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CUT5 10.7
Computers: Understanding Tech 5e 10.7
Term | Definition |
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electronic funds transfer (EFT) | Any transfer of money over the Internet. |
credit card | A small plastic card with a magnetic strip containing owner information that enables the owner to make online and in-store purchases on credit. |
debit card | A card that is similar to a credit card and, like a credit card, is used as an alternative to cash when making purchases. Unlike a credit card, however, it is linked to a checking or savings account from which the money is withdrawn. |
credit account | An arrangement in which the online retailer charges purchases to the customer’s account and the customer promises to pay for the purchases upon receipt of a monthly statement, just as for a regular credit card. |
person-to-person payment system | A system that enables consumers to transfer money to one another through a credit card or bank account. |
micropayment | A small amount of money, usually paid electronically. |
digital wallet | An app—usually, a mobile app—that gathers all your credit card and loyalty payment information together and is typically used to make payments at bricks-and-mortar retailers. |
quick response (QR) code | A code that provides a signal to a consumer that he or she can find out more about a product or service online, by scanning the code with a mobile QR code scanner app. |