Blog: Paypal Debit Card Canada

Debit card spending in the UK exceeded cash purchases for the first time in 2010. Most current bank accounts will issue cards to their customers to help them manage their spending. What is a debit card, how does it work, and what is likely to happen to the way we spend money in the future?

What is a Debit Card?

This kind of card is connected to a specific bank account, most usually a current account. It can be used to access cash and to make purchases both in stores and online. Ownership and use of a debit card is protected by a four digit PIN (Personal Identification Number). This gives an element of security as only the account holder should know the number registered to the card.

How Do Debit Card Payments Work?

This type of card gets its name from the way that it pays for purchases. Unlike a credit card, which allows you to borrow money to buy something and pay back later, a debit card takes the payment directly from its linked bank account once the purchase is made.

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