Embracing a cashless Malaysia for real convenience

KUALA LUMPUR, May 5 — The other day, I visited a new cafe with some friends and was taken aback when the cashier said that they only take cash... I thought I had heard wrong.

After all, these days, it is more common to hear the exact opposite: “We don’t accept cash.”

Right?

If you belong to Gen Z, those born between 1997 and 2012, you won’t even remember a time when cash was the ONLY way to pay for anything.

Credit card usage was not widespread then. It was used only for big purchases like airline tickets, deposits for other significant purchases, and at fancy restaurants.

And yes, the only wallet then was the one in the pocket of your pants or handbag. E-wallets were not yet even a glimmer in anybody’s eyes.

But today, cashless transactions are so common and widespread... even the pasar malam vendors have QR codes for customers to make instant digital payments.

In fact, Malaysia’s very own DuitNow QR has been a game changer in this space, bringing seamless transactions nationwide through a single, standardised QR platform. Whether you’re paying at a hawker stall or a high-end boutique, just scan and go. It’s really that easy.

Back then, buying things online used to be a bit scary. “What if my credit card gets hacked? And I end up with a bill of thousands of ringgit for something I didn’t even buy?”

Do you remember the first time you bought something online? Back in the day, my very first online purchase was some books from Amazon.

I dare say I probably held my breath till I had the parcel physically in my hands.

Today, you can just about buy anything, from cooking oil to mattresses, online. And you don’t even have to use your credit card. There are a variety of digital payment options out there.

The pandemic contributed to ramping up cashless payment options, whether for in-person or online purchases.

Contactless and cashless is really the way to go now. Yes, contactless.

With today’s e-wallets, you don’t even need to key in a password or tap a single button. Just scan and you’re done

Apart from the convenience and generally faster transactions, there is the added benefit of better money management. You can track how you’ve spent your money daily.

Here’s another bonus you might not expect: the ease of travelling without cash.

Say goodbye to last-minute runs to the currency exchange and the hassle of dealing with coins in an unfamiliar language. Whether you’re hopping between Asean countries or flying farther abroad, using your mobile wallet or card makes payments smoother, safer and far more convenient.

I have to admit, the sheer convenience of going cashless means I no longer have to fret about having enough cash on me at any one time. No more last-minute visits to the nearest ATM.

I have yet to reach the point, as several of my friends have, where I hardly have any cash on me. But I definitely trimmed down the number of ringgit notes in my wallet these days.

So no more unsightly bulging pockets for the boys. Win.

But wait, are you wondering how safe using an e-wallet is? Let me assure you, different e-wallet providers have different built-in security measures that are constantly upgraded. So your safety and security are kept top of mind for your peace of mind.

Still, we must ensure no one is left behind in this transition. As we embrace the future of payments, we must also help build digital literacy, especially for seniors and rural communities. It’s important that everyone has the tools and knowledge to navigate this shift confidently and safely.

In fact, this push towards a more digitally connected society is part of the government’s broader MyDigital agenda, a national initiative to transform Malaysia into a digitally driven, high-income nation.

Cashless payments are just one piece of the puzzle, and we’re already seeing how they’re helping bridge gaps and modernise the economy.

If you have yet to experience the benefits of going cashless, then start now. Get with the trend, and don’t be caught in a situation where the cashier says, “We don’t accept cash.”