Cashless payments are payments made or accepted without the use of hard cash.

The goal of cashless

payment is to eliminate multiple company hazards at once, such as employee theft of cash, counterfeit
money, and cash robbery. It also saves money on security, bank withdrawals, transportation, and money
counting. Tax avoidance is reduced. It flattens black money generation and reduces corruption. It keeps a
record of all transactions, which will help reduce illegal monetary transactions, digitization of
transactions as well as ease of lifestyle (Gundaniya, 2020).

There are several types of cashless payments. Banking cards, like debit and credit cards. For people
without a smartphone, Unstructured Supplementary Service Data (USSD) provides a cashless payment
method. Mobile wallet apps can be downloaded or used as part of a smartphone’s built-in functionality.
It stores credit cards, debit cards, coupons, or reward card information. QR Codes or Quick Response is a
two-dimensional code that has a pattern of black squares which are arranged on a square grid and are
widely used for making cashless payments. Users can purchase things by just tapping a card near a POS
terminal, making contactless payment an easy and safe way. Bulk payments, equal monthly installments,
paying off utility charges and disbursing payments like dividend interests, pensions, and salaries are all
common uses for electronic clearance services. Gift Cards or vouchers enable the receiver to buy
anything with the help of a coupon. PoS terminals were used to read the banking cards of the customers
(Gundaniya, 2020).