EFTPOS, or Electronic Funds Transfer at Point of Service, is the backbone of the debit card system.
To the consumer the EFTPOS system seems simple. They present a card, it gets confirmed by either a signature or a pin number and then they have the good while their bank account decreases by this price. In fact [...]
EFTPOS, or debit, cards are quite commonly compared to pre-paid credit cards. This is because although they both look like credit cards and they are accepted by the same payment system that credit cards are accepted by. In fact they are quite different.
There are also prepaid debit cards, also called “reloadable debit cards”. These offer [...]
The closest parallel to bank linked debit cards is a current account cheque. Like debit cards, cheques draw funds straight out of a current account and they don’t have a separate account. There are some differences.
Debit cards offer quicker confirmation that the funds are in the account. This means that there is not the phenomenon [...]
There are a number of alternatives to debit cards, and if a person is thinking of getting a debit card then it is useful to decide what sort of service they want.
Credit cards are the most obvious alternatives to debit cards to most consumers. Debit cards and credit cards look very similar and they are [...]