The banking sector is undergoing significant transformations in today's rapidly changing world. Traditional banks are adapting to an online model that provides access to your banking needs from the comfort of your home. Moreover, the pandemic has forced people to adopt non-cash payment avenues such as debit cards.
The debit card has reduced the need to carry physical money. Moreover, it allows you to make payments online, which has made your shopping and buying experience a lot easier. But you should know how to use a debit card for online payment.
Read on to know. But before that, let us understand what a debit card is, its features, and what is the use of a debit card.
What is a debit card?
A debit card serves as a payment card connected to your bank account. When you use the card, the corresponding amount is directly subtracted from your checking account. Debit cards serve the purpose of purchasing products or services, as well as obtaining cash through ATMs. While they minimise the necessity for cash on hand, it's important to note that certain usage fees might be applicable with these cards.
What are the features of a debit card?
A debit card has several features. Some of the features are:
1. Convenience
Debit cards make it easy to purchase and access cash. They eliminate the need to carry actual currency and allow you to make payments online and in person.
2. Online and In-Store Purchases
Debit cards offer the versatility to make purchases online and in physical stores, granting you the freedom to shop anywhere.
3. Rewards points
Debit cards offer incentive schemes where each transaction can earn you points. These points have the potential to accrue and later be exchanged for a range of advantages. These rewards include cashback, gift cards, reduced vacation costs, or merchandise. For instance, the Kotak 811 debit card provides rewards through offers on dining, travelling, health and fitness, etc.
4. Direct payment link to bank account
Debit cards are intricately connected to your bank account, facilitating smooth transactions and guaranteeing immediate oversight of your financial undertakings.
Must Read: Features & Benefits Of Debit Card: You Must Know
What is the use of debit cards?
With a debit card, you have the ability to buy items both online and at physical shops, with the funds being subtracted directly from your account. Furthermore, you can utilise it to take out cash from ATMs, review your account balance, and handle your expenditures, all without accumulating credit-related debts.
How to use a debit card at a retail outlet?
You might wonder how to use a debit card at a retail establishment. Using your debit card at a retail establishment is easy and quick. Simply follow these steps:
Step 1: Select Items
Choose the items you want to purchase from the retail store.
Step 2: Approach the Counter
Go to the checkout counter when you're ready to pay.
Step 3: Making the Payment via the Card
Let the cashier know you will be paying with a card.
Step 4: Swiping or Taping the Card
Depending on the technology, you can swipe the card or tap it to make the payment. Kotak 811 debit card provides you with both options.
Step 5: Enter the PIN
The cashier will ask you to enter your Personal Identification Number (PIN) on the card terminal's keypad.
Step 6: Approval
Wait for the terminal to process your debit card payment. It might take a moment.
Step 7: Confirmation
Once approved, the terminal will display a confirmation message. The cashier may also provide a receipt.
Step 8: Receipt and Card Retrieval
Take the receipt if provided, and remember to retrieve your debit card from the terminal.
Step 9: Transaction Completed
You have successfully paid for your items using your debit card.
How to use a debit card for online payment?
By following these steps, you can effectively use your debit card for online transactions. The steps are:
Step 1: Visit the Official Website
Select a trustworthy and established online retailer or service provider for your purchase.
Step 2: Add Debit Card Details
Select the debit card payment option on the checkout page and input the card information, such as the card number, expiration date, and CVV code.
Step 3: Two-Factor Authentication
Some websites offer two-factor authentication for added security. It requires an additional code from your mobile device to verify the transaction.
Step 4: Verified by Visa/Mastercard SecureCode
Enter the one-time password (OTP) sent to your registered mobile number to complete the transaction.
Step 5: Check Transaction Details
The transaction will be processed. After completing the transaction, review the payment details and confirm that the amount is accurate. Save the transaction confirmation for future reference.
How to use a debit card at an ATM?
Using your debit card at an ATM is easy. Here are the steps to use a debit card:
1. Withdrawing cash
When you need cash, follow these steps at the ATM:
- Step 1: Insert your card with the chip facing into the ATM slot.
- Step 2: Enter your private PIN using the keypad - your confidential code.
- Step 3: Select 'Withdraw' and specify the amount you need.
- Step 4: The ATM will dispense the requested cash.
- Step 5: You will then be prompted to get a printed receipt for the transaction. Press ‘Yes’ if you need the slip.
Must Read: How To Withdraw Money From An ATM Without A Card
2. Other banking tasks
ATMs offer more than just cash withdrawals. You can also perform these tasks:
- Step 1: Insert your card with the chip facing up into the ATM slot.
- Step 2: Enter your private PIN using the keypad.
- Step 3: Access the menu and select the option to transfer money, pay bills, or check your balance.
Conclusion
Mastering the effective utilisation of a debit card can greatly streamline your financial transactions. This versatile tool provides convenience and security whether you're shopping, accessing funds, or overseeing expenses.
It is important to uphold security measures, such as safeguarding your card information and exercising prudence during online purchases. Through proper management of your debit card, you can capitalize on its advantages to simplify your fiscal operations and attain enhanced command over your expenditures.
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This Article is for information purposes only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. Bank makes no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Newsletter. The information contained in this Article is sourced from empanelled external experts for the benefit of the customers and it does not constitute legal advice from Kotak. Kotak, its directors, employees, and contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein.
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