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Question
What is a debit card?
Answer in Brief
Solution
- A person can obtain a debit card by depositing money in a bank. Cardholders can use a debit card to pay for products or services immediately if the seller has a terminal.
- When a consumer generates their debit card, the terminal transfers funds from the buyer's account to the seller's account.
- Debit cards can also be used to withdraw cash from ATMs. The shop has a point-of-sale terminal. It is electronically connected to a bank computer. When a consumer generates a debit card, the terminal transfers funds from their account to the seller's account.
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Electronic Banking (E-Banking) - ATM, Credit and Debit Cards
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