Cashless System India: Payments are made through debit/credit cards, bank electronic fund transfers or virtual wallets. Paymonk offers the smoothest way to for all kinds of online transactions with complete control of merchant payouts.
An infrastructure where no physical cash is in circulation is a cashless system. Payments are made through debit/credit cards, bank electronic fund transfers or virtual wallets. A few facts first (Source: The Statistics Portal): In 2017, an estimated 1.66 billion people worldwide purchase goods online. During the same year, global e-retail salesamounted to 2.3 lakh crores and projections show a growth of up to 4.48 lakh crores by 2021. In Asia Pacific, e-retail sales accounted for 12.1 percent of retail sales in 2016 but only for 1.8 percent of retail sales in the Middle East and Africa. An increase from 254.5 crores in 2013-14 to 865.9 crores in 2016-17. India Sees 55% Increase In Digital Transactions In A Year; Mobile Banking Jumps 122%
