Answer to Question #252145 in Microeconomics for Kusuma

Question

Do we need cashless transaction what are the modes of cashless transaction

Answer 1

In cashless transactions, costs are completed or acknowledged without the use of hard cash. This includes payments made via credit cards, cheques or any other form of online payment that removes the need for cash. The reason as to why we need cashless transactions is because it helps to control corruption and the flow of black money which results in an increase of economic growth.

Some of the cashless transactions modes include; cheques, credit cards, demand draft, gift card, mobile wallets and online transfer (NEFT or RTGS)