Question

Describe how the use of checks and electronic payments differs between the United States and other countries.

Answer 1

Explanation:

The most of the non cash transaction in United States of America are done through checks, credit cards, debit cards and electronic clearing houses ACH.

Although, there has been technological changes and development in payment methods in past years but check remains most commonly used method of non cash payment instrument in United States economy.

Weather in terms of transaction deposits or assets, credit unions. Cheques are used most intensively by number but the number of checks declines as there is increase in size of credit union.

Other countries

The non-cash payment method are usually used only for the official purposes ( payment of taxes,fees etc) in other countries like India or other underdeveloped countries.

The use of cheques and other non cash payment methods are generally avoided.

cash payment methods are preferred for the payment at the retail or service sector in other countries.