Use a Debit Card A debit card is provided by banks to current account holders. It allows money to be transferred electronically from a customer’s bank account into the retailer’s bank account. The card is entered or put up against a card reader at the cash desk and the amount of the purchase is keyed in. To prevent fraud, the customer will also have to enter their secret PIN. If you don’t have enough money in your current account, then the transaction will be declined and the retailer will not allow the purchase to go ahead. Benefits:
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Debit cards are a convenient and safe way to pay for goods without using cash. You cannot buy on credit, therefore you cannot accumulate debts.
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Contactless payment systems allow customers with debit and credit cards, smartphones and other devices to make payments quickly using secure radio transmissions by simply waving or holding their card or device over a payment reader at a retail outlet. No PIN or physical identification is required. Pros: Faster and easier payments for consumers. Cons: Ease and speed of payments can tempt consumers to spend more money than they would otherwise. Also, contactless payment systems needs to be very secure to prevent fraud.
Research
Mobile payments allow customers to use their smartphones to make payments. This technology is also referred to as mobile money, mobile money transfer and mobile wallet. It is being developed and adopted in different ways around the world. Examples include Google Wallet, Android Pay, Samsung Pay and Apple Pay.
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Identify what methods of mobile payment are currently available to consumers in Ireland.
Find out what methods of mobile payment are accepted in your local shop or supermarket.
