Financial transactions used to be synonymous with large amounts of cash, especially for large-value buying and selling objects such as property. But now modern society is getting convenience through a non-cash transaction system so there is no need to carry large amounts of money directly. Non-cash transactions (also known as cashless) can be carried out using non-cash payment instruments that are legally valid in the eyes of the state. Nft latest trends is here.
Know the Types of Non-Cash Payment Instruments
Based on the type, non-cash payment instruments can be divided into two, namely:
Card-Based and Electronic Non-Cash Payment Instruments
Some of the card-based and electronic non-cash payment instruments are as follows:
– Credit Cards: Credit cards, like ATM cards, are used for payment and retail transactions. Even if you don’t have enough cash, you can use a credit card up to the amount of the limit.
– Electronic Money: uses chip-based technology to work. It appears to be identical to an ATM at first appearance, however you must fill in the balance. Electronic money, such as BRI’s BRIZZI, can be used.
– Electronic wallet (e-wallet): uses a server-based system to operate. E-wallet, unlike e-money, does not have a physical form, so the balance can only be accessed through smartphone apps like Grabpay, E-Wallet, and ShopeePay.
– Internet Banking: this service can be accessed from a computer or a smartphone.
– Mobile Banking: Mobile Banking has many of the same features as internet banking, but it can only be accessed through a smartphone.
Benefits of Non-Cash Transactions for Modern Society
In recent years, electronic-based non-cash transactions are increasingly loved by the public because they have a number of advantages, namely:
Speed up Transaction Process
It is undeniable that non-cash transactions are superior to cash transactions because the process is fast. You don’t need to visit the bank and wait in long lines when you want to make a transaction. If you use a card-based transaction tool, you only need to look for the nearest ATM machine or merchant that prepares an EDC machine. In fact, electronic-based transaction tools allow you to transact within a few seconds with a QR Code (QR code) scanning system.
Supports Cashless Transaction Activities in Various Regions
If you are used to transacting with non-cash payment instruments, you don’t need to bother carrying large amounts of cash when shopping, traveling, or doing other activities. Currently, many merchants have prepared non-cash payment facilities for customers. You only need to prepare a data package with adequate internet speed if you are used to non-cash transactions using an e-wallet.
Register Without Having To Go To The Bank
Non-cash payment instruments in the form of electronic money and e-wallet are very easy to use and the registration process does not need to be done at the bank. You can buy electronic money at minimarkets, bus stops, or public transportation stations. Later, you can top up your electronic money balance via an ATM or mobile application. While the e-wallet application can be directly downloaded on the Play Store or App Store. After downloading the application, all you have to do is complete the registration procedure by filling in your personal data until the e-wallet application is ready for use.