Q: What is a cash transaction?
A: A cash transaction is an exchange of physical currency or cash between two parties to complete a purchase or payment.
Q: What are the advantages of cash transactions?
A: Cash transactions are simple, convenient, and immediate. Both parties can complete the transaction without the need for complicated payment systems or third-party intermediaries.
Q: What are the disadvantages of cash transactions?
A: Carrying large sums of cash can be risky, making both the buyer and seller vulnerable to theft or robbery. Cash transactions also do not offer the same level of protection as other forms of payment, such as credit cards or online payment systems. Additionally, it can be challenging to keep track of the payments made.
Q: What are the risks associated with cash transactions?
A: Cash transactions can be risky because they provide no protection against fraud or identity theft. Also, cash is easily lost or stolen, which can be a significant inconvenience.
Q: How do cash transactions compare to electronic payments?
A: Cash transactions are simple and immediate, but they do not provide the same level of protection as electronic payments. Electronic payments, such as credit cards and online payment systems, are more secure and leave a clear trail of the transaction.
Q: What are contactless payments?
A: Contactless payments use near-field communication (NFC) technology to make payments without physical contact. These payments can be made using smartphones, smartwatches, or even debit and credit cards with NFC technology.
Q: Are contactless payments safe?
A: Contactless payments are generally safe, but they do pose some security risks. Hackers can intercept the data transmitted during contactless transactions, making them vulnerable to fraud and identity theft. However, many contactless payment systems now incorporate additional security features to protect users’ sensitive data.
Q.What are some examples of contactless payment systems?
A: Some examples of contactless payment systems include Apple Pay, Google Pay, Samsung Pay, and contactless credit and debit cards.
