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Abacus Blog

Are we shifting to a cashless society?

abacuspos
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January 15, 2021
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Contactless behavior has been around for the past decade, however, it has recently become a thing ever since covid-19, the trends in the growth of digital payment methods. 

 

Lots of people prefer to use payment such as using Cashlez, gopay, credit cards, QR code, rather than notes and coins. Digital payment systems changed our behavior of using a safer and secure payment option. Due to Covid-19, the use of cash has increasingly affected the form of payment in the parking lot of a mall and several food establishments. Whereas cashless is a necessity during these days of COVID-19. 

 

According to Jakarta Post, Indonesia is one of the countries that are moving towards a cashless future. As the public are confident about using digital payment methods. It was supported by the advancing number of digitally-savvy consumers in Indonesia. 

 

With this flow, financial analysts and experts predicted that Indonesia might follow the footsteps of China, where third-party payment providers like AliPay have seemingly replaced cash as the main exchange tool (Holyson, 2021). 

 

Should your business be moving towards a cashless store?

 

There are many benefits of shifting into a cashless society, the significant importance of cashless payment is to reduce the use of paper. This also will cut the cost of printing and circulating the notes. The transactions are safer, faster, and more convenient. 

 

When using cash, we often lose our notes and coins, and it is hard to track our spending. With digital payment systems, it is more transparent, and it can be tracked! 

 

Banks can easily oversee liquidity and increment turnover. Moreover, our clients can enjoy benefits from interest and several discounts. These advantages offered by cashless payments shift people’s minds to choose cashless transactions. For Bank Indonesia (BI), this trend will lessen the for needs cash, which reduces the money disseminated by BI. 

 

It will also benefit business owners as their business transactions will be fast, safe, convenient, and efficient. 

 

However, 

This doesn’t mean that there’s no contra to this shifting society. Despite the fast-changing behavior, there is more to be done before we are ready to be a cashless society. With the emergence of technologies, it is still a double-edged sword. This is proven by, with real-time payments there comes real-time fraud. As technology becomes more advanced, so do people. Banks and cybercriminals need to work together to make sure they have suitable security measures. 

 

 

Reference:

Cashless Society Pros and Cons. (2021). Retrieved 5 January 2021, from https://www.thebalance.com/pros-and-cons-of-moving-to-a-cashless-society-4160702

 

Holyson, C. (2021). Indonesia’s Future: Cashless Society. Retrieved 4 January 2021, from https://medium.com/discourse/indonesias-future-cashless-society-36802dc29c14

 

Post, T. (2021). Indonesians ready to embrace cashless future. Retrieved 3 January 2021, from https://www.thejakartapost.com/adv/2018/09/20/indonesians-ready-to-embrace-cashless-future.html

 

The Digital Mint: Moving Towards a Cashless Society. (2021). Retrieved 5 January 2021, from https://www.finance-monthly.com/2020/06/the-digital-mint-moving-towards-a-cashless-society/

 

 

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