Elderly need help with cashless - Expert

KUALA LUMPUR - All parties need to play a role in educating the community, particularly the elderly, about cashless payment methods before they are fully implemented.

Associate Prof Dr Noor Azuan Hashim, an expert in entrepreneurship and innovation, said some people still refuse to use or lack the skills for online payments, such as using debit cards, QR codes,and digital wallets (e-wallets).

"One of the government’s initiatives is to distribute aid money through e-wallets.

"The media should also help by providing information on how to use these systems, so the public becomes comfortable with transitioning to a cashless society,” she said in an interview with Bernama.

"With these various efforts, it is possible that most seniors will become proficient in using cashless payments within the next five to ten years,” she added.

Noor Azuan, former coordinator of the Executive Master's Programme in Entrepreneurship and Innovation at Universiti Kebangsaan Malaysia (UKM) Faculty of Economics and Management, emphasised the importance of providing security guidance, particularly to the elderly, who often worry about online fraud.

She suggested that business premises should offer customers the option to pay either in cash or cashless to facilitate transactions.

"Businesses might consider implementing a system where cash payments are limited to a certain amount, with cashless payments required for larger sums.

"This approach not only protects traders from carrying large amounts of cash but also addresses concerns about theft,” she said.

In addition, Noor Azuan recommended that merchants encourage the use of cashless payments by offering discounts and promotions to customers who opt for digital transactions.

She also recommended that the government utilise social media platforms like Facebook, which has a significant elderly user base, to address the skepticism and fear of scams among older individuals

Meanwhile, economist Dr. Carmelo Ferlito, CEO of the Centre for Market Education, noted that Malaysia’s rapid shift to cashless payments is driven by several factors.

"On one hand, cashless systems give business owners greater control over transactions. On the other hand, the fear of illness from handling potentially 'infected' banknotes, a concern that emerged during the lockdown, continues to influence this shift,” he told Bernama.

When asked whether a balanced approach to cashless payments should be adopted to ensure a win-win situation for all parties, Ferlito agreed that 'freedom of choice' should be preserved.

"I feel frustrated when I cannot pay with cash and generally avoid businesses that don't offer this option unless there are no alternatives.

"Cash is considered money unless the government says otherwise, so I don't see the point in refusing cash payments. From a business perspective, providing more payment options is generally better than limiting them," he said. - BERNAMA