Commerce - Flashcard 2

Mobile Payments & Digital Wallets

• Use of smartphones (e.g., Apple Pay, Google Wallet) for contactless payments.

• Quick, secure transactions without cash or cards.

Online Banking & E-Commerce

• Secure online payments via services like PayPal, Stripe.

• Enables global shopping and transaction

Buy Now, Pay Later (BNPL)

• Services like After pay and Klarna allow instalment payments.

• Encourages impulse buying with flexible payments.

Cryptocureency

• decenterilised, borderless payments using bitcoin

• Alternative to traditional currencies

Enhanced Security

Encryption, tokenisation and biometric authentication for safer payments.

Global Accesssibility

Easier internatuonal transactions with lower fees and fewer barriers

Bait and switch

Advertised product is unavailable, and a more expensive item is offered.

Misleading Advertisment

Flase claims about a products’ features, quality and price.

Referral Selling (illegal)

Customers misled to recruit others for rewards that are rarely given

Unordered or unsolicited goods

Goods sent to consumers without their request, for which they may be billed or pressured to pay.

Special Offers with hidden conditions

Promotions with undisclosed terms

Get-Rich-Quick Schemes

Scams promising large sums of money, stealing personal details

Pyramid Schemes (illegal)

Earning Money by recruiting others rather than selling products.

Prevent Exploitation

Safeguards against scams and financial loss.

Ensure Fairness

Protects consumers from decpetive buisness practices

Product Safety

Ensures goods meet safety standards

Secure Rights

Guarantees consumer’s legal rights are upheld

Encourages Trust

Builds confidence in safe transactions

Why are contracts useful for consumers

legal protection, clear expectations, security, dispute resolution, consumer confidence.

Offer

A proposal made by one party to another

Acceptance

the other party agrees to the offer, verbally, written or by action.

Consideration

Something of value exchanged between the parties

right to refund

 If a product is faulty, not as described, or unfit for purpose, consumers can request a refund, repair, or replacement.

Right to safety

consumers are entitled to products and services that are safe and fit for their intended use

right to accurate information

Businesses must provide truthful and clear information about products and service.

Right to seek redress

If rights are violated consumers can seek compensation or resolution

Responsibilites of Consumers

They must pay the agreed price, use products safely and provide accurate information

Competition and Consumer Act 2010

Prevents unfair practices, consumer guarantees, enforcements and redress for consumers.

ACCC(Australian Competition and Consumer Commission)

Enforces Competition and Consumer Act 2010, focuses on regulating buisness practices, ensures fair trading and protects consumer rights.

NSW fair trading

provides information and enforce laws in NSW, handles disputes and consumer complaints

Ombudsman

resolves disputes between consumers and certain sectors, Independent body

Choice

an independent consumer advocacy group that provides reviews, product comparisions and consumer advice.