Answer to Question #249693 in Microeconomics for Hemanth

Question

Do we need cash less transaction ? What are the modes of cash less transactions

Answer 1

Yes we need cashless transaction because it's secure, convenient and time saving because customers do no longer queue for ATM services.

Modes of cashless transactions include;

1.Mobile banking application.

2.E-wallets.

3.Quick response codes.(QR)

4. Electronic clearance services (ECS)

5.Vouchers