Non-cash payments
Cashless payments are payments in which money is transferred between accounts without using physical cash. Funds are transferred through financial institutions (banks) from one bank account to another. These include payments using bank cards, mobile applications, electronic wallets and online payment systems.
How cashless payments work:
1. Through a bank:
The client instructs the bank to transfer money from his account to the recipient's account.
2. Through a payment system:
Online payment services and mobile applications act as intermediaries for transactions between accounts or electronic wallets.
Author of the article:
Editor-in-Chief
Danaev Almaz
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