A debit card is a payment card that lets you make secure purchases online and in person by drawing money directly from your checking account over the credit card payment network. You're not borrowing from a line of credit like you would with a credit card or a “buy now, pay later” service; the money your debit card accesses is your own. You can also use your debit card to withdraw or deposit cash at ATMs. Debit cards typically have a Personal Identification Number (PIN) that is used for authentication on the card network.

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API Ref: Creating and Activating a Debit Card

Business Set Up

There are a number of business action items that need to be completed to obtain approval to include debit cards with your savings accounts program with Mbanq and a Partner Bank. These action items fall into the following main categories:

Application

• Compliance Review
  • Marketing materials
  • Disputes process
• Submission to Partner Bank
• Approvals
• Register Card BIN (Bank Identification Number) with the Visa Network
• Create Card Art
• Print and ship physical cards to end users (if requested)

Product Set Up

In order to enable customers to use their Debit cards, your Platform will have to integrate with Mbanq's APIs.

• Begin by setting up the Debit Card product via the Mbanq console - to be done by Mbanq team in advance
  • Create a new Debit card product for your platform instance
• Build integrations with the following Mbanq APIs:
  • Accounts (Create Account) Create consumer users and their associated bank accounts
  • Card Issuing (Creating and Activating a Debit Card)
  • Issue a New Card (Issue a New Card) Issue a virtual or physical card
  • Set the PIN ( Set Card PIN ) Set the initial card PIN
  • Activate Debit Card (Activate Debit Card) Approve and authorize a card for use
  • List Transactions (List Transactions) Return a list of all the card transactions for a date range
  • Retrieve a Statement (Retrieve a Statement) Return PDF or JSON version of a card account statement