Understanding various means of payment is essential in our daily lives, whether you’re making purchases online or in-person.
Let’s explore vocabulary related to different methods people use to pay for goods and services.
Means of payment vocabulary
- Cash: Physical currency, such as banknotes and coins.
- Credit Card: A plastic card issued by a bank, allowing the holder to make purchases on credit.
- Debit Card: A card linked to a bank account, used to make electronic transactions and withdraw cash.
- Check/Cheque: A written order to a bank to pay a specified sum to the person named on it.
- Bank Transfer: Electronic transfer of funds from one bank account to another.
- Mobile Payment: A method of making payments using a mobile device, often through apps or digital wallets.
- Online Banking: Managing bank transactions and services over the internet.
- Digital Wallet: A software-based system that securely stores users’ payment information for online and in-app purchases.
- Cryptocurrency: Digital or virtual currencies that use cryptography for security and operate on decentralized networks.
- Contactless Payment: Making payments by tapping a card or mobile device on a contactless-enabled terminal.
- Money Order: A payment order for a pre-specified amount of money, often used for secure payments.
- Wire Transfer: An electronic transfer of money from one bank to another.
- Gift Card: A prepaid card with a specific amount of money, often given as a gift.
- PayPal: An online payment platform that allows users to make secure transactions over the internet.
- Invoice: A document issued by a seller to a buyer, specifying items sold and the amount due.
- Barter: The exchange of goods or services for other goods or services without involving money.
- Direct Deposit: The electronic transfer of funds directly into a bank account.
- Prepaid Card: A card with a fixed amount of money loaded onto it in advance.
- Money Transfer Service: Companies that facilitate the transfer of money from one location to another.
- Cashless Payment: Transactions made without the use of physical cash.
Congratulations on expanding your vocabulary related to means of payment! These words will help you navigate financial transactions and discussions about different payment methods. Practice using them in sentences to reinforce your understanding and language skills. Stay tuned for more vocabulary lessons on our language-learning journey!
