DEBIT CARD CASH

 ADVISABLE FOR MONEY SAVING  DISCOUNTS

 LIMITED PROTECTIONS  UNSECURED

 AVOID DEBT
 MONITOR EXPENDITURES  PRONE TO IMPULSIVE BUYING
 CONVENIENT
 LIMIT SPENDING  SMALL TRANSACTIONS
 NO REWARDS OR POINTS
 GOOD FOR BUDGETING  EMERGENCY PURPOSES
 GOOD FOR DAILY EXPENSES
 INTEREST  UNADVISABLE WHEN SAVING
MONEY

7. Niccolo Uggas – Venn Diagram Similarities and Differences

https://www.moneyunder30.com/cash-vs-credit-vs-debit-which-should-you-use

1. What is Debit Card? ( Raliane Gail Perez)

A debit card is a plastic payment card that can be used instead of cash when making
purchases. It is similar to a credit card, but unlike a credit card, the money is
immediately transferred directly from the cardholder's bank account when performing
any transaction. Debit cards require a password to be used; this particular requirement
also differences of a debit card and credit card . The latter doesn’t require a password to
be used. In essence, a debit card is essentially like using cash to pay for things. A debit
card is a payment card that deducts money directly from a consumer’s checking account
to pay for a purchase. Debit cards eliminate the need to carry cash or physical checks to
make purchases. In addition, debit cards, also called check cards, offer the convenience
of credit cards and many of the same consumer protections when issued by major
payment processors like Visa or Mastercard. A debit card is a bankcard that allows
 depositors to pay third parties directly from their bank account balances
electronically.

https://www.investopedia.com/terms/d/debitcard.asp
https://en.wikipedia.org/wiki/Debit_card

2. When Did debit card start. ( Drew Christian Capala)

 The debit card has been around since 1966, which means banks have had a lot of time
to figure out new ways to charge you for using your own money.

 In the Philippines, all three national ATM network consortia offer proprietary PIN debit.
This was first offered by Express Payment System in 1987, followed by Megalink with
Paylink in 1993 then BancNet with the Point-of-Sale in 1994.

 Megalink launched Paylink EFTPOS system in 1993. Terminal services are provided by
Equitable Card Network on behalf of the consortium. Service is available in 2,000
terminals, mostly in Metro Manila.

 BancNet introduced their point of sale system in 1994 as the first consortium-operated
EFTPOS service in the country. The service is available in over 1,400 locations
throughout the Philippines, including second and third-class municipalities.

 In 2005, BancNet signed a Memorandum of Agreement to serve as the local gateway for
China UnionPay, the sole ATM switch in the People's Republic of China. This will allow
the estimated 1.0 billion Chinese ATM cardholders to use the BancNet ATMs and the
EFTPOS in all participating merchants.

 By March 21, 2016, BDO has started issuing sets of Debit MasterCards having the EMV
chip and is the first Philippine bank to have it. This is a response to the BSP's monitor of
the EMV shift progress in the country. By 2017, all Debit Cards in the country should
have an EMV chip on it.

How debit card started.

 The Bank of Delaware piloted the card. And by the ’70s, several other banks were trying
out similar ideas. Robert Manning, author of Credit Card Nation, said debit card usage
 picked up in the ’80s and ’90s as more and more ATMs started cropping up across the
country.

 The First National Bank of Seattle issued the first debit card to business executives with
large savings accounts in 1978. These cards acted like a check signature or a guarantee
card, where the bank promised the funds would cover the transaction without the
customer needing a check to complete the transaction.

 In 1984 Landmark created the first nationwide debit system, using ATMs and other
networks that allowed debit cards to be used nationwide.
 By 1998, debit cards outnumbered check usage around the world. Its preference over
checks continues to grow every year.

