Q. 5 A4.0( 1 Vote )
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Explain how money is transacted in the digital world.
In the digital word money is mostly transacted in digital form through institutes like banks, exchange, wallet etc. In Digital transaction instead of physical cash or coins, the amount is paid in electronically using different instruments like banks transfer, cheque, via wallets like Paytm etc using a computer or mobile phones.
In digital transaction first physical cash needs to be converted to electronic currency, for example if a farmer has sold his crop to the trader , the trader will transfer the amount in his bank account, and then he can directly make payment to other seller bank account using bank transfer.
Companies directly pay to vendors for the material they purchase and collect payment online from the customer, with the new technology and e-commerce, digital transaction is more popular now.
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