explain the evaluation of the payments system. Is the system headed towards a cashless society?

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Expert Solution

1) barter system .. From ancient to till now

2) coinage system. ..during mediaval age and time of different rulers

Evolution of Banking system and payment : 17 or 18 century to till now

3) currency and notes means cash payments legal tender)

4) cheque based payments

5) card payments : Atm card ( digital payment)

6) digital payments ( cashless or less cash ) 1990s to till now .

1) ) electronic payments like rtgs ,neft imps

2) vollet to vollet or account to vollet . Phonepe Paytm, paypal etc.

3) QR code based

All of these system evolution towards cash less or less cash ecosystem of payment.

Rahul Sunny answered 1 year ago

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