Debit cards that are issued by commercial banks can be characterized as

Question

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Debit cards issued by commercial banks are essentially an electronic version of a cheque. When a person uses a debit card to make a purchase, the money is electronically transferred from their bank account to the seller's account. However, unlike cash, debit cards do not function as a store of value and are not typically considered a form of deposit money. They may be considered a type of near money, but this is not the best characterization of debit cards issued by commercial banks. Fiat money, which is currency that has no inherent value and is only valuable because a government declares it legal tender, is not an accurate description of debit cards.

Debit Cards That Are Issued by Commercial Banks Can Be