Paper money is a country’s official, paper currency that is circulated for transaction-related purposes of goods and services. The printing of paper money is typically regulated by a country’s central bank or treasury to keep the flow of funds in line with monetary policy.
Paper money tends to be updated with new versions that contain security features that seek to make it more difficult for counterfeiters to create illegal copies.
Prepaid or stored-value cards provide payment through a monetary value held on the actual card or on deposit in an account. One major difference between stored-value cards and prepaid cards is that prepaid cards are usually issued in the name of the individual account holders, while stored value cards are usually anonymous.
Alternative payments refer to payment methods that are used as an alternative to credit card payments. Most alternative payment methods address a domestic economy or have been specifically developed for electronic commerce and the payment systems are generally supported and operated by local banks. Each alternative payment method has its own unique application and settlement process, language and currency support, and is subject to domestic rules and regulations.
The most common alternative payment methods are debit cards, charge cards, prepaid cards, direct debit, bank transfers, digital wallets, phone and mobile payments, checks, money orders and cash payments.