Cashless

The term “cashless” refers to financial transactions and exchanges of value that occur without the use of physical currency (coins and banknotes). Let me break down the key components of cashless transactions:
Forms of Cashless Transactions
Checks
Debit cards
Credit cards
Blockchain-based transactions (e.g., cryptocurrencies)
Central Bank Digital Currencies (CBDCs)
Other electronic methods
Additional Electronic Payment Methods
To expand on “other electronic methods,” these can include:
Mobile payments (e.g., Apple Pay, Google Pay)
Online bank transfers
Electronic wallets (e.g., PayPal, Venmo)
Contactless payments using NFC technology
Wire transfers
Automated Clearing House (ACH) transactions
Key Characteristics of Cashless Transactions
Digital: Transactions occur electronically, often instantly.
Traceable: Digital transactions leave a record, unlike cash.
Convenient: No need to carry physical currency.
Global: Many cashless methods work across borders.
The trend towards cashless transactions has been accelerating in recent years, driven by technological advancements, changing consumer preferences, and in some cases, government policies.