traditional payment methods
Cash
cheques
Problems with traditional payment methods
Cash: easily lost or stolen
Cheques: Outdated and rarely used
Modern payment methods
Bank cards: plastic with a magnetic strip or chip
Requirements for modern payment methods
Electricity, Internet or phone line along with a linked bank account
What is Online banking
Making payments via the internet without visiting a bank or ATM
What is online banking used for
Requirements for online payments
Security measures of online banking
Customers must enter a PIN before making a transaction