i'm saimatkong

Last month I was called and ask to be a guest for Astro Awani to talk about cashless society (masyrakat tanpa tunai). My first experience on a Live TV Show. It was a good experience and not bad but need to talk in Malay is a bit difficult for me. So got stuck in between, haha.

Pros
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1) Cashless society is good coz its convenience, ease of use and safe.
- jimat masa, masa = wang!
- no need to bring coins.

2) Transaction history
We can keep record of our spending and at the end of the month we could do a review on how we could reduce the cost. Keeping track of what we spent on is a wise idea to not waste money in the oncoming shopping spree.

If we have kids we could give them one each so would could control them on the spending and keep an eye on their activities.

It’s like we are using our own money, but paying with a card instead of money, a move towards a cashless society. In addition to that, since we are using our own money, we do not incur debt nor will there be any interest rates levied on overdue payments. We could block the card from any further transactions. Thus, it is safe if we are thinking to use the debit card or the prepaid card.

3) Safety & protection
If robbery happened, we could just make a call to the bank to on hold all the cards, whereby if it’s cash then it’s gone.

4 ) Reward points
So while we spend, we could earn in a way too.

Cons
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Reliability – if the terminal or card screws up you can’t buy stuff.
Privacy – your bank and processing gateway have access to all your transactions.
Flexibility – hard to split a bill or lend cash to another person.
Surcharges – the gateways may impose a transaction fee to bear the cost of the system.

1. Not many merchants are providing these services like mobile payment systems (using mobile phone to make payment thru sms)
2. Transaction fees incurred by the merchants will be transferred to the users – users have to pay slightly extra than the original cost. Like parking using Touch n Go system – extra 10%.
3. Not everyone can afford the payment instrument like credit card – not everyone are eligible to apply.
4. Consumers still prefer the traditional ways of making payment….
5. Everyone needs to be on the same payment platform (don’t end up with different systems again with different card)
6. Re-use and don’t re-invent. Current credit cards are capable. Don’t introduce new cards ..
7. Cost passed to consumer … I don’t agree with that point…. if the system is widely used , the cost should be minimal. Can always ask for government control over this like petrol price.

PS: Some info are taken from discussion with friends thru forums or facebook.

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Updates :
1) Since everyone asking how they contact me, is actually they found my blog and I post about Touch n’ go so that’s how it happened la.
2) Do you get paid? No… tarak… apa pun tarak. Haha.