There are various types of non-cash payment instruments now available that can be used to carry out transaction activities according to their needs. As technology advances, of course, cash payment instruments have been replaced by the use of non-cash payment instruments.
Apart from offering accuracy and speed for processing transactions, of course, there are now many merchants that accept the use of non-cash payment methods. The term non-cash payment system refers more to the mechanism or method of transactions without having to use money in physical form.
Types of Electronic-Based Non-Cash Payment Instruments
1. Card Base
On a card basis, it is not like the implementation of a payment system that is used by utilizing credit card or debit card media. This non-cash payment instrument has carried the basis of an electronic card which requires users to fill in the balance first.
After that, later you can carry out payment transaction activities according to the needs of users. Thus making it easy to carry out payment transaction activities without having to use cash.
2. Server Base
The use of this type of non-cash payment method on a server basis or better known as an e-wallet is indeed widely used by the public. E-wallets or electronic wallets have offered various conveniences for use, so it’s no longer surprising that their existence is quite popular among various circles.
3. Internet Banking
Internet banking is a type of non-cash payment instrument that can be used as an option when you want to carry out payment transaction activities as needed. This electronic-based payment transaction tool makes it easier for each user to access accounts only by using the cell phone they use.
With internet banking, of course, users can easily check balances, transfer funds or carry out other payment transaction activities. Through a very easy way, of course it will not bother many people when they are going to carry out payment transaction activities.
4. Mobile Banking
The availability of mobile banking is actually not much different from the use of internet banking, which must have a device to support transaction activities.
For banking customers, of course, they can access accounts online, but only through a browser or browser that is available on mobile devices.
Currently, to make transactions through mobile banking, a QR code scanning feature is available which can make payment transaction activities easier and faster. So that it benefits many people when they want to carry out payment transaction activities without having to go to banking services or ATM machines.
Types of Card-Based Non-Cash Payments
This type of card-based non-cash payment instrument can use a card media that has been implanted with chips containing data from the card owner. As for several types of transaction tools that can be made non-cash on a card basis as follows:
1. Credit Card
The existence of this credit card is used as a non-cash payment instrument that has been issued from a bank by implementing a debt system.
For the entire total transaction using a credit card, it will be accumulated in advance for a certain period of time and users can make payments in installments.
The use of this credit card makes it possible for each user to pay for products, be it goods or services to services with an installment or installment system.
From the side of the card owner, they can still carry out transaction activities even though they don’t have enough money and usually there is a maximum nominal limit that can be used.
2. Debit Card
A debit card is a type of non-cash payment instrument that can be used in the form of a balance issued by a bank as a place to open an account and save. In general, the use of this credit card has a certain nominal limit for each transaction made.
When you want to make a payment using a credit card, of course, it’s from the bank that can later issue the card.
However, there are conditions that apply to administrative payments every month that must be fulfilled by users and when carrying out transaction activities a savings balance will be deducted for payments used.
3. Prepaid Cards
Not only are debit cards and credit cards available, but there are also other types of cards that can be used as a means of payment for conducting business transactions, namely prepaid cards.
The presence of this prepaid card option allows users to use it to make shopping payments without cash or checks.
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This is of course different from credit cards because prepaid cards are not made through debt to the issuer.
In using this prepaid card it is not related to a bank account so the user must fill in the prepaid card according to a certain nominal amount so that it can still be used.
Types of Paper-Based Non-Cash Payments
Giro is a type of non-cash payment on a paper basis that can be used by every user. Giro also has a very important role as a form of warrant against the bank.
The use of this giro is not used for the benefit of disbursing funds. However, the existence of current accounts is more for the purpose of transferring budgets from one customer’s account to another customer as stated in the current account section.
Checks are also a form of non-cash transaction tool on a paper basis. Its existence is usually issued by the bank with its function as a Warrant to disburse an amount of funds in the name of someone who is already listed on the check.
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So to use this type of non-cash payment instrument, of course, there will be a name printed on the check, whether it’s the customer or someone else. That way it can be used to withdraw funds if you get approval from the account owner.