Digital Currencies Paving The Way Into A Cashless Future

Published by Samentha James @ 03/01/2018

In a mere decade, technology has drastically evolved into a precious commodity within our society. Today, many would find it quite impossible to complete certain daily tasks without the aid of technology. In light of this, the vision of a cashless society is at the forefront of a large percentage of our population’s mind here in Malaysia.

Globally, this vision is already becoming a reality with countries such as Sweden, Belgium, the Netherlands, France, Canada, and Singapore actively striving towards a cashless society. Although Malaysia has yet to wholly embrace this revolutionary lifestyle, many citizens have begun incorporating some elements of cashless-ness into their lives.

A majority of Malaysians these days are seemingly comfortable with swiping their debit or credit cards when shopping or paying their bills. This becomes even more apparent with ride-hailing apps such as Grab and Uber offering cashless payment methods to consumers.

Popular Digital Currencies

Alternatively, there is also a method of going cashless by involving the use of cryptocurrencies. Bitcoin, the brainchild of Satoshi Nakamoto, stands to be one of the most popular digital currencies today. Despite there being other digital currencies prior to this, Bitcoin was quick to top the popularity charts and by the year 2011, many establishments around the world started accepting Bitcoins as a legitimate mode of payment. Then in 2015, a company that deals with digital transactions, Coinbase, raised a total of $75 million worth of digital currency – this further sparked companies benefiting from cashless transactions.

Why Cashless?

The most obvious reason to adopting a cashless society is for the fact that it ensures security in many aspects. With people frequently on the move, digital wallets allows a sense of peace to users with its security measures such as two-factor authentication, real-time notifications, and tokenization – proving that all sensitive details are concealed and scrambled.

On top of that, digital wallets allow users the ease of checking their bank accounts and card balances, make budgets, track spending, transfer funds to family and friends, or even pay their bills straight off their smartphones.

It is this convenience that fuels the attraction of venturing towards a cashless society. As technology continues to make digital wallets more secure and convenient, there is no doubt that a cashless society will no longer be merely a vision to Malaysians.

As quoted by BERNAMA, Bank Negara Governor Tan Sri Muhammad Ibrahim stressed that, “Most Malaysians are likely to carry both a debit card and mobile phones, and as of now, there are 45.4 million debit cards and 42.8 million mobile phone subscriptions. We need to take advantage of and optimise this medium.”

The Future Is Now

Malaysians, as well as foreigners living in the country, can now begin embracing the cashless lifestyle all thanks to Majlis Pembangunan Ekonomi Malaysia (MaPEM). In collaboration with MPAY Sdn Bhd, MaPEM has developed the MaPEM Mastercard Program to provide money management facilities with proper supervision.

The all-new MaPEM Pay Prepaid Card boasts benefits such as International Remittance at your fingertips, Convenience of carrying out businesses in Malaysia, Reperation and Repatriation, Mobile Prepaid Reload and Bill Payments, Ease of Remuneration, and Enhanced Security.

MaPEM is currently looking for Master Agency, Agency Managers as well as Agents to promote the sign up of MaPEM Mastercard Program – this is a promising opportunity to own a multi-million Ringgit business in just half a year. If this peaked your interest, head on over to www.mapemcard.com for more details.