Answer to Question #252725 in Microeconomics for Suma

Question

Do we need cashless translation? What are the modes of cashless translation?

Answer 1

Cashless Transaction refer to  a movement of funds electronically from one component to another. We need cashless transaction because it has a lower risk and one can track spending.

The modes of cashless transaction include payments made using credit or debit cards, cheques, Demand Draft and Inter Bank Electronic Fund Transfer.