Question

Mention any two modes of cashless transactions.

Answer 1

$ Net banking(NEFT)

$ Payment through credit / debit cards

$ Paying through apps like Paytm phonepe

$ E wallet

$ Cheques

Answer 2

In commercial trading,cashless transactions can be described as e-commerce transactions which mainly involve digital payment or electronic transaction methods,which does not require liquid cash transfer.Some common modes of cashless transactions include debit/credit payment and National Electronic Fund Transfer(NEFT).

Explanation:

In commercial trading of goods and services,cashless transactions don't involve any liquid cash as a payment method.These transactions can commonly be found in digital or e-commerce transactions in which payments are instantly transferred from the buyer or purchaser to the supplier or seller.Some of the most common modes of cashless transactions include debit card or credit card payments and NEFT(National Electronic Fund Transfer).In the former case,the money is directly and safely transferred from the buyer's bank account to the seller's account and in the latter case,funds are promptly transferred from one account to the other in a relatively short period of time and once transferred,the payment confirmation is send to the respective banks and both parties involved in transaction.