5 signs that Malaysia is slowly going cashless
The urban environment of Malaysia has steadily grew to become one of the top five leading countries with the most social media penetration and this helps to cultivate the digital market for the country. Online sales however require no money as there would be ow way to physically send the money to the sellers in very little time.
However it seems that signs of Malaysia going cashless has started to appear. Here are the five biggest signs:
1. At the advent of Ecommerce Malaysia, many users who were buying their desired products through desktops have started using credit cards in order to pay, This would eventually lead to the replacement of said credit card with a debit card which for the most part became normalcy once it became fully embraced in Malaysia as the need for signatures on a local card became obsolete.
2. Malaysians have also begun to use more direct ways of paying to the sellers by instead opting to use online banking instead. The process is inherently much faster and above all much secure as the service given by the banks who have online banking provide solid and effective security.
3. Malaysians have also used other methods that work similarly to online banking by using other methods of payment such as Paypal.
4. This continues on with the rise of mobile E-commerce as now the phone brand samsung are now offering to use magnetic secure transmissions installed on their newer generation of phones in which you can save the data of your debit and credit card and make it work similarly to using paywave with your card.
5. Many Banks have highlighted that the use of cheques have started to lower significantly with the goal to continue to lower usage to 100 million by the end of 2019 and Instant transfer fees which were usually 50 cents in order to use it would instead be waived with the cheque fee increase to RM1.00.
In conclusion, Malaysia is looking to consolidate and attempt to help streamline and allow the digital market to increase and expand its reach towards the country and potentially becoming a cashless Malaysia.