Electronic Payments for Convenience, Buying Power, and better Financial ManagementDebit Cards

EMPOWERING YOUR COMMUNITY

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In today’s world

• Electronic Payments are one of the safest and most secure ways to manage your money and handle average financial transactions like purchasing goods and services, or paying bills.

• Payment cards provide safety, convenience, buying power and financial management

• Let’s see why and how!!!

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is not a Credit Card Company. It is a Technology Companythat provides a safe, simple

and smart way for consumers, businesses and governments

to do business together.

Master Your Card program

is a Community Empowerment Education Program sponsored by Mastercard that helps you learn how to get more from

your money by using electronic payments technology

Sponsored by Mastercard

Mastercard connects Banks, Merchants and People to do business together

Issuer

Cardholder Merchant

Acquirer

Mastercard Network

1 Issuer provides payment card to the customer

2 Customer makes purchase with a payment card

3 Merchant submits the transaction

4 Acquirer submits the transaction to the payment network

5 The issuer approves or declines the transaction. Purchase is posted to customer’s account

6 Issuer pays the Acquirer

7 Acquirer pays the Merchant

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Eventually, cash will be a thing of the past

Electronic payments continue to expand throughout the world,

becoming the preferred payment method because they are safe,

simple and smart for consumers and businesses.

.Paying bills, shopping, receiving or

transferring money, you need to know how to save time and gain convenience

Why are Electronic Payments important for me?

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Technology is changing the way we use our money

Electronic Payments continue to expand around theworld and are becoming the preferred way to pay, due to:• Security• Convenience• Value for people and businesses

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The era of the “Always On” consumer

ConnectedDevices:to 50Bn in 2020

Digital Paymentsoutpacing cardand cash transactions

Shopin Store

Shopat Home

Shop Anywhere

Connected People:56% of the world population

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People want speed, savings and safety• Cards are easier to use than cash or

checks• Provide people with payment

options and convenience• Safest, simplest and quickest way to

make payments in person, by phone,online or mobile

• Cards are safer and cheaper thangetting cash at ATM’s or carrying checks

• If you are a business, accepting cards tellsyour customers that you care about theirtime, money and security

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• With payment cards you are protected and can fight back when you need to.

• Suspicious transactions are detected and declined.

• Your money is protected if your card is lost, stolen or used fraudulently.

• Robbery, mugging and purse snatching is a lower risk when you aren't carrying cash.

Safe Simple

• No hassles, and so easy you might not even realize how payment cards simplify your life.

• Pay in person, by phone, online or by mail, any time, anywhere.

• You can see details of your spending almost immediately in your card statement.

Smart

• Help you manage and access your money. No wasting time or paying fees for check cashing or money orders to pay bills.

• Armed with cards, you can shop around to find the best deals online or in stores, anywhere.

• Provide automatic tools to set spending limits, get alerts, see where your money goes and know exactly what’s in your account.

Payment Cards are…

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Not all cards are Credit Cards !! Prepaid.

Your own money loaded into a payment card

• No credit history required• You don’t need to have a bank

account• Easy to use, anywhere credit or

debit cards are accepted • No possibility of going into debt• Safer than cash, as you are

protected if your card is lost or stolen

Your own money in a bank account

• Easy access to your money• Function like electronic checks• Use your own money to pay

everywhere payment cards are accepted

• Easy access to cash through ATMs or cash-back at stores

• You can’t spend more than what you have

• You are protected from fraudulent transactions

DebitYou borrow money from a

bank that issued card

• Helps establish or improve your credit history and score

• Like a short-term loan, useful in case of emergency

• You are protected in case of fraudulent charges

• In many cases offer rewards programs, insurance and other benefits

• Accepted everywhere

Credit

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Debit Cards - Your own money in a bank account

Pros.

• You don’t need to have a credit history, all you need is a bank account

• Use your own money to pay everywhere payment cards are accepted

• Easy access to cash through ATMs or cash-back at stores

• You can’t spend more than what you have

• You are protected from fraudulent transactions

Cons Do this • Debit cards do not help build a

credit score • Overdraft fees can be expensive for

debit card customers who exceed their account balances

• Some banks charge fees for debit card use

• Debit cards fees should be weighed against the savings on high check-cashing fees and the convenience and security of not carrying cash

• Monitor your balance online or over the phone

• Keep track of purchases to avoid overdraft fees or consider declining the bank’s overdraft services

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Remember, specially in these complex times…There is Power, Safety, Convenience and Security in using Electronic Payments Technology. • Stay safe – Using payment cards may help containing

the spread of viruses through the passing of cash, and you can pay with your card without touching a terminal.

• Save time – Electronically depositing checks facilitates social distancing by eliminating trips to the bank, ATM or check cashing locations.

• Stay organized –Paying bills and expenses electronically is easy to do, to track, and cuts down on handling paperwork.

• Feel more secure – Electronic Payment Networks constantly monitor for fraud and help protect you.

• Get better budgeting tools – Built-in financial tools make it convenient to manage your budget, track expenses and optimize your cash flow.

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www.MasterYourCard.orgOnline Resources

EMPOWERING YOUR COMMUNITY

www.masteryourcard.org