Alternative means of payment: Electronic money; debit, credit and prepaid cards; electronic channels; mobile devices
Module 0
Introduction
Module 1
Family budget management
Module 2
Basics of financial decision-making: Financial instruments, characteristics, core variables and decision criteria
Module 3
Financial decision-making by entrepreneurs, businesspersons and professionals
Module 4
The psychology of financial decisions
Module 5
The interpretation of economic-financial information
Module 6
The quantification of the economic financial information
Module 7
The role and functions of the financial system
Module 8
The digital transformation process
Module 9
The legal framework
Module 10
The use of means of payment
Module 11
Deposits
Module 12
Loans and credit facilities
Module 13
Fixed income
Module 14
Equity securities
Module 15
Collective investment undertakings
Module 16
Retirement products
Module 17
Other financial products and services
Module 18
Exercises
For anyone, the act of paying is such a matter of daily life that it is hardly to pay attention to it.
The means of payment are a set of tools that serve to make the payment of economic transactions between the different economic agents, avoiding the need to use physical money (coins and bills).
Banks have realised the power of new information and communication technologies, facilitating the implementation of new, more efficient and profitable channels, through instruments based on electronic or wireless communications, offering the opportunity to save costs, improving the operation of daily operations.
Payment services through banking institutions are another example of this type of means of payment:
On the other hand, the means of payment can also include commercial documents such as the bill of exchange, the cheque and the promissory note.
Therefore, in an economic transaction in which a company delivers a product to an individual, the individual may make the payment in various ways:
- Through a commercial document supported by the use of a bank deposit (card).
- Through a technological system, which, after receiving the payment order, checks in the individual’s deposit if the balance is sufficient, and when authorized, it will make the payment to the company, as can be seen in the diagram:
