Whenever you use a debit card for a transaction, the corresponding amount is deducted from your account. It allows you to make payments directly from your account balance. Some prepaid cards offer additional features like ATM withdrawals and cashback rewardsĪ debit card is typically issued by a bank when you open a savings or current account.Can be used internationally, depending on the card issuer.Wide acceptance at merchants and online platforms.No risk of accumulating debt or interest charges.Ideal for budgeting and managing expenses.Convenient and safe alternative to carrying cash.Prepaid cards offer various benefits, such as: This offers the advantage of controlled spending, as you cannot borrow money or exceed the available balance. When you use a prepaid card, you are essentially utilizing the funds you have loaded onto it. Unlike debit and credit cards, prepaid cards are not linked to your bank account or a credit line. With a prepaid card, you can make purchases and avail services using the available balance. It can be issued by banks or non-bank prepaid issuers. Understanding these distinctions will help you make informed decisions when it comes to choosing the most suitable payment method for your needs.Ī prepaid card is a payment card that you can load with funds in advance. This article aims to clarify the differences between prepaid cards, debit cards, and credit cards, providing insights into their unique benefits, features, and uses. When it comes to conducting cashless transactions, two common options are Unified Payments Interface (UPI) and card payments. New York – : In today’s digital era, cashless transactions have become increasingly popular.
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