“IPC POS debit” typically refers to a transaction that occurs at a Point of Sale (POS) terminal using an Interbank Payment Channel (IPC) system. Let’s break down the components:
IPC (Interbank Payment Channel): This is a system that facilitates the transfer of funds between different banks or financial institutions. It allows for the electronic transfer of money, enabling customers to make payments from their bank accounts to merchants or other accounts in a secure and efficient manner.
POS (Point of Sale): A POS terminal is a device or system used by businesses to conduct sales transactions. It is where customers make payments for goods or services, typically using debit or credit cards. The POS system processes the payment by connecting with the bank to authorize and complete the transaction.
Debit: This indicates that the funds are being withdrawn directly from the customer’s bank account. When a customer makes a purchase using a debit card at a POS, the amount of the transaction is deducted from their account balance.
Putting it all together, “IPC POS debit” means that a customer made a purchase at a merchant’s point of sale using a debit card, and the transaction was processed through an interbank payment system. The funds were directly debited from the customer’s bank account to pay the merchant. This type of transaction is common in retail environments where electronic payments are accepted.