Debit Card

ATM/Debit Card in the Context of Payments

Definition of ATM/Debit Card in the context of payments: The plastic card used in an ATM for deposits, cash withdrawals, account transfers and other related functions. A PIN must be entered to withdraw cash and access account functions. An ATM card may also be used to make a debit purchase if the merchant has a PIN pad to accept the key entry.

Debit Card in the Context of Payments

Definition of Debit Card in the context of payments: A bankcard used to purchase goods and services and to obtain cash, which debits the cardholder's personal checking account. During online debit transactions, the cardholder must enter a PIN. The card acts like a check with the money withdrawn from the existing account balance. The withdrawal of funds is immediate with online debit cards, delayed a day or two with offline debit cards . Debit cards that carry the logo of either MasterCard or VISA can be used at any location that displays that network's logo.