20 Facts About Debit card

Debit card, known as a check card or bank card is a payment card that can be used in place of cash to make purchases.

In some cases, the payment Debit card number is assigned exclusively for use on the Internet and there is no physical Debit card.

One physical Debit card can include the functions of all three types, so that it can be used in a number of different circumstances.

The five major debit card networks are UnionPay, American Express, Discover, Mastercard, and Visa.

The need for cross-border compatibility and the advent of the euro recently led to many of these Debit card networks being re-branded with the internationally recognized Maestro logo, which is part of the MasterDebit card brand.

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The use of a debit card system allows operators to package their product more effectively while monitoring customer spending.

Banks consider the purchases as having been made at the moment when the Debit card was swiped, regardless of when the purchase settlement was made.

Payment in Australia using a debit card is commonly called EFTPOS, which is very popular and has been operating there since the 1980s.

Today Dankort is primarily issued as a MultiDebit card combining the national Dankort with the more internationally recognized Visa.

Carte Bleue was a Debit card brand acquired in 2010 by Visa which is not used anymore.

Such virtual Debit card can be used only once and for the maximum amount given by the Debit card holder.

Debit card usage surged in Greece after the introduction of Capital Controls in 2015.

The debit card transactions are routed through Rupay, Visa or MasterCard networks in India and overseas rather than directly via the issuing bank.

Since 2006, IsraDebit card has offered an international version, branded "MasterCard Direct", which is less common.

In Malaysia, the local debit card network is operated by the Malaysian Electronic Clearing Corporation, which had taken over the scheme from MEPS in 2008.

In Mexico, many companies use a type of debit card called a payroll card, in which they deposit their employee's payrolls, instead of paying them in cash or through checks.

All the Debit card system is regulated by SIBS, the institution created by Portuguese banks to manage all the regulations and communication processes properly.

In Saudi Arabia, all debit card transactions are routed through Saudi Payments Network, the only electronic payment system in the Kingdom and all banks are required by the Saudi Arabian Monetary Agency to issue cards fully compatible with the network.

However, the UK Government introduced legislation on 13 January 2018 banning all surcharges for Debit card payments, including those made online and through services such as PayPal.

The largest pre-paid debit card company is Green Dot Corporation, by market capitalization.