These days, who carries around cash anymore? Unless you’re going to mamaks, hawker stalls or stores that only accept cash. It’s really convenient not to have to carry cash around and reduces the bulk of your wallets or purses.
Malaysia is becoming more of a cashless society, seeing as how more shops are allowing for the use of card payments. Now with the payWave function, you can simply tap your card onto the card machine and the payment is done!
According to the Central Bank’s (BNM) Financial Sector Blueprint 2011-2020, one of the nine focus areas in the blueprint is electronic payments. By 2020, BNM aims to increase e-payment transactions per capita from 44 to 200 and to lower the number of cheques by more than half every year.
Yay for that! We love the idea of moving towards a cashless society – it makes payment transactions quicker with just a tap or swipe of a card.
In case you aren’t familiar with the cashless concept, we’re here to tell you the benefits of going cashless so you can be prepared for our society’s move towards e-payments!
FEEL SAFER THAN A SAFE
One of the biggest reasons why cashless transactions are favoured? It reduces the risk of theft and robbery. When you don’t carry cash around, it’s more difficult for thieves to steal your money. With debit or credit cards, you can immediately call your bank to inform them that your card has been stolen.
Also, with electronic payments and online banking, every transaction you make or receive will be recorded. It’ll be easy to track where your money has gone should it have reached the wrong hands!
Not convinced? Statistics have shown that burglary cases have reduced by 10% in the United States when the government had changed social welfare payments to electronic transfers. In Sweden, robbery cases dropped from 110 cases in 2008 to only 16 cases in 2011 due to the fact that most Swedish banks stopped storing money in their premises.
These numbers show us how crimes rates have improved in various countries, all because of the switch to cashless payments!