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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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John Simpson 8 months

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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Greg White 7 months

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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Greg White 6 months

Very helpful information since everybody is now using cashless payment even in paying for fleck 5600sxt water softener, it is also cashless.

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Maze M'bhaul 5 months

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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Cashless payments are so convenient but I don't trust them for some reason

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Despite many erroneous prophecies to the contrary, cash is popular and here to stay. It is estimated that there are up to 500 billion banknotes in circulation worldwide, and over 150 billion notes per year are reprinted. At the same time, banknote security enhancement continues to be a critical factor for the industry to reduce the incidence of counterfeiting. Canadian Dollar

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Cashless payments are everything now. Seems like next thing will be some futuristic eye or finger scan payment! We always do cashless payments at My business

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Going to a cashless payment option for our renovation work really helped us get the payments on time. It made a huge difference to our cash flow

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Decided on going cashless in our Waste Hauling business. So far so good!

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Cashless payments is the future. Thank you for sharing this one!
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Our locksmith business is using both cash and cashless payment system. Both are very useful.
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In China, they are now using QR Code on their phones to do the payment.

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Payments can be done without cash, in Europe it is now trending.

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I only use credit card since I don't like bringing cash and coins.

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