Q1.
Have you observed other people around you making or receiving payments without using coins and notes?
Answer
Yes — cashless payment is now an everyday sight, and not only in big shops.
- A fruit or vegetable seller with a printed QR code tied to his cart, exactly like Krishnappa in the chapter.
- An auto-rickshaw driver holding up a QR card at the end of a ride.
- Someone tapping or swiping a debit or credit card at a medical store or supermarket.
- A parent paying school fees or an electricity bill by net banking.
- Friends splitting a bill by UPI on their phones in seconds.
In each case no coin or note changes hands. The money is digital money — money in electronic form, which is intangible: it cannot be touched or felt. It simply moves from the payer's bank account into the receiver's bank account.
Why it happens: a QR code holds the receiver's bank-account information. Scanning it tells your bank exactly where to send the money, so a small seller needs no card machine and no cash box — only a phone.
Try This: count how many QR codes you can spot between your home and your school. The number will tell you how far digital money has reached in your own neighbourhood.