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Monday, March 29, 2004
Money wise: Cashless, debtless shopping
THE emergence of debit cards introduced mostly by banks has allowed people to go cashless and debtless shopping, freeing them from spending more than what they have.
According to Equitable PCI Bank, its Visa electron MTV debit cards are linked to savings or current accounts of their depositors. Once used in purchasing goods or services of accredited stores, the amount is automatically deducted from the accounts of the cardholders.
Metrobank, Bank of the Philippine Islands and some banks under the Bancnet consortium, on the other hand, have also turned their ATM cards into debit cards.
With a point-of-sale transaction, the purchase amounts are also simply debited or deducted from the cardholders’ accounts.
Meanwhile, cellular phone operator Smart Communications Inc. also introduced a debit card—the SmartMoney card—in which Smart subscribers can load a certain amount of cash in any Smart business center and they can already go cashless shopping. JBN
(March 29, 2004 issue)
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