Automated payments - SS2 Commerce Lesson Note

Automated Teller Machine (ATM) Card

An Automated Teller Machine (ATM) card is a plastic card issued by a bank or financial institution to its customers. It allows account holders to access their bank accounts and perform various transactions at ATMs. These transactions may include cash withdrawals, balance inquiries, fund transfers, bill payments, and sometimes even depositing cash or checks. ATM cards typically have a magnetic stripe or a chip that stores the necessary information to authenticate the cardholder and access their account securely.

Western Union

Western Union is a global financial services company that provides money transfer and payment services. It allows individuals to send and receive money from one location to another across the world. With Western Union, you can visit one of their agent locations or use their online platform to send money to someone in another country. The sender provides the money, and the recipient can collect it in cash from a Western Union agent at their location. Western Union is widely used for its convenience and speed in transferring funds across borders.

MoneyGram

MoneyGram is another prominent global money transfer and payment services company similar to Western Union. It offers a platform for individuals to send and receive money internationally. MoneyGram has a network of agents and financial institutions worldwide that facilitate the transfer of funds. Users can visit a MoneyGram agent location or use their online platform to initiate a money transfer. The sender provides the money, and the recipient can receive it as cash or have it deposited into their bank account, depending on the options available in their country.