While credit cards and debit cards look similar, the key difference is where the funds originate:. Debit cards have evolved dramatically over the years — spurred by consumer demand and technological improvements. Below are three significant milestones throughout debit card history.
Consumers are able to withdraw cash using a form and a PIN number. The RuPay cards, which come with all Jan Dhan accounts and increasingly with other accounts too, have played a singular role in the debit card surge.
These cards were introduced in , but there's been a surge in them in recent years. Two years ago, the number was less than half at million. Even usage of debit cards has surged. In August, debit cards were used for 1. Bankers say Jan Dhan account holders are savvy. A K Sahu, GM - debit cards, Canara Bank, says customers come to their office demanding their benefits under various bank account schemes.
Consumers are also using debit cards with greater frequency. An IBOPE Zogby International survey this summer found that, when making daily purchases, about 55 percent of consumers say they use their debit card more than half the time. Manning said many borrowers have seen their credit card limits cut. Others voluntarily cut back on credit card use. Recently the Federal Reserve Board — as directed by financial regulation pdf passed last year — ruled the average swipe fee should be cut about in half.
The new regulations go live in October. Our mission at Marketplace is to raise the economic intelligence of the country.
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