LETTERS: Some public institutions of higher learning have recently pushed for a cashless, e-wallet environment.
In the past, people paid with cash. These days, technology is prompting them to pay with e-wallets, QR codes and online banking.
The digital payment system has also been boosted by the pandemic. People were enticed to shop online during the lockdowns.
Cashless payment is particularly popular with college students, who dislike carrying cash.†At a local university, five out of 10 students say they prefer making payments online to using cash.
According to a Visa Consumer Payment Attitudes (2018) report, Malaysian consumers are increasingly favouring digital payments. There are a number of explanations for this.
FIRST, if we go cashless, it will make it harder for thieves to steal our money.
IT is advantageous for organisations and vendors because it eliminates the need to physically handle cash. Online monitoring of cash flow can be done.
TIME can be saved by conducting transactions online. For instance, you do not have to go to a money changer to get foreign currency.
Will this trend take hold in Malaysia? Can universities stop accepting cash?
I believe we ought to try it instead of keeping money in our pockets. The world has gone digital. Let's move with the trend.
However, there are some issues that need to be resolved before we plunge headfirst into the world of cashless payments.
We would need to ensure the online system is always running and there are no hiccups in Internet connections.
ASSOCIATE PROFESSOR DR SOO KUM YOKE
UiTM, Rembau, Negri Sembilan
The views expressed in this article are the author's own and do not necessarily reflect those of the New Straits Times