Essay, Pages 2 (443 words)
The transformation of the money from cash that are made from valuable metal coins into folding money with no essential price and these days it offerings us with a form of electronic money. (Ramasamy, Guru, Nair, & Vaithilingam, 2006). Furthermore, the changes in types of payment towards cashless would expand the general potency of the payment system and save the cost of the economy (BNM, 2019).
We knows that cash always going through changes lately which is the style of payment has been modified from using a cash to electronic payment within the name of electronic money (Ramasamy et al.
, 2006). As we can see in Malaysia, the customers are progressively pursuing for a faster, safer and a lot of the useful strategies in making a payment for a product and services like Touch and Go, online banking and so on which being the foremost most popular types of cashless payment (Barrett, Scagliott, uben Mer ideth, Jackson, & Lazano larcon, 2019).
We knows that cash always going through changes lately which is the style of payment has been modified from using a cash to electronic payment within the name of electronic money (Ramasamy et al., 2006). We knows that in the market are mostly using the cash in their transaction. However, money is step by step are slowly turned into different types of payment which is using any kind of payment instruments that are available (Brugge, Denecker, Jawaid, Kovacs, & Shami, 2018). In this situation, BNM also announced that it is vital because it is makes the monetary services trade change into the country that using electronic payments very fast (Muhammad, Tempat, & English, 2019).
Globally, they are dealing with the online systems more and more that become a needed element of a strategy in the business and a strong spur in developing the economy into cashless (Professor Charles, 2012). According to World Bank, electronic payment is very important in economic improvement as it can be seen in the World Bank report which is ‘The Opportunities of Digitizing Payments’. In that report, they mentioned that the digital platforms can quickly emerging and increasing if combine with the electronic payment. In addition, the electronic payment method known as a safe, did not waste time and so on (World Bank et al., 2014).
In conclusion, we can see that cashless payment has a big opportunity to expand in the market. Unfortunately, the people will face the difficulty in any transaction if the market only provide an electronic payment but it will gain the trust because that system guaranteed that it will be safe because of the high security and save the cost of the economy.