Cashless E-Wallets is one of the fastest-growing digital payment trends. More countries are starting to make use of advanced payment solutions. The government wants to encourage its usage, as well as airwaves 5g technology will be another option that the government wants to offer to the people.
Then we have countries like Sweden, Canada, Japan, and China, which are already going against a society that can manage on its own without cash. Countries like Malaysia have a good way to go before they are heading in the same direction, but development is on the way.
There is a great interest in using e-Wallet application among young people in Malaysia, what is most needed is an education in regards to these forms of digital payments solutions.
So we have a service called E-Tunai Rakyat, which was launched on January 15 and is preparing the population for the latest trend of the digital economy. This is a service that will make them safer and more efficient way for people in Malaysia to make payments.
Right now you can download the app, register your account on their website and then claim RM30 e-Tunai Rakyat and see offers on discounted promotions.
There are some things that are needed before Malaysia goes completely towards a cashless society, for example, many people do not have access to the internet in those economically dependent parts of the country. So it’s more accepted technology in the urban areas.
But as we seem to be moving towards a more positive direction, according to Universiti Teknologi Mara (UiTM) Rembau, Business and Management Faculty head, Noor Azillah Mohamad Ali: the use of E-money license in Malaysia can increase with as many as 42 new applications approved by Bank Negara Malaysia, currently there are over 10 and these licenses are: Boost, GrabPay, WeChat Pay, Touch n Go Wallet, Paypal and Setel, they all have different features.
One of the biggest e-Wallets in Malaysia is the AEON wallet, and they offer a wide range of services to make the shopping experience as smooth as possible.
There are some advantages to our society moving towards a cashless society, such as a reduction in robberies, but we must not forget our elderly, the government must also make it easy for them to adapt to the new technology.
Sweden will probably be the first in the world to become completely cashless in 2023. So then we have to follow the country’s cashless development system and learn from their mistakes so when countries that are less equipped get a smoother transition.