Answer to Question #247412 in Microeconomics for Kiran

Question

Do we need cashless transactions? what are the modes of cashless transactions.

Answer 1

We need cashless transactions because they enable elimination of business risks such as robbery of cash, theft of money by employees and also the risk of counterfeit money.

The modes of cashless transactions include:

• Banking cards such as credit and debit cards.
• Mobile card readers.
• Direct deposit and Direct debit.
• Mobile wallet applications such as google pay and Samsung pay.