Podcast
Questions and Answers
Which form of payment takes up more space in your wallet and can become bulky?
Which form of payment takes up more space in your wallet and can become bulky?
What type of device can be used for contactless payment?
What type of device can be used for contactless payment?
Which payment method allows you to use 'credit' to purchase things before you need to pay for them?
Which payment method allows you to use 'credit' to purchase things before you need to pay for them?
Which payment method takes the funds out of your bank account immediately?
Which payment method takes the funds out of your bank account immediately?
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What is a cheque?
What is a cheque?
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What is an e-wallet?
What is an e-wallet?
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What could happen if you don't pay back the amount spent through an e-wallet in time?
What could happen if you don't pay back the amount spent through an e-wallet in time?
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What is a gift card?
What is a gift card?
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What is a potential drawback of using an e-wallet?
What is a potential drawback of using an e-wallet?
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How does a gift card differ from a debit card?
How does a gift card differ from a debit card?
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Study Notes
Payment Methods and Characteristics
- Cash is a form of payment that takes up more space in a wallet and can become bulky due to the physical currency notes and coins.
- Contactless payment can be made using devices such as smartphones, tablets, or dedicated contactless cards that utilize NFC (Near Field Communication) technology.
Credit and Immediate Payment Methods
- Credit cards allow users to purchase items using borrowed money, meaning payments can be made before having the actual funds, with the requirement to pay back the amount later.
- Debit cards withdraw funds directly from the user's bank account at the time of the transaction, ensuring immediate payment.
Cheques and E-Wallets
- A cheque is a written, dated document instructing a bank to pay a specific amount of money from one account to another, often requiring physical deposit or processing.
- An e-wallet is a digital wallet that allows users to store payment information and make transactions electronically via smartphones or computers.
Consequences of Late Payment
- If the amount spent through an e-wallet is not repaid in a timely manner, users may incur late fees, increased interest rates, or negative impacts on credit scores.
Gift Cards and Their Differences from Debit Cards
- A gift card is a prepaid card that is loaded with a specific amount of money and can be used for purchases at designated retailers, often with expiration dates or specific usage conditions.
- Unlike debit cards, which draw directly from a bank account, gift cards can only be used until the prepaid limit is reached and are not linked to any bank account.
Drawbacks of E-Wallets
- A potential drawback of using an e-wallet is security risks, including potential unauthorized access or cyber theft of stored payment information.
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Description
Test your knowledge about contactless payment and cash with this quiz. Learn about the benefits and methods of contactless payment, and the usage and acceptance of cash as a form of payment.
