Cashless economy is an economic system in which transactions takes place electronically instead of actual cash exchange. It does not refer to an outright absence or complete wash of cash transactions in the economic setting but one in which the amount of cash-based transactions are very less. A cashless economy or an e-payment system is a situation where there is little or very low cash flow in the economy and maximum transactions are made through electronic channels like debits cards, electronic funds transfer, mobile payments, multi- functional ATMs, and internet banking. It is a kind of setting of economy that run mostly on plastic or digital money or electronic medium of exchange and thus with minimal cash or money in paper form. Following are the types of mode of cashless payments:-
MOBILE WALLET:- The mobile wallet, which is also known as m-Wallet(Mobile-wallet), digital wallet, or e-Wallet(electronic-wallet), refers to a mobile technology that is used to make electronic transactions. A mobile wallet is a virtual wallet available on mobile phone which stores payment card information in it. Mobile wallets are a convenient way and easy medium for a user to make in-store payments or to carry out transactions electronically and can be used at merchants listed with the mobile wallet service provider.