Going out without cash in hand is not a big deal anymore. 10 years ago, our salary is been paid in envelope, then the employers started to giving cheque and now our salaries are directly debited to our bank account. This shows that nothing is impossible with human intelligence and how much the technology has been developed.
Recently WeChat Pay has been launched in Malaysia. Malaysia is the first country to get WeChat Pay outside of China. This is really a good move to develop Malaysia into cashless society. China is well known for e-wallet but now Malaysia Airports also announced their effort in digitization by introducing the new cashless airport initiative at Kuching International Airport (KIA) in April this year. The initiative is in collaboration with Digi through its e-wallet app Vcash, which works with any bank. Through the cashless initiative by KIA, customers can now use the e-wallet service in retail outlets at KIA. Vcash is also like Alipay and WeChat Pay as it is also a QR-based mobile payment service.
Apart from this on the other side it might still take years for Malaysia to completely develop into a cashless society. Because, although the mobile form of payment is not new to Malaysians, as we have been using Pay Wave, MOLPay, Samsung pay and more before this, but we don’t really see Malaysians actively using these digital wallets. Most of the Malaysians are not seeing the necessity to have one and still money is the primary options for them.
There are only few percentages of the society in Malaysia using e-wallet for now and consumers still prefer using cash or bankcards, as we are highly concerned about the security threats and protection. Not like China, here in Malaysia many vendors not yet adopted to the e-wallet payment method because of this it become very inconvenient for the consumers to pay.
We can see that many authorities in Malaysia are putting in effort in pushing Malaysia towards a cashless society, including Bank Negara Malaysia which has reduced the volume of the cheque as much as 41% last year as compared to 2011 to encourage e-payment. The people living in city are ready for the cashless society but those who are from rural areas and undeveloped areas are not ready for the change. Overall, in terms of convenience and habitual, most of the Malaysians are not ready for it.