Different Payment Options

• Cash - notes and coins

  Advantages

  • Is accepted everywhere
  • Reduced risk of debt
  • No hidden costs

  Disadvantages

  • Can be lost or stolen
  • Not safe to carry around
  • Might not have enough on them (which is difficult with no ATM)
• Credit - supply of money with the promise of paying to back later (in full monthly payments).

  Advantages:

  • Helps not to carry cash around by using a mobile device

  Disadvantages

  • Easy to overspend and get into debt
  • More expensive than other forms of credit
• Paypal - facilitates payments between individuals and businesses
• Debit - money directly from one's account

  Advantage/Disadvantages:

  • Can avoid debt but can easily overspend
• Afterpay - helps consumers to 'buy now, pay later' by paying in four equal instalments over 4 weeks.

  Advantage/Disadvantage:

  • No applications or annual fees but comes with a late fee for late payments