Debit Cards are used by the majority of us daily but do you know about these Hidden features of Debit Card? There are many hidden features of debit card. It is not that hidden for the other customers, but for the beginners,You Must Know about these Hidden features of Debit Card..
Have you ever wondered why your debit card expires? The CVV is entered during online payments for what reason? Why are there black strips, chips, and wifi signals on every card?
A lot of information is stored on the magnetic black strip. When you use an ATM or POS machine, you swipe your card. To complete the transaction with your bank, this information is needed. However, hackers have the ability to copy magnetic strips and create duplicate cards.
The EMV chip was used to remedy this problem. the MasterCard® and Visa® EuroPay chip. The cards are now more secure because of these chips, and this technology. Through RFIDs, contactless payments are possible. The presence of this wifi icon on your card denotes support for contactless payments.
Typically, credit and debit cards expire after six years. This was due to the magnetic chip’s expected lifespan of 5–6 years. Let’s now discuss the CVV. Companies are required by law not to keep any card CVV on file. You can save your card number on companies like Uber and Amazon for this reason, but every time you make an online purchase, you will be prompted for the CVV.
This is advantageous because if the Uber or Amazon website gets hacked, the hackers will acquire your card information, but they will be unable to make any purchases without the CVV.
In addition, some cards have holograms and QR codes on the backs. What do both of these mean? Please explain in the comments.