News  |  Opinion

Are you ready for a cashless society?

Are you ready for a cashless society?
While we have yet to fully integrate a cashless ecosystem, payment trends are definitely evolving in line with new developments in technology. - File Photo
YOU are probably reading this from a mobile device.

Perhaps you clicked on the URL to this article from Facebook or Twitter.

Newspapers are no longer the go-to source for the latest news or feature stories; fashion magazines will never be able to meet the expectation of the insatiable desire for real-time fashion updates from the runway, which can now easily accessible from the personal social media accounts of the digital savvy and on most occasions, influential front-row fashion show goers.

Chances are, you own a smartphone or tablet. You also possess active social media presence and is no stranger to purchasing and downloading mobile applications and ringtones from the digital marketplace like the Apple App Store, iTunes or Google Play.

You have likely heard of or already a frequent user of music streaming service likes Spotify or Deezer — one would consider collecting physical albums for sentimental values.

You may even prefer online shopping for wider options, or you could be an avid moviegoer who purchase tickets using mobile payment solutions integrated within a mobile application.

The point is, we have in one way or another embraced the notion of digitising a part of our lives. From a business standpoint, it makes total sense that the way forward is to formulate new and improved products and services on top of the technology infrastructure.

Digital transaction in particular, has been one of the hottest topics. From Bitcoin to AliPay, Apple Pay to LoopPay (acquired by Samsung), technology has definitely facilitated the digital landscape of financial transaction.

I believe some of you are already verifying the purchase of various digital products from the Apple ecosystem using the Touch ID.

Looking at the momentum we are going, I'd safely say that 10 years from now making payments through biometrics authentication will become a norm.

While we have yet to fully integrate a cashless ecosystem, payment trends are definitely evolving in line with new developments in technology.
The banking sectors and local businesses will need to ensure that they are able to succeed in an increasingly competitive market and to meet consumer demand.

At the end of the day, if the consumers are assured that the payment method is well integrated, secure, reliable and convenient to use, a cashless society will be imminent.