ELI5: Explain Like I'm 5

Payment methods

Alright kiddo, have you ever gone to the store and wanted to buy something but didn't have any money on you? Well, you can use different ways to pay for things that you want to buy, and these are called payment methods.

One way you can pay for things is by using cash. Cash is a physical form of money, like coins or dollar bills, that you can hold in your hand and give to the store to buy what you want.

Another way to pay is by using a credit card. A credit card is like having a loan from the bank that you can use to buy things. You don't have to pay for it right away, but you have to pay back the bank with interest later.

Debit cards are similar to credit cards, but the money comes directly from your bank account. You can only spend what you have in your account, so you can't spend more than you have.

You can also use online payment methods like PayPal, which is a website that lets you send money to someone else online. It's like sending an email with money instead of words.

Some stores even have their own payment methods, like store credit or gift cards. You can use these to buy things directly from that specific store.

So, those are the basics of payment methods. Now when you go to buy something, you can choose how you want to pay for it!
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