New technology has expanded around the globe. As we discussed cashless in this article, we will continue to learn about cashless technology and how it affected our daily lives.
Cashless is made to increase your safety and for an organization to have a smooth transaction whenever. Going around with cash in your hand will open a big hole of robbery and cash dropped out. That is how cashless is being introduced.
You might not realize how limited transaction you could do with only cash. We must be presentable in every transaction and could never use our money somewhere else other than where we stand from.
Nowadays, people are using credit/debit card for a littles transaction – be it on a supermarket, malls and grocery shop. The existence of e-wallet also increases the cashless transaction worldwide. E-commerce made easier for the online transaction as we can see all sort of store online such as groceries, clothes and home furniture that we can get. As everyone says, it is on tip of your finger.
In addition, banks have set a limited amount of online transfers,
as each bank varies. That being said, in Malaysia, effective
Jan 1, 2019, banks must report any cash transaction exceeding RM25,000
to National Bank of Malaysia in tightening the loopholes for money laundering and corruption.
This rule could be difficult for some people for some reason. Every country has certain transaction amount in time. Hence, the new technology has been introduced.
It is called Blockchain Technology. We will talk further about it in the next article. Stay tuned!