Malaysia still some way from being a cashless society - PayNet

Last update: 11/01/2019

KUALA LUMPUR, Jan 11 (Bernama) -- Malaysia is still some way away from transforming into a cashless society in the near term, mainly due to the spending habits among Malaysians who prefer to use cash for payments.

Payments Network Malaysia Sdn Bhd (PayNet) Group chief executive officer, Peter Schiesser, however, believed the country would be able to realise the cashless society aim within 20 years in the current digital era.

“In the digital era, it is very expensive for a country to print cash or for the retailers to handle cash.

“But it is not that the cash instrumental is going away tomorrow, it takes time, and we will move there eventually, maybe in 20 years,” he said on the sidelines of a media briefing on Malaysia’s payments ecosystem here, today.

Schiesser pointed out that currently, cashless society may not necessarily work in the rural areas where most of the country folks are still heavily relying on cash and have a lower degree of financial literacy compared with the urban citizens.....