Awesome About : Non Cash Transactions

Recently, I read an awesome article about trend of cashless society and I was surprised by its figure. 

According to World Payment Record 2016, the non-cash transactions global, grew 8.9% which achieved 387.3 billions in 2014 ! 

The Prime Minister of India, Narendra Modi also encouraged the people of India to go cashless and reduce the independence on cash transactions.

What is cashless society?

"Barter System", also known as the non-cash system began and was being used centuries. The people exchanged services and goods before the money was invented.

However, the development of cashless society or country still was a new thing to people.

Cashless transaction is a financial transactions that was not conducted by money in the form of notes or coins. It was executed by digital currencies where legal money exchanged and recorded in electronics form.

When did the cashless transactions begin?

In 1990's, non-cash transactions was used in electronic banking. Cashless transaction was well established through online tools. For example, PayPal, NFC payments through mobile phone or electronic card, digital wallet, electronic banking and bill payment system.

Advantages of cashless transactions

1. Reduce crime risks
Crime cases of snatching and robbery often happen in our society. But cashless transactions can reduce the risk of crime happenings. If the credit cards or mobile wallets are stolen, it will be blocked automatically

3. Tracking spends
Some people are facing the problem, they notice a large amount of expenses but didn't record the what they are spending for. Cashless transactions can help people in tracking their spending.

4. Rewards and loyalty benefit
cashless payment in any commercial websites provide rewards and loyalty programmes.

5. Discounts
Save and get discounts when buy rail tickets and highway toll fees

6. Convenience
No longer need to carry cash, plastic cards, queue up at ATMs to make withdrawals