Cashless payments are all payments made without need of physical money. Cashless payments are made by transferring money electronically (typically bank transfer or payment card payments)
Although the non-cash method has become very popular after the Internet has expanded, even in developed countries, a large number of payments still take place through cash: banknotes and coins. In 2015, for the first time in history, the global volume of non-cash payments exceeded cash payments. Cashless payments are therefore becoming increasingly important in the economy.
What are cashless payments?
Cashless payments include all payments made through funds transfers without the physical need for money between clients on their bank accounts.
- bank transfers
- Credit Card (Payment card) payments
- mobile payments
What are the business benefits of cashless payments?
- Money does not need to be physically transported
- Payments can be made quickly, without personal contact with a business partner (ie globally)
- Large transactions can be made
- Payment can be sent from anywhere (regardless your or your business partner location)
- Payments can be processed and paired automatically
- Payments are not limited to working hours