Gordy7:Aredwood: Easiest way of thinking about it, is imagine your physical card contains multiple virtual cards. And pressing Cheque, savings, or credit. Is the method that tells the system which one of your virtual cards to use.
And paywave is always the same as pressing Credit.
Interesting. Today's Paywave transaction using my debit card debited my savings account.
That transaction would have been processed via the credit card payments system. Instead of the eftpos payment system. Which is an important distinction to make. Even though from your point of view, the end result is the same. Imagine that your debit card also contains an eftpos card. 2 completely separate ways of paying despite them being combined into 1 physical card, and both being linked to the same bank account.
Note that there are lots of overseas countries that don't have a widespread equivalent to the NZ eftpos network. In those places, if you don't want a credit card, or can't get one due to a low credit rating. A debit card means that you can still buy things without needing cash.
While In NZ debit cards are relatively new compared to eftpos. As the only advantage of a debit card compared to eftpos is being able to use it to buy things on the internet and over the phone.