Anyone using DEBIT CARDS?

[zimdude]

Interesting concept, how do they work out?

Anyone with:
- Smart Money
- the BPI Mastercard (I don't know what it's called)
- VISA Electron

... ?

[mamangbumbero]

Dunno how they work, but I'll just toss a caveat to the debit card system.

Those debit cards are very convinient -- use the card in places where VISA or Mastercard are accepted, money is automagically withdrawn from your checking account. I use mine a lot, but not online. I had my debit card blocked for any online transactions. Why, you say? Bec. debit cards don't offer fraud protection much like in credit cards. When a fraudulent transaction gets through, then you're hosed. You have to pay the big chunck of it. Debit card companies (usually bank where you have your associated checking account) only offer protection up to a very small amount. So better check you debit card terms of service agreements.

.. as least that's how it works in the US.

HTH.

[Maverick]

zimdude, the concept is somewhat similar to the bpi express payment system (EPS). you slide the card and enter your pin in a card carder in the cashier's station. it takes away the hassle of having to go to an atm to physically withdraw cash.

[makiling]

BPI's mastercard debit card is named EXPRESS CASH, your cash in a flash :-)

Processing fee is 100 pesos, you can fill up the card via over the counter payment, soon via ATM and http://www.bpiexpressonline.com. Minimum 500 pesos amount.

You can use this in any of the 13000 establishment nationwide with POS machines. Soon will be available worldwide via maestro international card.

This can be reloaded via the same channels mentioned previously.

Ideal as gifts, or perhaps if you want to send cash to anyone later, for example your children, families back home etc.,

[lukekarol]

How about Mondex Philippines? When are they going to *truly* roll out their services here.

[KuyaDanny]

Mondex, allied with the MasterCard group, is looking for funding. Are you interested in investing?

To answer zimdude's question, the big difference between smart-card payment systems and traditional debit cards is that smart cards make use of SIM technology. All the information (balances, transaction data) is stored in the SIM. There is no need to wire up a telecomm network because all transactions are done at the terminal (client) side. That means low costs to enable the merchants to accept these cards, and that transactions can be done anytime as long as the terminals are working.

[Rocky Road]

It's very convenient and it can get expensive. It's $1.25 charge for every transaction. And sometimes kahit ayaw mo'ng bumili, You can't use the excuse na I'm not carrying cash.

[brownpau]

I was thinking of getting the BPI Express Cash Mastercard, but it's no good for establishing a credit history. So I think I'd rather get a credit card.

[mamangbumbero]

Originally posted by KuyaDanny
To answer zimdude's question, the big difference between smart-card payment systems and traditional debit cards is that smart cards make use of SIM technology. All the information (balances, transaction data) is stored in the SIM. There is no need to wire up a telecomm network because all transactions are done at the terminal (client) side. That means low costs to enable the merchants to accept these cards, and that transactions can be done anytime as long as the terminals are working.

I really haven't done much reading on SmartCards. But w/ the implementation you just described, it is very likely that someone can just crack into the card, and have unlimited funds. I can imagine that they'd be some way of validating the information available in the card.

Then again, I might be on crack today.

[mamangbumbero]

Originally posted by Rocky Road
It's very convenient and it can get expensive. It's $1.25 charge for every transaction. And sometimes kahit ayaw mo'ng bumili, You can't use the excuse na I'm not carrying cash.

I suggest you go w/ a different bank.. most banks don't have per transaction charges on debit cards. Well, at least the debits cards I've looked at, and used in the last few years.

Most of the time, I don't carry much cash. I typically have a max of $20 in my wallet -- for those pesky merchants who have $10 minimum purchase requirements.

HTH

[KuyaDanny]

Originally posted by mamangbumbero

I really haven't done much reading on SmartCards. But w/ the implementation you just described, it is very likely that someone can just crack into the card, and have unlimited funds. I can imagine that they'd be some way of validating the information available in the card.

Then again, I might be on crack today.

I don't know the specifics of the security mechanisms used, but the group who approached us for funding have explained that the protection is several levels higher than the SIM cards used in local GSM phones.

If, in fact, the security on the card is broken, the thief can only get funds up to however much has been stored in the card. The SIM does not link to a deposit account in a bank, but must be reloaded when the balance is exhausted.

[zimdude]

With the SIM based cards, do you effectively lose your money if you lose the card?

Who operates SIM-based or "smart cards" here in the Philippines? How are they? Oh, who are they? (Smart Money I supposed)

I suppose Bankard is no more? Weren't they the very first?

[KuyaDanny]

Yes, you lose your money if you lose your card - which is why Mondex's target marget is "micro spending" transactions. They expect their cardholders to have no more than P2000 loaded into each card at any given time.

Bankard still runs a SIM-card service. The problem was that they were asking their credit card holders to use the SIM-based cash card. Whatever for? My own Bankard (credit card) has a SIM built in, but I don't use the SIM, only the credit card.

[zimdude]

http://itmatters.bworldonline.com/ne...02152001c.html

In a press conference yesterday at the Discovery Suites in Ortigas Center, Pasig City (eastern Metropolitan Manila), online Internet company Yehey!.com and BancNet, a bank network provider, announced a partnership for an electronic payment service for e-commerce.

The two companies have agreed to provide a payment facility based on BancNet's existing automated teller machine (ATM) infrastructure, called debit cards. Debit cards provide users access to their existing bank accounts in the Internet space. They allow online merchants to directly charge their clients' purchases against their accounts.

[gets]

akala ko debit card = ATM card

[Art Vandelay]

Gets: An ATM card (like BPI) is a debit card... The difference between a credit/charge card and a debit card is that in the case of the debit card you already have funds available (from which your purchases are deducted) while in the case of the credit/charge card your purchases are totaled then you are billed after...

[gets]

yup. i have a debit card which works as an ATM card. the only difference it has with my old BPI atm card is that it is accepted where visa is accepted, so mas maraming places ang "express payment". check card is another name also.

[muggle]

Debit cards are great!! Kaya lang if you lose it medyo lagot ka.. lalo na if they use it online, they dont need to give the PIN.. oops!!! And if you return something and you used your debit to buy it.. it can get quite hairy.

[zimdude]

I thought Express Cash would be it for me... until I went to this "E-Commerce Expo" at Megamall where they had a booth, and a pushy marketing girl wanted me to sign up right there, because it was cheaper. But I was in a hurry, so I said I couldn't wait an hour, and I would get it from the BPI branch near my office instead.

She said that it would take a week at the branch, and I would have to pay more at the branch, with the tone as if she were competing with the BPI branch!

The girl must have some quota to fulfill, but with the lousy exhibit I bet it was way short.

So much for the "BPI service" - true enough, the Banks thread exposed the mentality of the people working there. What a way to go for the sister company of PEx.

[maedez]

Hello

I'd like to ask if anyone here is using debit cards instead of credit cards for anything to everything credit cards can do. I currently have one under BDO and use it only in times of utterly cashless moments and/or emergencies and I'd like to follow up another question: if is it alright that I input my PIN at the POS terminal twice ( the lady over the counter said that the first was to check my balance and the second was the transactions itself) for a single purchase. I have used my ATM card a few times before and was surprised that I had to input my PIN twice that time. I know my card limit and how much balance it has.

In short: Can a POS terminal look into your ATM card's content before purchase?