debit card(redirected from Eftops)
Also found in: Dictionary, Thesaurus, Financial.
debit card,card that allows the cost of goods or services that are purchased to be deducted directly from the purchaser's checking account. They can also be used at automated teller machinesautomated teller machine
(ATM), device used by bank customers to process account transactions. Typically, a user inserts into the ATM a special plastic card that is encoded with information on a magnetic strip or computer chip.
..... Click the link for more information. for withdrawing cash from the user's checking account. Increasingly common in the 1990s as an alternative to credit cardscredit card,
device used to obtain consumer credit at the time of purchasing an article or service. Credit cards may be issued by a business, such as a department store or an oil company, to make it easier for consumers to buy their products.
..... Click the link for more information. , debit cards have been promoted as safer than cash and more convenient than personal checks. By 1998 more than 73 million debit cards had been issued, with a sales volume of $134.7 million attributed to their use. They are typically issued by large credit-card companies through their participating banks. Debit cards typically offer the holder more limited legal protections than credit cards. Similar cards have also been used to distribute welfare benefits to recipients in some locales. Mobile payment services, which use a smartphone app to make payments, have replaced debit cards in some cases, but such services may not offer any protection against fraud.
The Columbia Electronic Encyclopedia™ Copyright © 2013, Columbia University Press. Licensed from Columbia University Press. All rights reserved. www.cc.columbia.edu/cu/cup/