You might ask your students to rank order the following non-cash payment types from most common to least common and see how they do:
- Credit cards
- Prepaid debit cards (often called prepaid cards)
- Debit cards (what comes with your checking account)
- ACH (automated clearinghouse payments – see definition below)
The Federal Reserve is out with their triennial report on non-cash payment trends and there are some fascinating charts within it (look for more over the coming week). Today, we focus on the big picture…what are the trends in how people are paying for stuff in a non-cash way?