Question
Here is the question : WHAT METHOD OF PAYMENT ONCE COMPRISED OVER 50% OF GROCERY PURCHASES?
Option
Here is the option for the question :
- Personal check
- Direct deposit
- Money order
- Wire transfer
The Answer:
And, the answer for the the question is :
Explanation:
In the days before the widespread use of credit cards, customers paying for their goods with personal checks caused long lines at checkout lanes in supermarkets. Up until the introduction of the first American Express cards in 1958, this method of payment was used for more than half of all supermarket purchases. In the same year, a bank in California was responsible for issuing the very first debit card.
In the past, grocery shopping was a vastly different experience than it is today. One notable difference was the prevalence of personal checks as a method of payment. In fact, at one time, personal checks accounted for over 50% of all grocery purchases in the United States.
Personal checks were a popular payment method for several reasons. For one, they allowed shoppers to make purchases without carrying large amounts of cash. Additionally, checks provided a record of transactions, which could be useful for budgeting and tracking expenses.
However, the use of personal checks also had its downsides. For one, checks could be easily lost or stolen, leading to potential fraud or identity theft. Additionally, checks could take several days to clear, which could cause delays in the processing of transactions.
personal checks remained a popular payment method for many years. However, as technology advanced and new payment methods were introduced, the use of personal checks began to decline.
most grocery stores and retailers no longer accept personal checks as a form of payment. Instead, customers are encouraged to use debit or credit cards, mobile payment apps, or other electronic payment methods.
While the decline of personal checks as a payment method may be seen as a loss of tradition or nostalgia for some, it also reflects the changing needs and preferences of consumers. As technology continues to evolve and new payment methods emerge, the way we pay for groceries and other goods will undoubtedly continue to change and adapt to meet the needs of modern consumers.