The Revolution of Debit Cards

Technology has really changed how we do almost everything, be it communication, banking. Name them.

Some years back there was nothing like money, history has it we used cowry shell as a mode of exchange in trade. Then we had money and money came the back accounts.

These banks were not for every Tom, Dick and Harry, It belong to the high and might in the society. The least one could have in the account was like 20,000. Those days 20000 was a lot of money.

Now banks are all over and you just need a mobile phone and with a few instructions you have a bank account. No need at all of going to the bank at all.

The best part with this entire banking thing is, you do not need to carry around money at all. Even in matatu nowadays you just use your mobile money service to offset your fare.

Read: Co-op Bank International Visa Classic Card Comes With Convenience

The banks came up with a debit card; this card provides cardholders electronic access to their bank account at their financial institution.

The card holder can therefore use the card to withdraw money from their account at an ATM machine or pay for goods.

If it’s a purchase the payment is deducted directly from a consumer’s checking account to pay for the purchase

The advantage of the debit card is that it eliminates the need to carry cash or physical checks to make purchases.

With debit card, the user cannot go into debt except perhaps for small negative balances that might be incurred if the account holder has signed up for overdraft coverage.

However, debit cards usually have daily purchase limits, meaning it may not be possible to make an especially large purchase with a debit card.

Article by Amina Mbuthia.