A debit card is a card that is used for monetary transactions instead of cash. It is also called plastic cash, bank cards so on and so forth. With a debit card you can easily access your savings bank account in any bank from ATM’s you can deposit and withdraw cash whenever you want to and this would even save you the hassles of standing for hours in a long queue. A debit card can also be used in mobile and internet banking.
Do you know about different types of debit cards are available in India?
Visa debit cards: Such debit cards are issued with the bank’s tie-up with Visa payment services and this is why they also provide the Verified by Visa platform for online transactions.
MasterCard debit cards: A MasterCard cirrus card or a MasterCard Maestro Card gives worldwide access to the funds of the customers and this is why they can easily carry out online transactions using their bank accounts by making use of the MasterCard SecureCode platform.
Visa Electron Debit cards: Visa electron debit cards are absolutely similar to the Visa debit cards and the only feature that is missing from these are that these cards do not provide the overdraft feature.
RuPay debit cards
NCPi had introduced this card as a domestic card scheme. These cards help to carry out online transactions on the Discover network and ATM transactions under the National Financial Switch network
Contactless debit cards
Just a tap or wave of the contactless debit cards enables the customer to make a payment near PoS terminals as these cards work on Near field technology also known as NFC therefore making any electronic payment transfer is safer and secure.
Maestro debit card
Maestro from Master Card is a premier international debit card. It was founded in the year 1992.It is a service that has been popularly adopted at over 13 million locations that has been overspread across more than 100 countries across the globe. The signature logo on every Maestro partner card makes them easily identifiable. And this popularity instantly enables the customer to gain immediate access to his or her money through a network of compatible ATM’s, POS outlets and online resources that are at once international and at once robust.
Do you know there is a difference between an ATM card and a debit card?
The main difference between an ATM card and a debit card is that ATM cards can be used just in ATM machines to withdraw cash whereas a debit card can be used in ATM machines and in stores and restaurants as well for online payments.