Answer in Brief
Explain how money is transacted in the digital world.
- One has to visit the bank and fill in a challan or produce a cheque to withdraw money from his account.
- Now, this practice is gradually vanishing.
- Instead, one can easily withdraw the necessary amount from an Automated Teller Machine (ATM), with the help of an ATM debit card.
- One can easily withdraw the money needed at any time at ATMs located everywhere.
- A person can deposit money in their account without visiting the branch.
- Similarly, credit cards are also available, through which things are bought on credit and the amount can be paid later.
- Nowadays, instead of using cheques or Demand Drafts (DDs), online transactions through net banking are carried out.
- Through this, money is transacted to anyone who lives anywhere across the globe.
- Technology has advanced sci much that even mobile banking is widely used nowadays.
Concept: Electronic Transactions
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