Are we really going to the cashless community soon? Cashless does not mean you are broke by the way. It is about doing transactions without involving cash, but more towards digital financial. In my mobile, I have a couple of fintech apps, to name a few such as Kipple pay, Maybank pay, fave, line and Wechat pay. Even Air Asia is launching its mobile payment as well. So in my personal prediction, soon the market will be flooded with many mobile payment products that each of them will try to beat one another with either lower price or more promotions.
Why do I think the cashless trend will be a future? A simple thing is convenient. I am not sure about you, but I do tend to forget my wallet. Multiple times, in fact. One of the worse is that I am on the way to the office, I did not bring my purse, and my toll e-card has no money. That makes me go back to my house, take my wallet and then go office. Thanks to that experience, I am more aware of my wallet than before. Strange things are that I can forget about my wallet but not my phone.
Now, have you paid your transactions in digital forms? Like bank transfer, or quick payment scheme? That is something improving the money flow and convenient. Now, whenever I want to buy online, surely either I will pay thru my credit card or using my bank as a direct payment. I heard the story of how China using mobile payment extensively that they did not even need cash in their daily life. That is proof that technology has gone deep into society.
The younger generation is more versed in new technology adaption. I personally think that this group of people will be the one who wants to be the first technology adopter. Plus, they are the most significant number for the cashless trend. It may not be in one or two years (I can be wrong), but I think soon Malaysia will have a tremendous increment on a cashless society.