Living a cashless lifestyle
As the society and world we live in become more and more IT savvy, everything we do or say is pretty much being nudged towards having a digital lifestyle. One of the many aspects of being in a digitally enhanced environment is going cashless. Intrigued by the notion of not carrying and using physical cash in my purse, one of my economics students and I studied whether it is possible for us to live a cashless lifestyle and to make purchases without the usage of any physical cash. As we thought about it, we began to explore the cashless payment behaviour of more advanced economies like the European nations. We looked into why some Europeans made telegraphic transfer, cards and electronic payments for their purchases. We discovered that the vast development of cashless payment is fuelled by the evolution in information technology and innovation in mobile devices. Interestingly, in some European countries, the usage of telegraphic transfer and card payments are affected by payment made using cheques. This indicates that total cashless lifestyle is somewhat affected by another type of cashless payment and adopting a total cashless lifestyle can only be significantly observed in the long run. Moving from the current payment method to a total cashless method may be rather difficult to achieve in the near future. However, innovation in technologically aided payment system will undoubtedly expand the society’s accessibility to cashless payment. Based on what we have discovered, we, as Malaysians, should be moving towards living a cashless lifestyle. As it is, we are already leading a pretty much digitalised lifestyle – especially in terms of shopping and engaging in services. Why stop here? Let’s go cashless it the true sense.