Debit cards may be considered similar to stored-value cards in that they represent a finite amount of money owed by the card issuer to the holder.
How does a debit card work?
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. In some cases, the payment card number is assigned exclusively for use on the Internet, and there is no physical card.
What is the difference between a bank card and a debit card?
They are different in that stored-value cards are generally anonymous and are only usable at the issuer, while debit cards are generally associated with an individual's bank account and can be used anywhere on the Interac network. In Canada, the bank cards can be used at POS and ATMs.
