As we all know, more and more countries/organisations are now going for noncash transactions and accordingly banks have launched many new products in the market for the same. Which of the following products is a non-cash transaction product?

BANKING GENERAL KNOWLEDGE

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

A	Only ATM Card
B	Only Credit Card
C	Only Prepaid Card
D	All are non-cash transaction products PRACTICE EXERCISE

Explanation:

Detailed explanation-1: -Acquiring property, plant or equipment by assuming directly related liabilities, such as a mortgage or loan. The net unrealized increase or decrease in fair market value of investments. Obtaining an asset by entering into a capital lease. Acquiring property by exchanging another piece of property.

Detailed explanation-2: -In cashless transactions, payments are made or accepted without the use of hard cash. This includes payments made via credit/debit cards, cheques, DD, NEFT, RTGS or any other form of online payment that removes the need for cash.

Detailed explanation-3: -Specific examples of monetary transactions include electronic funds transfers, checks, money orders, gift cards, and bartering.

Detailed explanation-4: -A debit card is a payment card that deducts money directly from a consumer’s checking account when it is used. Also called “check cards” or “bank cards, ” they can be used to buy goods or services; or to get cash from an automated teller machine or a merchant who’ll let you add an extra amount onto a purchase.

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