What is ATM Card and How It Works?

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Automated Teller Machine (ATM) or Debit Cards are now very commonly used by people for withdrawing money from ATMs after standard banking hours. These cards can also be used for online and offline purchases. Read this post to know what these cards are and how they work.

In the past, the only way to withdraw money from your Savings Account was to visit the bank during working hours personally. You were required to fill a withdrawal slip, stand in a queue, and then submit the same for withdrawing the needed cash. However, ATM cards completely revolutionized this process.

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Introduction of ATM Cards in India

It was in the late 1980s that the Automated Teller Machines (ATMs) and ATM cards were first introduced in India. Over the years, they have only grown in popularity and are now very commonly used by most people who have a Savings Account.

What is an ATM Card?

In simple words, ATM cards are payment cards issued by banks. They are linked to your bank account, and you can use them for withdrawing money from ATMs. Most ATM cards can now be used for online and offline transactions.

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Details on ATM Cards

Most banks now offer custom cards with the name of the account holder mentioned on the card. Apart from your name, the validity of the card, 16-digit card number, logo of the card network, and Card Verification Value (CVV) are mentioned on the card. The latest ATM cards also feature a Europay Mastercard and Visa (EVM) chip.

The Working of ATM Cards

ATM Cards are linked to your bank account. Whenever you use the card at ATMs or for online/offline transactions, money is debited from your linked bank account. For withdrawing cash at ATMs and offline transactions, you will be required to enter your 4-digit ATM PIN