Human has been in a long journey before they started using cash. Before the invention of cash, people used barter system where they can swap their possession with anyone else who has agreed to change goods. But, barter system is not really that effective as not both parties want the same thing. Only then, people started using copper and silver as note to exchange with goods. People upgraded the system and they finally invented cash, a paper money with numbers on it as an exchange.
As for today, people use cash widely in their life such as paying for groceries, going out eating and many more. Cash has a big role in everyone’s live. Because of the technology advancement, there are so many payment options that people can choose from starting from online banking and credit or debit card. But not everyone is comfortable with the payment options, as they have to give their details to anonymous. So, there is a lot of people whose prefer cash over any other payment method till this day.
Not everyone has the same opinion on this, so these are the reasons why cash will never die:1. Prefer physical contact/experience
To change from something towards something is not an easy thing to do. So, it is not easy for someone who loves to use cash, to use any electronic payment method. These people prefer more physical contact that they can get when they use cash, which no other payment options can offer. They are willing to carry more cash around rather than to use credit or debit card. They also want to see where their money goes, for an example, when they make payment at the counter.2. Many still prefer cash
Cash is still king in Malaysia as research by Nielson stated that over 60% of Malaysian still use cash to do any transactions. Besides, banks in Malaysia provides a lot of ATM’s and CDM’s so it is not a problem for people to have some cash. Not everyone knows how to do an online transaction especially elderly because firstly, they do not have any bank accounts as they stored the money in their house only. Secondly, it is hard for the elderly to keep up with the latest technology and reduce the percentage of not using cash.3. Cash is more secure
Yes, it is true. Cash is more secure compared to others as cash does not need your personal information. Other than cash, every payment option does need your personal details to be recorded in the database. We can see with our own eyes where the money goes. So, no wonder if many people prefer cash to do their transactions. They will feel like their money will disappear suddenly when the money is not under their surveillance.4. O2O is emerging
Online to Offline market is increasing right now as there are many financial company start to realised that no matter what happened, there are definitely would be some people who prefer cash over anything. The usage of internet always increase every year, so no wonder online shopping would double too. But not many people are comfortable to give their details easily to someone that they do not know. Because of this problem, MOLPay Cash exists. MOLPay CASH helps people to shop online and pay offline through 7-Eleven and Petronas.5. More e-commerce enable cash payments
Many e-commerce started to make a solution for those people who do not have a bank account or credit card to enjoy online shopping. For an example, MOLPay invented MOLPay Cash for people who wish to pay by cash. MOLPay is the largest payment gateway in Southeast Asia. For America Latin, the most famous one is SafetyPay.To find out more about payment method for your business, contact MOLPay. We are very happy to assist you.