debit card

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debit card

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 machines for withdrawing cash from the user's checking account. Increasingly common in the 1990s as an alternative to credit cards, 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.
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debit card

A payment card in the physical format of a credit card that is used like a bank check. There is no line of credit, and sufficient funds must be available in the customer's bank account, which are withdrawn immediately or within a couple of days, depending on the system. Debit cards are used at ATM machines and point-of-sale terminals in retail outlets. To prevent fraud, a numeric PIN must be entered. If the merchant supports it, cash may be paid to the customer. See debit.
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References in periodicals archive ?
Issued by banks and typically backed by a major credit card company, such as Visa or MasterCard, prepaid bank cards work similarly to debit cards or credit cards--they can be used anywhere the endorsing credit card company is accepted.
Norwegians reportedly used their bank cards the most in 2003, and were even ahead of the US.
Visa and MasterCard account for approximately 65 percent of all outstanding revolving credit, and most substantive fraud cases involve schemes centered on one or both of these bank cards.(6) Law enforcement authorities repeatedly encounter certain ethnic groups - particularly Asian and Nigerian - and organizations involved in multilevel bank card fraud operations.
A post described the scammers as 'Fake Bank Card Couriers' and said: "This is an urgent warning after two incidents in Trafford this week."
It also claimed she stole a bank card, whilst working as a cleaner, from Muriel Todd, 85, at a property in the town's Blantyre Court.
According to State Bank hackers have attacked the system of card payments of Pakistani bank and resultantly the use of bank cards has been suspended internationally.
UK-based mobile-only bank, Starling Bank, has said that it has launched vertical bank cards.
M2 EQUITYBITES-September 2, 2016-Qilong, China Union Pay to issue audio bank cards
The bank card was in a security box, along with several thousand pounds in cash, at the victim's home in Huyton.
The indicator increased by 15.7% (nearly 16m cards) during the year, while the average monthly card turnover increased by 23.5%, Rostislav Yanykin, Director of the Bank Card and Cash Services Department at Sberbank said at a press conference.