The year 2025 opens with various technological developments that are increasingly rapid. From the integration of AI to Electric Vehicles, as well as innovations in the field of mobility, all of these are expected to shape the landscape of our future. The same applies to the way we conduct money transactions, where cashless payments are now increasingly popular and used almost everywhere, making them easier and more efficient.
If we look at it now, the progress of cashless payments can be done anywhere. Unlike in the past, cashless payments can only be done if you take public transportation. But now various types of premises including buying and selling, parking payments and tolls have also supported cashless payments. However, do we really know the benefits and benefits of cashless technology advances to us as consumers?
Easy Financial Access Through Cashless Payments
Before the existence of cashless payments, paper money was the only method for us to pay at the payment counter. That's when we go to the mall, we will carry a thick wallet with a lot of banknotes, not to mention coins. Indirectly, it will make us uncomfortable with the weight of the wallet that is carried around.
However, year after year, the habit of carrying a lot of cash is decreasing after the emergence of cashless payment facilities. Some of us will prepare enough cash for payment at premises that only accept cash, parking payments or Touch 'n Go top-up. Since the existence of this digital wallet, all payments have become easy by just having to scan the QR code and pay using a card. There is no longer a need to frequently find an ATM machine to withdraw cash.
If we go back to the year around 2000, when we want to buy expensive items, the most challenging thing is to carry banknotes amounting to thousands. At that time, we need to keep the money safe from criminal activities of snatching and theft. But now, with cashless, payment using MyDebit cards makes all transactions easier. Just have to pay through the terminal, enter the PIN number and you're done.
Easy Process to Open an Account Without Needing a Bank
Do you still remember how tedious the process of opening a bank account used to be? We have to choose the bank we want, then have to go to the nearest branch to open a savings account. When we are ready to register, we will then receive various other services such as online banking, receiving and transferring money, paying bills and many more. But with the condition that we have to go to the bank first to go through this process which involves a long waiting time.
But now, with digital banking that supports cashless payments, opening a savings account has become easier. You can immediately register to receive and transfer money without much hassle. Among the digital wallets available are GrabPay, Touch‘n Go eWallet, Boost which are easy to register as well as the verification process that can be done directly from a smartphone. What’s more fun, the verification doesn’t take long either. In less than an hour everything will be completed and you can start making payments, even if you want to start a small business it is not a problem.
Cashless Payments From the Shopkeeper and Payee’s Perspective
If you look at it from another perspective, such as from the shopkeeper’s perspective, even carrying cash for deposits has its own risks. My immediate family who owns a stationery shop were once followed and ended up losing money from sales. There are also stories from other shopkeepers, where the amount of money in the cash machine did not match the records, causing suspicion between the employer and the cashier. All of this can actually be easily avoided by using cashless payments on the premises. There is no need to worry about managing the purchase and sale because everything is safer and more organized.
Another thing that makes life easier now is that users can show the DuitNow QR code display to receive payments. It is far different from before where we had to memorize or find the account number for the payer to type in. But now, wanting to pay is as easy as scanning the QR code. No need to bother entering the account number. A simple example is buying goods at the night market because many traders have started using QR codes, just scan and pay.
More and More Premises and Services Support Cashless Payments
What is interesting about this cashless payment, we can see for ourselves how many premises, shops, and services have started to support this method. Just go to the corner of the village, QR code displays are displayed near the shop, ready for DuitNow QR payments. Not only that, the transportation system has also become more advanced by being able to pay directly using the MyDebit Card, including when passing through tolls on the highway.
Even more interesting, if you travel abroad, cashless payments can still be used without having to change currencies or make additional settings. For example, if you travel to Thailand or China, you can still pay directly using a digital wallet because the cashless payment system is now not only widespread in the country, but also abroad. Easy, right? No need to look for a money exchange counter, everything can be completed with just one scan.
Integration of Cashless Payments and Financial Management
One of the hidden advantages of using cashless payments is the ease of tracking expenses, all information is at your fingertips. Managing finances has also become easier. Did you know that when you pay directly with cash, no matter which bank, the transaction will be automatically categorized.
With cashless payments, we can clearly see where our money is spent, whether it's for transportation, eating out, paying bills, debts, and so on. Indirectly, this is a new way to record expenses without having to bother recording them yourself. Our finances can be managed easily and know how to save. You can also set limits so that you don't spend excessively.
Obviously, there are various benefits that can be enjoyed if you use cashless payments. Not only is it easy, but it can also provide a clearer picture of your finances. So, why not practice cashless payments now? Isn't it easier? Not only Malaysia, but many locations abroad have started to support the cashless payment method.
Let's simplify daily affairs with cashless payments. With DuitNow QR, you can pay faster, safer and smarter without cash, without contact, just scan and it's done. Learn more about this digital payment method that will make your daily life easier.