Answer to Question #264659 in Microeconomics for chandan

Question

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

Answer 1

Yes we need cashless transaction for its is more formal and authentic. Acts as prove that payment was made. Cashless transaction also reduces the risk of spreading COVID-19.

Modes of cashless transaction include the following.

• Payment through cheque or bank draft.
• Payment through internet banking.
• Payment through swipe machine.
• Payment through ATM machine.
• Payment through Mobile app.
• Payment through USSD technique.
• Payment through Micro ATMs.