 Debit cards usually also allow instant withdrawal of cash, acting as an ATM card for this
purpose. Merchants may also offer cashback facilities to customers, so that a customer
can withdraw cash along with their purchase


3. Policy ( Christian Lacsado)

4. Benefits ( Stimson Cruz)

Benefits of having a debit card are:

 Track Spending
 Like credit cards, spending on a debit card is easy to track. You can see your transactions
almost in real time, so you always know how much money you have.
 Allows you to withdraw cash and perform other operations at an ATM 24/7
 Can pay for goods and services using just your debit card instead of cash
 Can pay for goods and services online and over the telephone
 Convenience. Purchases can be made using a chip-enabled terminal or by swiping the
card rather than filling out a paper check. convenience of using credit cards, from
shopping online, paying bills, and booking hotel reservations among other benefits. The
best thing about debit cards is that you can make transactions from your phone at the
confines of your own home.
  Easy to obtain. Once you open an account most institutions will issue you a debit card
upon request.

https://www.arvest.com/education-center/basic-finance/debit-cards
https://www.listenmoneymatters.com/credit-vs-debit/

5. Importance of Debit card in terms of security (Howell Malagonio)

As we advance towards the 21st century, we have experienced how technology developed over
time and through this process Debit cards is one of the greatest production because it secures
our money in the most convenient way. For it not just safeguards our most prized possession
yet it also gives us an easy access to our money whenever we needed it. Your Debit card is
really secured because once it got lost or stolen you can deactivate and disable your account
through a phone call or online, banks are getting advance and very high-tech on security.
Here are some of the tips on how to secure your Debit card:
 Treat cards like cash Protect your cards as if they were cash and never let them out of
your possession or control. Don’t lend your cards anyone. You are responsible for their
use. Don’t let your credit cards be used by others, even family and friends. Always be
sure to take your care.
 PIN safety If your wallet or purse is stolen, someone else could have access to your
money. When typing in your PIN at the Debit card or when making a point-of-sale
purchase, cover the number pad so no one near you can see your PIN. Change your
current PIN from time to time to make it more difficult for fraudsters to guess. 3.
Shopping When shopping, be sure that you get your card back after every purchase.
Always make sure that sales vouchers are for the correct purchase amount before you
sign them. Keep copies of your sales vouchers and ATM, debit or credit card receipts in a
secure place. Think of this scenario, you can’t bring all of your cash to one place and
another because it is not safe, you might lose it all when something bad happens.
Having a Debit card is like carrying your cash around but much more secure because
thieves doesn’t know your PIN and they can’t withdraw your money. If you don’t have a
Debit card right now we are encouraging you to open one and secure your cash.

https://theconversation.com/how-secure-are-todays-atms-5-questions-answered-
79618?fbclid=IwAR0ikewoGYQLzw_gZn_aCgQY-dd8_ewYg_RYh7VJG8K-bM6ZmD73z3nvq6w

6. CONVENIENCE OF PAYING CASH ( Xandrei Lugay)

 There are a lot of convenience on paying through cash. There are many people who
would prefer cash better than credit or debit card. One of the reasons is people are avoiding
card fees. Cash is more convenient in specific matters. There are stores that accepts cash only
rather than credit or debit card. There are also stores called sari-sari store that you will see in
many places. It only accepts cash because it is a low budget store. Many people were not
accepted in having credit cards or debit cards that is why they prefer cash as their option. You
should always carry cash with you as assurance. There are times when you should use cash:
 In case of emergency - you should always keep some cash with you for
emergency purposes such as if you have a car, and your car broke, you need
some cash for paying the repair.
 To limit your spending – first of all, cash is a physical piece of paper that you can
touch, and you can feel. Cash is a thing you work hard for and it is hard for you if
you spend it with unnecessary things. It will help you budget the money by
putting it simply in a envelope so you can see it. If you use credit card or debit
card, you won’t able to notice that you are spending too much money.
 To have healthy purchases- study shows that cash will help you buy necessary
things rather than unnecessary things. You will be observant on the things you
buy and will be buying long lasting products.
 When you to make small purchases at a small store – it is when you buy in the
so-called sari-sari store. You don’t need card for these stores because sometimes
they don’t accept it. You will pay in cash because of you small purchases.

Cash is convenient for us to save money. Cash is one of the easiest payment methods you will
make. It will give you less hassle on paying rather than credit card which you should go to banks
to pay.

References:
https://csnews.com/consumers-still-embrace-cash-among-payment-options?fbclid=IwAR2Ej-
EL6TvtDWUe176wfWv_WwEvUW-QRm8T1Q5ZBpddq5IXkj2cgt9g8yk
https://www.moneyunder30.com/cash-vs-credit-vs-debit-which-should-you-
use?fbclid=IwAR1ye9mPvHMEXtj4pdL8LpGwdBm1Cx2sGBSKOGX-04hSbwN-ev3Y6v3OeUY
https://cstoredecisions.com/2017/05/19/customers-prefer-cash/

8. Pros and Cons of using debit card ( Jewel Cortiguerra)