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Have you been seeing people holding different credit and debit cards? You might have been hearing about the ATM cards, but you do not understand the mystery and concept behind it. This article will give you a clearer meaning of the ATM cards from a comprehensive point of view.
Overview of ATM cards
ATM card is known to be a plastic card which is issued by a financial institution such as banks to enable their customers to gain access to withdraw their funds easier and faster. ATM is known to be Automated Teller Machine (ATM) and it can be used as a debit card to withdraw and gain access to funds.
ATM cards is a payment card issued by banks and other financial institutions to enable customers to access the automated teller machine and make an instant withdrawal of his funds. An ATM card can be in the form of a debit or a credit card, it can be used online to make transactions and make payments for different goods and services.
For every bank to promote and sell their services faster to their clients, the issue and provide the option of an ATM card (Visa, Verve, MasterCard etc) to their clients. Every ATM cars contain a unique card number and some security information like an expiration date or CVVC (CVC).
ATM cards are known by a variety of names like MAC (Money Access card), bank card, cash card or key card, client card etc. ATM cards are not a new innovation or discovery, rather, they have been used for more than 50 years. It was recorded that the first set of ATM cards to be used in the entire world was issued in 1967 by London by Barclays Bank.
Dimension and Size of an ATM card
The dimension of ATM cards is 85.60 mm × 53.98 mm (3.370 in × 2.125 in)and its rounded corners come with a radius of 2.88–3.48 mm which is in accordance with the in accordance with ISO/IEC 7810#ID-1, which is also the same size with other payment cars such as debit and credit cards.
Uses of the ATM card
- The ATM card permits customers to withdraw cash and funds at the ATM of the bank or any ATM network affiliated to the card.
- The ATM cards can be used to identify people and the transactions which they make on their banking account.
- The ATM card can be used to make online transactions like buying a product from a merchant or on a digital website or an e-commerce store.
- The ATM card can be used by the account owner to view his account history and account balance.
The use and importance of the ATM card cannot be overemphasized. While some other people dislike the ATM cards because of security reasons, some other persons have benefited from the ATM card because it has helped them to withdraw people in emergency situations.
We hope that this article has been able to enlighten and illuminate your mind on the ATM card and its uses. If you have any questions regarding the ATM card, feel free to comment on this post.
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