Concept - Money less society - current transaction media

Let us explore some of the current use of money-less transactions.

1. Debit Card
Debit cards are widely used at present. They are used to transact through an electronic terminal when purchasing items or paying for services. All you need to do is deposit cash to the card through a bank and you are about ready to go. Then you will have to place a personal identification number (PIN) and sign the back of the card. And lastly, look for a store where it says that they have an electronic terminal where you can use your card.

Most debit cards are being used like credit cards. Get your bill, swipe the card, sign the receipt, retrieve you card and the cost of the bill is deducted from your deposit.

To keep using the card, one must keep on depositing cash to it.

2. Credit Card
Every body knows how to use a credit card this days. Purchase in person or purchase online. You can even call in for a purchase. Just give them the card number and you're good to go.

Credit cards, as their name implies, pay for products and services through credit. That means you will have to pay the bank that issued the card with cash. With interest and finance and other charges added on to the amount of your credit.

3. ATM payment
ATM payments are also becoming common. Just make sure your bank account has enough money to maintain the average daily balance and pay for your purchases.

For ATM payment transactions, one has to present their ATM, have it swiped through an electronic device, punch in your PIN, and the amount of your bill is deducted from your account.

4. Mobile wallet
Mobile wallets are becoming common here in our country. But instead of transacting with a bank, you transact with the telecom operator to "put money" in your wallet.

Telecom operators here in the Philippines charge 10 pesos for every transaction (deposit or payment) up. Beyond 10 pesos, a transaction fee of 10% of the amount transacted is charged as transaction fee.

Unfortunately, you will need to memorize several keywords to do this. To remedy this, the telecom companies began releasing SIM cards with menus that allow a user to transact without bothering to memorize the keywords.

In Japan, they have a system where they send keywords to the telecom company and receive some sort of a bar code that is displayed on the mobile phone of an individual. That person then puts the screen of his phone to a scanner and the expense is charged from their account and the purchase paid for.

So, for a money less transaction, one still needs a medium to transact. A medium that can still be stolen, misplaced or lost like money.