Marcy doesn’t have a bank account. Which electronic form of payment is available to her? A...

Marcy doesn’t have a bank account. Which electronic form of payment is available to her?

A :

Debit card.
B :

Electronic fund transfers.
C :

Direct debit.
D :

Prepaid card.

Solutions

Expert Solution

An electronic form of payment is a payment in which no paper-cash / check is involved. Hence, we are paying for the usage of goods and services with the help of an electronic medium.

Debit Card: With this customer can spend within their financial limits, i.e.. with the money that is present in his/her bank account.

Direct Debits: It authorizes a person or a company to take money from one's bank account once the money is due to them.

Electronic Fund Transfers: It is transferring money electronically directly from one bank account to another bank account.

Credit Card: When someone use a credit card, the person is actually taking credit (borrowing money) from the financial institution which has issued the card. To pay this credit and in fact to get this card, the person must own a bank account.

Prepaid Cards: A prepaid card is NOT linked to a bank account, We spend money which is already loaded/added in this pre paid card.

Hence, the correct answer is D. Prepaid Cards

jeff jeffy answered 1 year ago

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