What is cashless banking system?

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. read more

Banking will enter a totally new dimension with the total implementation of the closed cashless system where "money" is nothing more than electronic ones and zeros stored in computers. The new "money" will exist only in the memories of computers and therefore cannot be removed from the system. read more

While going cashless offers some convenience to consumers, it also comes with potential fees and penalties from banks, credit card companies and others. As observers from Wharton and elsewhere note, cash is the more expensive proposition for those who handle financial transactions. read more

Cashless ATM is a point of banking system that is comparable to a common ATM, except the transaction is fully electronic and a voucher is presented instead of cash, verifying that cash has been debited from the customer’s bank account and deposited outright into the merchant’s bank account. read more