Cashless Society Study Guide

Check

• A Written and signed document that Contains an unconditional order from the drawer (person who wrote it) that directs a bank to pay a specific sum of money to a payee.

• Consumers purchase these cards for a specific amount of money. The amount paid is stored in the card´s memory, and the card can be used to pay for goods or services at any store. Can be reloaded.

• Linked to a checking account. Used to pay goods for goods and services at retailers and online.

Credit Card

• Consumers purchase these cards for a specific amount of money. The amount paid is stored in the card´s memory, and the card can be used to pay for goods or services at any store. Can be reloaded.

• Linked to a credit line used to pay for goods and services. Helps to establish credit.

• Some retail chain stores sell crash cards which can be used to pay for their products.

Crash Card

• Any transfers of funds, other than a transaction originated by check or other paper instrument initiated through an electronic terminal, telephone, or computer, to authorize a financial institution to debt or credit an account.

• Consumers purchase these cards for a specific amount of money. The amount paid is stored in the card´s memory, and the card can be used to pay for goods or services at any store. Can be reloaded.

• A Written and signed document that Contains an unconditional order from the drawer (person who wrote it) that directs a bank to pay a specific sum of money to a payee.

Store Cash cards/gift cards

• Some retail chain stores sell crash cards which can be used to pay for their products.

• Consumers purchase these cards for a specific amount of money. The amount paid is stored in the card´s memory, and the card can be used to pay for goods or services at any store. Can be reloaded.

• Linked to a credit line used to pay for goods and services. Helps to establish credit.

Debit Card

• Linked to a checking account. Used to pay goods for goods and services at retailers and online.

• Some retail chain stores sell crash cards which can be used to pay for their products.

• Linked to a credit line used to pay for goods and services. Helps to establish credit.

EFT

• Linked to a credit line used to pay for goods and services. Helps to establish credit.

• Any transfers of funds, other than a transaction originated by check or other paper instrument initiated through an electronic terminal, telephone, or computer, to authorize a financial institution to debt or credit an account.

Contactless Payment

• Any transfers of funds, other than a transaction originated by check or other paper instrument initiated through an electronic terminal, telephone, or computer, to authorize a financial institution to debt or credit an account.

• Any transfers of funds, other than a transaction originated by check or other paper instrument initiated through an electronic terminal, telephone, or computer, to authorize a financial institution to debt or credit an account.

• Transactions completed with no physical connection between the payment device and the Point of Sale (POS) device or store clerk.

Example of Check:

• Personal Check

• VISA gift card / VISA Cash Card

• Starbucks gift card

• Navy Federal Debit card

Example of Credit Card:

• VISA Credit Card

• Navy Federal Debit Card

• Navy Federal Debit card

Example of Cash Card:

• Navy Federal Debit Card

• VISA gift Card/VISA Cash Card

• Personal Check

• Starbucks gift card