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CUT6 10.7

Computers: Understanding Tech 6e 10.7

TermDefinition
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 Unlike a credit card, however, it is linked to a checking or savings account from which the money is withdrawn.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.
Created by: softcrylic