What is the meaning of cashless transactions
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What is cashless transaction?
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Mehul Shah, Personal Finance Consultant
Answered Nov 9, 2017
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Simply put it this way. When you don’t pay/accept/buy/sell anything using physical money i.e. currency notes or coins is the cashless transaction.

Exchange of money takes place via cheque, RTGS, NEFT, IMPS, demand draft, debit card, credit card or through UPI. Electronic means of exchange in money stated the revolution of cashless transaction.
I encourage everyone to go completely cashless as it will help our country to rely on currency notes or coins as it incur the cost of paper, metals and printing which is very very huge.
If you haven’t started using debit card or credit card then you should start using one.
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Ramaswamy Subramanian, studied at University of Delhi
Updated Oct 1, 2017
Cashless transactions are not the blessings of nature for progress, these are all only one form of transaction, developed from barter and currency. They are not powerful blessing for progress, but are only facilitators. Education, sincerity, science and technology, coupled with hard work are the main requirements for developing a nation. Cashless transactions, can’t produce goods for consumption. I don’t think that the invention, or usage of currency, has lost its importance. World over, the currency is still holding a very important position. I do not know, how digital transactions can be accounted for, by customs officials, during foreign tour. Only cash transaction will have a sense of finish, or completeness and needs no post verification, where as digital or cashless transactions will occupy our mind, till it is verified. However, large volumes cannot be handled in cash. Any transactions through digital accounting as well as through cheques, can be termed as cashless transaction.
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6 ANSWERS

Mehul Shah, Personal Finance Consultant
Answered Nov 9, 2017
Continue Reading
Simply put it this way. When you don’t pay/accept/buy/sell anything using physical money i.e. currency notes or coins is the cashless transaction.

Exchange of money takes place via cheque, RTGS, NEFT, IMPS, demand draft, debit card, credit card or through UPI. Electronic means of exchange in money stated the revolution of cashless transaction.
I encourage everyone to go completely cashless as it will help our country to rely on currency notes or coins as it incur the cost of paper, metals and printing which is very very huge.
If you haven’t started using debit card or credit card then you should start using one.
5.6k Views · View Upvoters
Upvote · 1
Share
Comment...
RecommendedAll
Promoted by Careers360
NDA sample papers.
Candidates can download and get started with their preparation for the exam.
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Ramaswamy Subramanian, studied at University of Delhi
Updated Oct 1, 2017
Cashless transactions are not the blessings of nature for progress, these are all only one form of transaction, developed from barter and currency. They are not powerful blessing for progress, but are only facilitators. Education, sincerity, science and technology, coupled with hard work are the main requirements for developing a nation. Cashless transactions, can’t produce goods for consumption. I don’t think that the invention, or usage of currency, has lost its importance. World over, the currency is still holding a very important position. I do not know, how digital transactions can be accounted for, by customs officials, during foreign tour. Only cash transaction will have a sense of finish, or completeness and needs no post verification, where as digital or cashless transactions will occupy our mind, till it is verified. However, large volumes cannot be handled in cash. Any transactions through digital accounting as well as through cheques, can be termed as cashless transaction.
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