Final answer:
The statement is True, as debits can both increase or decrease an account's balance depending on the account type in accounting. Debit cards enable electronic payments from one's bank account.
Step-by-step explanation:
Debits may be used to describe either an increase or decrease in an account balance. The statement is True. In accounting, whether a debit increases or decreases an account depends on the type of account. For asset and expense accounts, a debit increases the balance, while for liability, equity, and revenue accounts, a debit decreases the balance.
It's important to understand that debit cards and the concept of debit in accounting are not the same. A debit card allows the cardholder to transfer money electronically from their bank account when making a purchase. This is distinct from a credit card which allows purchasing on credit. Neither having more debit cards nor credit cards changes the quantity of money in your bank account or in the economy.
Similarly, the flow of money in and out of a country affects the current account balance which is a different concept from the individual account transactions conducted with debit cards.