Question

hii frnds...

plz help...



"REPORT ON CASHLESS TRANSACTION...."

NO SPARMM....!!

THANK U...☺☺☺☺☺☺

Answer 1

With limited cash in hand and an indefinite crunch in sight, most people are rushing to cashless transactions. “Digital transactions bring in better transparency, scalability and accountability. The new move will compel more merchants to accept digital money,” says Abhay Doshi, Senior V-P & Head, Digital Services Platform Business, Flytxt. 

The RBI classifies every mode of cashless fund transfer or transaction using cards or mobile phones as ‘prepaid payment instrument’. These can  .. 

Closed: Issued by an entity for purchasing goods and services only from it, these don’t allow cash withdrawal or redemption. Ola Money is one such closed wallet. 

Semi-closed: These are used to buy goods and services, including financial services, from merchants that have a specific contract with the issuer. These too don’t allow cash withdrawal or redemption and include wallets offered by service providers like Paytm and State Bank Buddy. 

Open: These can be used to buy goods and services, including fund transfers at merchant locations, and also permit cash withdrawals at ATMs. All Visa and Master-Card cards fall into this category. 

CASHLESS MODES 
Mobile wallet: This is basically a virtual wallet available on your mobile phone. You can store cash on the mobile to make online or offline payments. Various service providers offer these wallets via mobile apps, which you need to download on the phone. You can transfer the money into these wallets online using credit/debit card or Net banking. This means that every time you pay a bill or buy online via the wallet, you won’t have to furnish your card details. You can use these to pay fees, bills and make online purchases. 

Plastic money: This includes credit, debit and prepaid cards. The latter can be issued by banks or non-banks and can be physical or virtual. These can be bought and recharged online via Net banking and can be used to make online or point-of-sale purchases, even given as gift cards. 

Net banking: This does not involve any wallet and is simply a method of online transfer of funds from your bank account to another bank account, credit card, or a third party. You can do it through a computer or mobile phone. Log in to your bank account on the Net and transfer money via national electronic funds transfer (NEFT), real-time gross settlement (RTGS) or immediate payment service (IMPS), all of which come at a nominal cost ranging from Rs 5-55. 

Hope this helps