Banking Technology

A debit card is a plastic card that provides an alternative payment method to cash when making purchases. Functionally, it can be called an electronic check, as the funds are withdrawn directly from either the bank account or  from  the  remaining  balance  on  the  card.  In  some  cases,  the debit cards  are designed exclusively for use on the Internet, and  so there is no physical  card. In many countries the use of debit cards has become so widespread that their  volume of use has overtaken or entirely replaced the check and, in some instances cash transactions. Like credit cards, debit cards are used widely for telephone and Internet purchases and unlike the credit cards, the funds are transferred immediately from the  bearer’s bank account instead of having the bearer pay back the money at a later date.… Read the rest

Electronic cheques address the electronic needs of millions of businesses, which today exchange traditional paper cheques with the other vendors, consumers and government. The e-cheque method was deliberately created to work in much the same way as conventional paper cheque. An account holder will issue   an   electronic   document   that   contains   the   name   of   the   financial   institution,   the payer’s   account   number,   the   name   of   payee   and   amount   of   cheque.   Most of the information is in uncoded form. Like   a   paper   cheques   e-cheques   also   bear   the digital equivalent   of   signature:       a   computed   number   that   authenticates   the   cheque   from   the owner of the account.… Read the rest