card like a credit card, however its functionality is more similar to writing a check as the funds are withdrawn directly from the cardholder's bank account; some cards are referred to as check cards.
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| dbkwik:itlaw/property/wikiPageUsesTemplate | |
| dbkwik:finance/property/wikiPageUsesTemplate | |
| abstract | - A debit card (also called a check card) is
- A debit card is a plastic card which provides an alternative payment method to cash when making purchases. Physically the card is a ISO 7810 card like a credit card, however its functionality is more similar to writing a check as the funds are withdrawn directly from the cardholder's bank account; some cards are referred to as check cards. The customer's card is swiped through a card reader or inserted into chip reader and the merchant usually enters the amount of the transaction before the customer enters their account and PIN. There is usually a short delay while the EFTPOS (Electronic Funds Transfer at Point of Sale) terminal contacts the computer network (over a phone line or mobile connection) to verify and authorise the transaction. In some countries the debit card is multipurpose acting as the Automatic Teller Machine card for withdrawing cash and as a check guarantee card. Merchants can also offer "cashback"/"cashout" facilities to customers, where a customer can withdraw cash along with their purchase. The use of debit cards has become wide-spread in many countries and has overtaken the check, and in some instances cash transactions by volume. Like credit cards, debit cards are used widely for telephone and internet purchases. Anyone doubting the ubiquity of debit card usage need only witness the inconvenient delays at peak shopping times (e.g. the last shopping day before Christmas), caused when the volume of transactions overload the bank networks.
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