Some debit cards carry a stored value with which a payment is made (prepaid cards), but most relay a message to the cardholder's bank to withdraw funds from the cardholder's designated bank account. These are similar to a credit card, but unlike a credit card, the money for the purchase must be in the cardholder's bank account at the time of the purchase and is immediately transferred directly from that account to the merchant's account to pay for the purchase. Many of the new cards now have a chip on them, which allows people to use their card by touch (contactless), or by inserting the card and keying in a PIN as with swiping the magnetic stripe. The card usually consists of the bank's name, a card number, the cardholder's name, and an expiration date, on either the front or the back. A debit card, also known as a check card or bank card, is a payment card that can be used in place of cash to make purchases.
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