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What are Cashless Payments
Cashless payments are those payments that are made without the need for physical money (cash).

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

Related terms and methods:

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Last update: 11.05.2019

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In my business, I prefer this kind of method than the traditional one. It just makes all transaction easy.
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I do not like how banks are trying to take control by getting everyone to use cards. They just want control of our money. It will be a sad day when cash becomes totally obsolete
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Cashless Payment is more convenient since you just have to pay it online and payments are not limited to working hours. Just like when I paid for my lost social security card. I paid for it online.

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Well, this is true. There are a lot of risk if you will bring a lot of cash. However, there are also some alarming risk using your card anywhere. As we all know there are a lot of hackers that are way imaginative to hack your card. Mobile payments can be dangerous sometimes. But the good thing about cashless payment is that your life is not at risk. ;)
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As what I have understood, cashless payments can be direct deposit. Also, transparency and accountability are harder to achieve with cash payments because they are anonymous and difficult to trace. Digital payments increase accountability and tracking, lessening the risk of corruption and theft.
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