About 500 years ago, the first banks were opened. Banks were places where people could safely store their money, or borrow money if they needed to. The bank would lend the amount needed, and charge some extra money for its use. That extra money is called 'interest'. In many places, banks started to print their own paper money.
As more people deposited their money in banks, they realised that they didn't have to use coins or paper money all the time.
Cheques are a common way for us to buy things without using coins or paper money. A cheques is really a legal note telling a bank to give an amount of money to the person or company who has received the cheque.
On cheques, you write the name of the person or company receiving the cheque, the amount of money you want the bank to give them, and the date. Finally, you have to sign the cheque to authorise, or allow, the bank to pay that amount of money out.
About 50 years ago, an easier way to buy and sell things without using coins, paper money or cheque was introdused. The first credit cards, invented in America, were small plastic cards with a name and special identification number pressed into them.
Today, credit cards are popular. Each time someone uses their credit card to buy something, the shopkeeper sends the details of the purchase to the credit card company then pays the shopkeeper the amount that the cardholder has spent.
Each month, the credit card company adds up how much money the cardholder has spent, in places such as shops and restaurants. Once the cardholder receives their monthly statment, they only have to make one payment to the credit card company. Many people don't like to carry a lot of money around, so credit cards are popular.
Later, a small magnetic strip was added to credit cards. The magnetic strip contains information about you and the amount of money you are allowed to spend. It also enables the shopkeeper to dial into the credit card company's computer to process your payment immediately. All you have to do is sign your name on a credit company's voucher to show that you agree to pay the amount charger.
Banks also issue plastic autobank cards that people can use in special computers to withdraw their money. Autobanks were first used around 30 years ago, and today they are in almost every city and town around the world.
The magnetic strip on every autobank card contains information such as your PIn number. Having a PIN number means from your bank account. That's why it important for the cardholder to memorise their PIN number and to not tell anyone else!
Twenty years ago, it became even easier for us to spend mnoey! The banks developed a system where computers could swap money beween different accounts at the press of a button.
Many shopkeepers now install an EFTPOS machine in their shop. When a customer uses their autobank card in it, computers transfer the money instantly from their account into the keeper's account.
People can also buy goods and services on the telephone, using credit cards. Some bills can even be paid by using the numbers on the telephone as a kind of computers keyboard.
As more people deposited their money in banks, they realised that they didn't have to use coins or paper money all the time.
Cheques are a common way for us to buy things without using coins or paper money. A cheques is really a legal note telling a bank to give an amount of money to the person or company who has received the cheque.
On cheques, you write the name of the person or company receiving the cheque, the amount of money you want the bank to give them, and the date. Finally, you have to sign the cheque to authorise, or allow, the bank to pay that amount of money out.
About 50 years ago, an easier way to buy and sell things without using coins, paper money or cheque was introdused. The first credit cards, invented in America, were small plastic cards with a name and special identification number pressed into them.
Today, credit cards are popular. Each time someone uses their credit card to buy something, the shopkeeper sends the details of the purchase to the credit card company then pays the shopkeeper the amount that the cardholder has spent.
Each month, the credit card company adds up how much money the cardholder has spent, in places such as shops and restaurants. Once the cardholder receives their monthly statment, they only have to make one payment to the credit card company. Many people don't like to carry a lot of money around, so credit cards are popular.
Later, a small magnetic strip was added to credit cards. The magnetic strip contains information about you and the amount of money you are allowed to spend. It also enables the shopkeeper to dial into the credit card company's computer to process your payment immediately. All you have to do is sign your name on a credit company's voucher to show that you agree to pay the amount charger.
Banks also issue plastic autobank cards that people can use in special computers to withdraw their money. Autobanks were first used around 30 years ago, and today they are in almost every city and town around the world.
The magnetic strip on every autobank card contains information such as your PIn number. Having a PIN number means from your bank account. That's why it important for the cardholder to memorise their PIN number and to not tell anyone else!
Twenty years ago, it became even easier for us to spend mnoey! The banks developed a system where computers could swap money beween different accounts at the press of a button.
Many shopkeepers now install an EFTPOS machine in their shop. When a customer uses their autobank card in it, computers transfer the money instantly from their account into the keeper's account.
People can also buy goods and services on the telephone, using credit cards. Some bills can even be paid by using the numbers on the telephone as a kind of computers keyboard.
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