LETTERS:THE future is all about digitalisation and innovative technology. Only those who are highly skilled and knowledgeable will survive.
As such, the emergence of a cashless society in the years to come is highly likely.
A reality that we eventually will be faced with. No more cash transactions but via credit and debit cards, electronic and mobile payment services, and cryptocurrency.
Cashless payments are currently in force for commuters on board RapidKL buses (with Touch ‘n Go, or My100 and My50 passes).Grab also accepts cashless payments for all its rides with the GrabPay app.
Cashless payments are safer and more secure in business transactions. Safer in the sense that every transaction between the parties involved is recorded. For instance, Grab has implemented the Grab payment for all midnight rides to curb crime at night for the safety of Grab drivers.
Cashless payments can also reduce corrupt practices in an organisation, company or government agency.
However, there should be an interim or transition period to allow the public to be more familiar with the workings of a cashless system.
The Finance Ministry allocated RM450 million for the RM30 e-wallet (E-tunai Rakyat) initiative under the 2020 Budget. Those eligible can claim and use this RM30 on any one of three e-wallet platforms - Touch ‘n Go, GrabPay and Boost.
The disadvantage of a cashless payment system is that the privacy of the consumer may be compromised or threatened because the platforms will have full access to a user’s personal information such as his MyKad number, bank account details and address.
The information can be hacked by an IT expert or a cybertrooper.
The other disadvantage is overspending. With cashless payments, one might not feel the pinch of ‘losing money’. Therefore, education is important. One must be taught how to manage finances wisely and this must start from young, either at home by parents or in school.
The Education Ministry may want to work with Bank Negara Malaysia to formulate a syllabus to be included in the school curriculum to teach our young the risks of a cashless society.
LIM SAN SHIEN
Universiti Malaya, Kuala Lumpur
The views expressed in this article are the author’s own and do not necessarily reflect those of the New Straits Times