Old School Payments
Paper Promises
Going Digital
Plastic Fantastic
Pros and Cons
100
This involves trading items like cow for beads without using money
What is barter?
100
The person or organization who writes a cheque
What is the drawer?
100
Buying and selling goods electronically via the internet
What is e-commerce?
100
This card allows you to pay for items with money directly from your bank account
What is a debit card?
100
This instrument is becoming less widely used than online payments
What is a cheque?
200
These round metals or paper items are used for payment in everyday transactions
What are coins and bank notes?
200
This instrument can be bought at a post office
What is a money order?
200
This type of transfer moves fund from one bank account to another anywhere in the world
What is a bank transfer?
or What is electronic funds transfer (EFT)?
200
This machine dispenses cash when you put your card in and enter your PIN
What is an automated teller machine (ATM)?
200
The main advantage of this instrument is that you can buy now but the disadvantage is high rates of interest rates if you don't pay your bill on time
What is a credit card?
300
It's the situation where two people have what each other wants
What is 'double coincidence of wants?
300
Your money is guaranteed, especially when used for large payments such as for buying a vehicle
What is a bank draft?
300
This refers to using a cellphone to make payments or transfer money electronically
What is mobile-wallet?
300
Using this card means that you are barrowing money from a financial institution (such as a bank)
What is a credit card?
300
An advantage of this is its ease of use for immediate payment but a disadvantage is that money comes out of your account instantly
What is a debit card?
400
A printed form from a bankbook that instructs a bank to pay a set sum to a specific individual or business
What is a cheque?
400
An unconditional order for future payments
What is a bill of exchange?
400
A fast way to transfer money between countries
What is a telegraphic money transfer?
400
If you don't pay your credit card bill by the due date, you will be charged a fee on the balance
What is interest?
400
With this method, any item can be traded but some items cannot be divided
What is barter?
500
A challenge for governments regarding coins and bank notes is preventing people from creating fake ones
What is forgery?
500
These government-backed bond investment pay back the principal plus interest after a set time
What is a treasury bill?
500
A disadvantage of electronic transfer and e-commerce where criminals steal personal banking details
What is online fraud?
500
The amount a bank agrees you can overspend in your account when using a debit card or writing cheques
What is an overdraft?
500
A disadvantage of this instrument is that it does not provide instant funds for the recipient
What is a bill of exchange?