Non-cash payments

Credit transfers, direct debit, card payments, electronic money and remittances are attributed to such means of payments. Cheque is also considered to be the means of non-cash payment, however, it should be gradually replaced by more advanced and more automated products.

Credit transfer is a payment service whereby the funds are transferred on the payer’s initiative to the beneficiary’s payment account. When electronic banking became widespread, credit transfers became a very convenient, fast and safe means to transfer funds. Currently, credit  transfers are also used in settlements for goods and services acquired through e-commerce.

Direct debit is a payment service whereby the funds are debited from the payer’s account, when the payment operation is initiated by the beneficiary under the payer’s consent. It is the rapidly spreading mean of non-cash payment that is convenient for those that have recurring payments.

Card payments are a convenient alternative to cash in points of sale. Traditionally, debit and credit cards are distinguished, however, there may also be other card types that have specific features (for example, virtual cards).

Electronic money is a monetary value held on electronic media, which is meant for making payment operations and accepted by many entities. Recently, electronic money becomes widespread in e-commerce and person-to-person payments (for example, PayPal).