Malaysia Towards Cashless Society

Abstract

The preceding years have perceived a hitched of cashless transactions not only in the developed countries but also in numerous part of the developing countries. Malaysia is under the category of digitally maturing in terms of the cashless transaction as cash-based is still a ‘king’. In support to Industry 4.0, most businesses are moving to the cashless transaction, has led to the hint of an innovation, cashless society. Cashless transactions bring about enhanced capability, transparency and accountability. Consumers these days trust more on the cashless transaction. This paper points out the benefits of cashless society, the drawbacks and the current situations in the context of Malaysia. This paper is an effort to understand the perception of a cashless society. As a result, to gain a better perception, measuring and observing the current cashless society is a crucial stage to understand the current situation, examine the gap as well as the priorities of further progression. Henceforth, there is definitely no uncertainty that a cashless society, with all its benefits and drawbacks, is undeniably maturing in Malaysia.