i). Payment cards—electronic cards that contain information that can be used for payment purposes
ii). Credit cards—provides holder with credit to make purchases up to a limit fixed by the card issuer
iii). Charge cards—balance on a charge card is supposed to be paid in full upon receipt of monthly statement
iv). Debit card—cost of a purchase drawn directly from holder’s checking account (demand-deposit account)
v). Virtual credit card—an e-payment system in which a credit card issuer gives a special transaction number that can be used online in place of regular credit card numbers
vi). Electronic wallets (e-wallets)—a software component in which a user stores credit card numbers and other personal information; when shopping online; the user simply clicks the e-wallet to automatically fill in information needed to make a purchase
vii). Purchasing cards—special-purpose payment cards issued to a company’s employees to be used solely for purchasing non-strategic materials and services up to a preset dollar limit
o Instrument of choice for B2B purchasing
Kavungya answered the question on May 9, 2019 at 13:14
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