Minds On
Methods of payment
You will explore creative ways to display information - these can be done orally or visually and are equally informative. This infographic demonstrates some of the main methods of transacting: cash, cheque, credit card, bank, mobile wallet.
Examine the infographic below. Consider the images as well as the text. What do you notice?
As well, consider any questions that you may have about what you notice in the infographic.
An infographic with various payment methods. Cash: coins and paper bills. Cheque: a signed piece of paper for a sum of money, like an, "I owe you." Credit card: a plastic card with a microchip that connects to your bank account. Mobile wallet: a device (a phone or watch) that connects to your bank account.
Action
Advantages and disadvantages of payment
Now that you have reviewed several ways money can be transferred among individuals, organizations, and businesses, consider the following scenarios to examine the advantages and disadvantages of each method of payment.
A person goes to buy items from the store and has put just enough cash in their wallet for everything on their list. However, when they get to the store, they realize that they can only pay using a credit card.
Pro: Using cash allows you to stay in your budget to avoid overspending.
Con: Some stores and services do not take cash in exchange for goods.
A person needs to make monthly payments for a video streaming subscription. They set up a credit card with the bank and begin their monthly payments. However, what they do not realize is that credit cards often have fees attached.
Pro: You can use credit cards to make automatic payments if you cannot go in person or you are concerned that you will forget to make the payments. It is very convenient.
Con: you must pay the money back that you borrowed on time according to set conditions otherwise you may need to pay interest or additional charges.
A person uses a cheque to make a payment because they save on having to pay a fee (some stores charge additional fees for using a credit or visa debit card). However, they forget that it will take time of their cheque to be processed and will not have enough in their account by then.
Pro: Using a cheque to make a payment can help you avoid fees that you might need to pay for using a credit card.
Con: Cheques take a longer time to process, so it is important that you keep that amount of money (cheque amount) in your account for a longer period. Otherwise, you will need to pay the original amount plus additional fees.
A person carrying a mobile wallet uses the one-tap feature when paying for their items, but then they stop at another store that doesn’t have a strong internet connection, and their mobile wallet stops working.
Pro: Mobile wallets are convenient and easy to use.
Con: Mobile wallets require an internet connection, and in some stores or areas there may be little or no internet connection.
The key learning here is that there are different ways people may transfer money and each one comes with pros and cons.
What might influence a person to choose one method over another?
Advantages and disadvantages activity
Your task is to demonstrate your learning for one of the methods of payment explored above by highlighting the advantages and disadvantages of using that method.
First, you will need to do a bit of research on your method of payment. Record your research using a graphic organizer or method of your choice. You can also complete the Advantages and Disadvantages Chart in your notebook or use the following fillable and printable document.
| Advantages | Disadvantages | Interesting Facts |
|---|---|---|
Press the ‘Activity’ button to access the Advantages and Disadvantages Chart.
Consolidation
Demonstrate your learning
You will now demonstrate your learning as either an infographic, a skit, or in an oral presentation. Once you have chosen the type of presentation, refer to the success criteria checklist for that presentation type to make sure you are on track.
Infographic
You may create the infographic using paper and markers, collage, or a digital software of your choice, among many other options. Please refer to the success criteria when creating your infographic.
Complete the Success Criteria Checklist in your notebook or use the following fillable and printable document.
| I have included…. | Yes/No |
|---|---|
| A bold title outlining my method of payment | |
| A short description about my method of payment | |
| Three subheadings (Advantages, Disadvantages, Interesting Facts) | |
| At least two advantages and two disadvantages for the method of payment | |
| At least two interesting facts |
Press the ‘Activity’ button to access the Success Criteria Checklist.
Skit
Create a short skit for ONE method of payment by highlighting the advantages and disadvantages.
Complete the Success Criteria Checklist in your notebook or use the following fillable and printable document.
| I have included…. | Yes/No |
|---|---|
| A bold title outlining my method of payment | |
| A short description about my method of payment | |
| Three subheadings (Advantages, Disadvantages, Interesting Facts) | |
| At least two advantages and two disadvantages for the method of payment | |
| At least two interesting facts |
Press the ‘Activity’ button to access the Success Criteria Checklist.
Oral presentation
You may choose to demonstrate your learning through an oral presentation. You have the option to pre-record the presentation, in a video or audio file format.
Complete the Success Criteria Checklist in your notebook or use the following fillable and printable document.
| I have included…. | Yes/No |
|---|---|
| A bold title outlining my method of payment | |
| A short description about my method of payment | |
| Three subheadings (Advantages, Disadvantages, Interesting Facts) | |
| At least two advantages and two disadvantages for the method of payment | |
| At least two interesting facts |
Press the ‘Activity’ button to access the Success Criteria Checklist.
If you have an alternative way to demonstrate your learning, check with your teacher. You will want to work together to create a success criteria checklist for your effective demonstration.
Reflection
As you read through these descriptions, which sentence best describes how you are feeling about your understanding of this learning activity? Press the button that is beside this sentence.
I feel...
Now, record your ideas using a voice recorder, text-to-speech, or writing tool.
Press ‘Discover More’ to extend your skills.
Discover MoreGallery walk
You are now going to share your infographic, skit, presentation, or your alternative demonstration.
Be ready to answer the following two questions:
- What are the advantages and disadvantages and some interesting facts about this method of payment?
- How did you illustrate this information and why did you choose this method of demonstration?