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Cashless Payment Systems
Nowadays, it is evident that cash is going away slowly especially in well developed nations. Electronic money transfer systems including mobile payments have opened new ways of interactions between businesses and their potential customers. This has rapidly changed the world of payment not only to the retailer, but for restaurant businesses too. This has enhanced the customer service and guest experiences due to its high levels of convenience. It has opened up new ways of interaction and created potential for more transparent and open system of payment.
Cashless payment has various advantages which include; reduced queuing times, reduced cash handling cost, saves time, reduced risks, positive cash flows, no money changes hands at the sale point, and any discounts and refunds can only be authorized by the management through password control system (Patel, Rushabh & et al, 2015).
Work cited
Patel, Rushabh, et al. “Paytooth-A Cashless Mobile Payment System based on Bluetooth.” International Journal of Computer Applications 120.24 (2015).
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