Consumers awareness raising on non-cash payment fraud
Consumers awareness raising on non-cash payment fraud

What is non-cash?

Non-cash payments

Using notes and coins is not always convenient and practical. In the recent decades alternative payment means based on the electronic payment of money have been spreading rapidly.

Such means of payment include credit transfers, direct debit, payments by cards, electronic money and remittance. Cheques are also considered an instrument of non-cash payment, however, they should be replaced by more advanced, more automated products.

Credit transfer means the payment service when the payer initiates the transfer of money to the account of the beneficiary. With the spread of electronic banking, credit transfers have become an especially convenient, fast and safe way to transfer money. Now credit transfers are also used to pay for the goods and services bought by means of e-commerce.

Direct debit means a payment service when money is debited from the payer's account when a payment transaction is initiated by the beneficiary of the money upon agreement of the payer. It is a fast spreading instrument of non-cash payments convenient to those who make repeated payments.

Payment by cards is a convenient alternative for cash in a sales outlet. Traditionally, there are debit and credit payment cards, although there can also be cards of other types with specific characteristics (e.g., virtual cards).

Electronic money means the monetary value stored in the electronic media designated for payment transactions and accepted by many persons. Electronic money is spreading in e-trade to make payments between persons (e.g., PayPal) recently.

Information of the Bank of Lithuania