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What is Debit Card? || Types of Debit Cards in India

Debit Cards

A debit card also known as a bank card, plastic card or check card) is a plastic payment card that can be used instead of cash when making purchases.
A debit card is issued by the bank where the individual has a saving account. Debit cards are also issued to corporate entity, which linked to their respective current account.

Difference between Debit Cards and ATM Cards:-

A debit card gives you more flexibility. It’s backed by a credit card network like Visa or MasterCard and can be used at most merchants.
A debit card can be processed in two different ways. The first way is to verify with your PIN number and have the transaction sent directly to your bank. The transaction can also be run through the credit card network and verified with a signature.
An ATM card can only be used at an ATM machine and must be verified by your PIN number. This type of transaction always goes directly to your bank.

Types of Debit Cards:-

1.     Visa Debit Card

These are the most globally accepted debit cards for all kinds of online and electronic transactions. These types of cards are issued by banks that have tied up with the international visa payment system network. The cardholder also has an overdraft facility. These cards use the visa payment gateway which comes with their high security and 24x7 assistance.

2.     MasterCard Debit Card

MasterCard is one of the world’s most accepted forms of electronic payment. With a MasterCard, you can access your savings or current account through the company’s secure code payment platform. These debit cards are particularly popular for their service and excellent customers support.

3.     RuPay Debit Card

RuPay Card is an Indian domestic card conceived and launched by NPCI in 2012. It was introduced in the Indian payment system to reduce the monopoly of foreign gateways like Visa and MasterCard because these are foreign companies or American companies and their commission is high i.e. the cost of transaction is high. Therefore, we can say that RuPay Card is an Indian payment gateway. It also works like Visa or Master Card and its commission is low. RuPay facilitates electronic payment at all Indian banks and financial institutions.  



Disclaimer: 

The contents of this article are solely for informational purpose. It does not constitute any professional advice. The author does not represent that the contents of the article are accurate or complete. Neither the Site/Blog 'Your Instasolv' and the author accepts any liabilities for any loss or damage of any kind arising out of any information in this article nor for any actions taken in reliance thereon.

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