Navigating hybrid payment future
IS technology a boon or bane? Which is king now – cash or cashless payments?
Many of us are now used to paying online for products and services.
While we were previously used to some form of online transactions such as those needed for booking hotel accommodation, the Covid-19 pandemic accelerated the shift of many transactions and payments online.
The catalyst was due in part to the fear of contagion from handling cash, and movement restrictions that resulted in online shopping being vital, besides the availability of more digital services.
Once people experienced the convenience and efficiency of online transactions and digital payments, many continued to use them even after movement restrictions were lifted.
In addition, the pandemic sped up the adoption and expansion of digital transactions in numerous areas such as food and grocery deliveries, virtual classrooms, telemedicine, virtual events and online applications for government services.
Some people can now confidently step out of the house with just a smartphone to pay for everything they need.
In this day and age, a person is more likely to make a U-turn if they accidentally leave their mobile phone, rather than their wallet, at home.
A colleague shared that she had once wanted to buy lunch at a fast-food restaurant but then discovered she had left her wallet at home.
Luckily she had her smartphone on her, and was able to pay for food using her digital wallet.
Having cash alongside cashless payment methods is still necessary due to a weak Internet signal in some areas. — Filepic
Personally, I still carry both my smartphone and wallet with cash whenever I step out of the house, as I find that having cash as backup is necessary.
Several times, the Internet signal was so weak at the shop I was in that I had to resort to paying by cash.
Another personal preference is to view physical copies of restaurant menus rather than the online versions that can be accessed through QR codes or web links.
Online food menus are ideal for clarity and transparency, since the prices are listed and any form of personalisation (such as add-ons or omissions of certain ingredients) can be clearly stated.
However, physical menus allow me to get a better understanding of the dishes, make side-by-side comparisons or even ask for recommendations from service staff.
During my post-pandemic trips to London and Beijing, I appreciated how convenient it was to travel using the two cities' rail transport networks and pay via digital methods.
The London rail network offers several convenient payment methods, including debit, credit and prepaid cards, and mobile devices.
I was also impressed to see commuters simply tapping their smartwatches at platform gates to get in and out of the station – something not widely available in the Klang Valley.
Using the same card or device to tap in and out for every journey within a day, or week, also allows the user to benefit from amount capping.
This ensures they never pay more than a certain amount for their travel within that period.
In Beijing, QR codes through WeChat or Alipay app is the de facto form of payment for its rail transit system.
However, I read that Beijing's urban rail transit system completed its full network coverage as of mid-June this year.
It now accepts contactless 'tap-and-go' payments from overseas-issued cards from the five major international card schemes including Mastercard, Visa and American Express.
Ultimately, the debate between cash and cashless payments is not simply about choosing one over the other.
Instead, it is about finding a balance that suits individual preferences, lifestyles and needs.
While digital payments have brought convenience and efficiency, cash still holds value as a backup and in situations where technology falls short.
As technology continues to evolve and redefine the way we conduct transactions, it is crucial to stay adaptable and mindful of both the pros and cons of each payment method.
In the end, the 'king' of payments may not be one or the other, but a harmonious blend of both cash and cashless methods.
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