Payment methods Flashcards

(8 cards)

1
Q

traditional payment methods

A

Cash
cheques

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2
Q

Problems with traditional payment methods

A

Cash: easily lost or stolen
Cheques: Outdated and rarely used

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3
Q

Modern payment methods

A

Bank cards: plastic with a magnetic strip or chip

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4
Q

Requirements for modern payment methods

A

Electricity, Internet or phone line along with a linked bank account

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5
Q

What is Online banking

A

Making payments via the internet without visiting a bank or ATM

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6
Q

What is online banking used for

A
  • Transferring money between accounts
  • Making regular payments
  • Checking account balances
  • Transferring money between personal accounts
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7
Q

Requirements for online payments

A
  • Bank account with internet banking access
  • Computer or mobile phone
  • Recipients bank account details
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8
Q

Security measures of online banking

A

Customers must enter a PIN before making a transaction

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