Answer to Question #253160 in Microeconomics for Brundha

Question

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

Answer 1

Yes. We need cashless transactions because of the following reasons.

• Cashless transactions reduce physical contact thus can minimize the spread of infectious diseases.
• Cashless transactions speed up the accounting process thus saves time and money.
• Cashless transactions reduce the need of carrying cash and thus reduce crimes and corruption.

The modes of cashless transaction

• Mobile banking
• Banking cards
• Mobile wallets
• Internet banking