write a essay on cashless economy upto 250 words
Answers
Answer:
pls mark me as brainliest if you are satisfied
Explanation:
The different forms of cashless payments and modes
Cashless economy is performed by variety of different modes that includes mobile wallet, plastic money, and net banking. Let us see each of them in detail.
Mobile wallet
Mobile wallet is defined as a virtual wallet in your phone where you can store all your cash. This cash can be used in making offline and online payments. Nowadays, you will find several mobile service providers to offer such wallets through mobile applications. These applications can easily available for download on the mobile phone.
By using this application, you can easily transfer cash into wallets online with the help of credit card / net banking / debit card. So, each and every time when you buy anything online or pay a bill through the wallet, you need not mention the details of your card. Mobile wallets are mostly used for making bill payment and online purchases.
Plastic money
Plastic money is the other form of cashless economy. It comprises of plastic based currency such as credit card, debit card and prepaid cards. Plastic money comes in physical card form and are issued by banks. By furnishing the details of these cards at ecommerce stores, you can easily perform online purchases, pay your bills, withdraw money from ATMs, renew your insurance, or any other kind of financial transaction. These cards are easy to recharge via Net banking.