Wednesday, May 25, 2022
e banking account registration malaysia

Transitioning into cashless payment is nothing new and this method of payment has been going on for quite some time. However, the Covid-19 pandemic has definitely sped up the process of the usage of cashless payment methods where many outlets are giving the options for users to pay cashless in order to minimise the contact of the viruses and also the spread.

Concept of a cashless society

A cashless society can be defined as an economic idea or situation in which all financial transactions are carried out through the transfer of digital data rather than the use of actual banknotes or coins, according to the most basic definition. What made it possible for cashless payments is due to the creation of debit cards, credit cards, E-wallets, point of sales, mobile banking, internet banking and many more. Not just that, now it is made possible to transit to cashless payment as registering a bank account has been made easy with e banking account registration Malaysia.

Types of cashless payment in Malaysia

Banking cards, such as debit and credit cards, are among the most widely used cashless payment methods around the world, accounting for more than half of all transactions. There are numerous advantages to using a banking card, such as safe transactions, ease, and so on.

One of the most significant advantages of banking cards is that they can be used to make a variety of other sorts of digital payments as well.

E-wallets are gaining a lot of traction in Malaysia where there are so many E-wallet options out there with the likes of Touch n go, Boost, Grab pay, Shopee pay and many more. Just as what the name is, E-wallet is like your physical wallet but digital. The money that you want to use will be stored in the wallet. Once you are ready to pay, you either scan the QR code, or they will scan your E-wallet QR code. If your wallet has insufficient funds, you can simply top up more by storing your bank details in your wallet.

Besides that, some banks also offer their own digital wallet so that you are able to pay cashless.

Benefits of going cashless

Fast – Cash payments can be time-consuming. With cashless payments, you will be able to make faster payments and efficiency will increase.

Costs and business risks are being reduced – Cashless payments reduce the number of business concerns at the same time, including employee theft of cash, counterfeit money, and robbery of cash. Furthermore, it lowers the costs of security, withdrawing cash from the bank, transferring, and counting the money collected.
Seamless international transactions If you are in a foreign country, you do not have to worry about not having enough cash with you, or you do not have to buy any foreign currency, because cashless payment solutions will allow you to pay with the app according to the currency exchange rate.

Summary

As technology progresses, the direction of a cashless society is inevitable, but it depends how much of a cashless society we will be in. Is it possible to go fully cashless? Time will tell.

e banking account registration malaysia
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