When we go shopping, other than cash, we can also pay via non-cash methods, such as Octopus card, credit cards, EPS and other types of electronic money.

Parents can shop with their children and seize the chance to explain the usages of the following types of electronic money, and their pros and cons when compared with cash.

Although e-monies are convenient to use, parents should remind children that they should be used careful. Children should also keep accounts regularly to avoid overspending and protect their e-monies properly to prevent them from being stolen.

	Introduction	Comparison with cash
Octopus card	You need to add value to the card with cash before use Place the card on the Octopus reader to deduct the transaction amount from the card The card has a built-in high-tech chip for storing value and recording transactions	Pros: Don’t need to carry lots of cash Change free transaction Cons: Easily buy more than you need May be unaware of the amount you spent
EPS	After paying with EPS, the bank will deduct the amount from your bank account and transfer it to the merchant’s bank account The transaction amount depends on your account balance and the withdrawal limit set by the issuer	Pros: Don’t need to carry lots of cash Change free transaction Cons: Opening a bank account is required Enough balance is needed
Credit card	After paying with credit card, the bank will make the payment first and collect it from you later A finance charge will be charged by the bank in case of late payment	Pros: Buy now and pay later Don’t need to carry lots of cash Change free transaction Cons: Credit card application approval from the bank is required Interest applies for late payment Easily buy more than you need May be unaware of the amount you spent

Introduction

Comparison with cash

Octopus card

You need to add value to the card with cash before use
Place the card on the Octopus reader to deduct the transaction amount from the card
The card has a built-in high-tech chip for storing value and recording transactions

Pros:

Don’t need to carry lots of cash
Change free transaction

Cons:

Easily buy more than you need
May be unaware of the amount you spent

EPS

After paying with EPS, the bank will deduct the amount from your bank account and transfer it to the merchant’s bank account
The transaction amount depends on your account balance and the withdrawal limit set by the issuer

Pros:

Don’t need to carry lots of cash
Change free transaction

Cons:

Opening a bank account is required
Enough balance is needed

Credit card

After paying with credit card, the bank will make the payment first and collect it from you later
A finance charge will be charged by the bank in case of late payment

Pros:

Buy now and pay later
Don’t need to carry lots of cash
Change free transaction

Cons:

Credit card application approval from the bank is required
Interest applies for late payment
Easily buy more than you need
May be unaware of the amount you spent

22 June 2018

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