A Debit Card is an electronic card interconnected to a checking account. It is used to get immediate access to the account’s funds through instant money withdrawal from an ATM machine or through the cashback scheme. Cashback on debit card transactions refers to the service offered by certain merchants (mostly supermarkets) to their customers to withdraw money when making a purchase. Likewise, in order to pay for goods or services at an establishment, a debit card can be simply swiped and an automatic transfer of funds will take place.
Furthermore, debit cards can also be used for Cardholder Not Present (CNP) payment transactions such as online or telephone shopping. One of the main benefits of debit cards is that (normally) the only money that can be spent is the one available in the customer’s account.