GLOSSARY

Cashless payment

What is cashless payment?

A cashless payment refers to any financial transaction where no physical cash is exchanged. Instead, the payment is processed using digital or electronic methods such as bank transfers, payment cards, mobile apps, or online platforms. It allows money to move from one account to another without the need for coins or banknotes.

How it works

Cashless payments function through secure digital infrastructure that authorises and completes transactions electronically. The process often involves banks or payment service providers, which verify and settle the transaction in real time or within a short period.

Typical cashless payment methods include:

Electronic bank transfers like SEPA or SWIFT
Credit and debit card payments
Mobile payments (such as Apple Pay or Google Pay)
Online services (such as PayPal or Stripe)
QR code-based payments

Benefits

Cashless payments are generally faster than traditional cash handling, allowing near-instant or same-day settlement. They reduce the risk of loss or theft since no physical money is involved. Because all transactions are recorded digitally, they offer greater transparency and simplify financial reporting and audits.

The convenience of digital payment methods also enhances customer experience and supports remote or international transactions.

Cashless payment: Good to know for SMEs

For SMEs, going cashless means improved efficiency, better control over cash flow, and simplified access to global markets. Modern financial platforms support businesses in adopting cashless strategies by providing tools for real-time payments, currency exchange, and multi-currency account management – all in a secure and user-friendly environment.

Simplify payments with amnis – fast, global, and effortless

Cashless payments are redefining how SMEs manage money – from real-time transfers to seamless card usage and fast international payments. Amnis enables businesses to go fully cashless by offering instant transfers, multi-currency business debit cards, and cross-border payments to over 200 countries. Designed for growing companies, these tools help streamline financial operations and support global expansion.

Discover Pay

View All Tools

Explore related topics

ACH

ACH, or Automated Clearing House, is a local payment route in the United States that facilitates electronic money transfers between banks. It requires a local bank account or the use of local payment providers. ACH payments enable financial institutions to transfer funds electronically, bypassing traditional card networks like Visa and Mastercard. It’s commonly used for direct deposits, bill payments and other bank-to-bank transfers within the United States.

ACH payment

ACH payments are processed through the local ACH network in the United States, requiring a local bank account or the use of local payment providers. This method allows financial institutions to transfer funds electronically, bypassing traditional card networks like Visa and Mastercard.

Balance of payments

The balance of payments is a financial statement that summarizes all economic transactions between a country and the rest of the world over a specific period. It records trade in goods and services, cross-border investments, and financial transfers. A positive balance indicates that a country exports more than it imports, while a negative balance shows the opposite.

Bank transfer

A bank transfer refers to the electronic transfer of money from one bank account to another. Such transfers can take place either within the same bank or between different banks and are among the most commonly used methods worldwide for processing payments between individuals and companies.

BIC (Bank Identifier Code)

The Bank Identifier Code (BIC) is an internationally valid bank sort code defined by the Society for Worldwide Interbank Financial Telecommunication (SWIFT). Since the BIC code is issued by SWIFT, it is often also referred to as the SWIFT code.

FPS (Faster Payment System)

The Faster Payment System (FPS) is a UK payment scheme that enables businesses, individuals, and institutions to send and receive sterling payments in near real time, 24/7. Transactions are typically processed within seconds, making FPS one of the fastest domestic payment systems in the world.

BACK TO LIST

About amnis

amnis offers a comprehensive platform for international banking, offering a range of tools in one place. Transfer money abroad, exchange currencies 24/7 and collect international money transfer with your own IBAN accounts supporting 20+ currencies. Founded in 2014 in Zurich, amnis is a regulated payment institution under the supervision of the Banking Supervision Section in Liechtenstein (FMA) within the EEA.

Discover amnis