Cash Payments
Cash payments refer to transactions where physical currency (e.g., banknotes and coins) is exchanged directly between parties to settle a debt or purchase goods and services. This method is immediate, tangible, and does not involve electronic intermediaries like banks or payment processors. It is a foundational form of payment used globally, especially in informal economies or for small-scale transactions.
Developers should understand cash payments when building systems that need to integrate with or account for physical transactions, such as point-of-sale (POS) systems, inventory management, or financial tracking apps. Knowledge is crucial for applications in retail, hospitality, or emerging markets where cash remains prevalent, ensuring accurate data handling and compliance with financial regulations.