Real & Digital

Now unless you live under a rock you most probably have come across debit or credit cards linked to a bank account. In fact I'm willing to bet you have probably used one to pay at a shop check out or a restaurant or even from an On line store like Amazon. How does it all work? How does the money move from your bank account to the merchants? On-line payments were worth over $700 Billion in 2017 and that number is going only one way - UP! So its a good idea to understand how it all works. Whether for debit cards or credit cards the mechanism is pretty similar. You have a few actors involved; First there's you , the Consumer . With that shiny bit of plastic (your debit/credit card). That card gives you access to your money without you ever having to set foot in the bank. Second play is your bank, they gave you that card so we'll call them the Issuing Bank . They'll also be the guys that hand over the cash when the time comes. Generally upstanding honest guy. .