Role of Online Banking in the Cash less Economy



A cashless economy is one in which all the transactions are done using cards or Online means. The circulation of physical currency is minimal.The Promotion of online banking technology enabled the banks to enhance its operations with cost cutting effectively and efficiently in order to handle daily banking affairs via online banking channel. A cashless society describes an economic state whereby financial transactions are not conducted with money in the form of physical banknotes or coins, but rather through the transfer of Online information (usually an electronic representation of money) between the transacting parties.Cashless catering is a prepay point of sale (POS) technology that allows transactions with the absence of cash at the time of purchase. It is used in canteens, particularly those in schools.

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