Federal Reserve Bank of Richmond
11/29/2021 | News release | Distributed by Public on 11/29/2021 12:49
Learn How Your Money Gets From One Place to Another
Making sure your money gets from one place to another safely, securely and efficiently is one of the Federal Reserve's most important roles. When you swipe your card at the gas pump, hand over cash at the corner store or write a birthday check to your grandchild, you don't have to worry that the money will make it from one place to another.
What else do you know about the nation's payments system? How does a swipe of the card ensure the gas station gets paid? What happens to the cash when it leaves your wallet? And where does the check go?
A new learning module from the Federal Reserve can help you learn more about one of the Fed's primary functions. Payments 101 introduces you to the payments world in an engaging, interactive 30-minute video-based module. You'll travel back in time to learn about the first currencies used by humans (did you know dolphin teeth were once used as currency?) as well as the types of payments systems we use today. You'll also learn about the Fed's role in creating a flexible nationwide currency system and what the future holds, including instant payments.
Educators may be especially interested in Payments 101 because it meets voluntary national content standards in economics for students in grade 12 and national standards for financial literacy for students in grade 8. Teachers will be able to integrate the interactive web-based training into their classroom curricula.
Check out the Payments 101 learning module and let us know what you think.