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CONTENT creator L. Suganya, 33, is an avid e-wallet user and subscribes to three providers.
“I use e-wallets for almost everything: groceries, food, coffee, Touch ‘n Go. I use it whenever I can get points, ”he says.
Suganya also makes a conscious decision to shop at places that accept contactless payments, be it cards or e-wallets, as she prefers not to carry cash.
But recently, when traveling outside of Kuala Lumpur, Suganya had to borrow money from some of his friends because the place he visited did not have a good internet connection.
“I paid them back right after, when we had internet!” He says.
“I hope that the electronic wallets are available in all parts of the country. In the Klang Valley, you can use contactless payments even in small shops, but it’s not as widely available outside of Klang Valley. “
Master Nor Melati, 32, is a self-confessed fan of digital currencies and finds many unexpected benefits from being out of cash.
E-wallets can be used as an educational tool by parents who want to teach their children about personal finances, says Nor Melati, who also teaches his students how to effectively use e-wallets to track spending on their Business Studies class.
“I have some students whose parents give them an allowance through e-wallets. Parents can control their children’s spending, and since the system can be automated, it is also convenient, at least in urban societies, ”she says.
Ni Melati points out that e-wallets can also help people without bank accounts, or people without the ability to open bank accounts such as stateless people or teenagers.
“In this way, it empowers people and the economy,” he says.
In the future, Nor Melati believes that people must learn to trust digital payments. To have a change in mindset, education must be done from home and at school.
“There needs to be more awareness about the security of contactless payments. My parents are a bit skeptical if they don’t see the actual physical cash transaction. Nor does it always go by age, since some people are digitally adverse, “she explains.
“Some new entrepreneurs don’t run out of cash because they don’t know how to do it. When this happens, they lose potential customers, ”he adds.
There is also room for improvements on the e-wallet side, says Nor Melati.
“Make the interface more accessible so that digitally adverse people accept it more. Some users may be intimidated when the screen looks too complicated, ”he says.
“Application designers really need to go to the field, see the target groups that they are not reaching, and design the application with them in mind.
“The onus is on the e-wallet provider to ask users what they really want, because at the end of the day, providers are the ones driving change.”
29-year-old public relations executive Charles Lee has set up the top three e-wallet providers, but still prefers to make cash payments.
“I have applied for eTunai and ePenjana, but my electronic transactions are mainly for gasoline and tolls payments,” he says.
Lee says it’s best to control your spending when handling cash, when you can physically see your money moving.
“If I suddenly realize while shopping that I don’t have enough cash, I will use my e-wallet,” he says.
Acknowledging that many others around him have switched to e-wallets, Lee says a good way to appeal to paper money purists like him is to provide more cash back.
Retiree Lim Ping Sim, 57, regularly uses an e-wallet, provided by a large shopping retailer.
“They offered an upgrade from a normal membership card to an electronic wallet a year ago. The e-wallet feature earns double points, so that appealed to me, ”he says.
“My reasons for using e-wallets are pretty straightforward. I do my shopping once a week and it was a no-brainer to upgrade my membership card to an e-wallet. Now I get points straight away and I don’t have to hunt for cash. I find it very convenient, ”he says.
“I have been using online banking for the longest time, so it is not a problem for me. I am quite up to date with technology but I know that many older people are afraid to make the change because they are concerned about the security of their personal data, ”he says, explaining that the systems are safe but users must be careful when making online transactions to avoid fraud.
In terms of improvement, Lim suggests that more information be made available to make it easier for the public to switch cash payments. He also noted that not all merchants accept all e-wallets, which can be a hassle for one person to have multiple e-wallet accounts.
Malaysians must be well educated in financial literacy if we are to transform ourselves into a cashless society, says economist Loke Yiing Jia of Universiti Sains Malaysia (USM).
Even as a whole, Malaysians are struggling with a low level of financial literacy. Now we will add a new element of digital financial literacy. You need to take into account a lot of consumer education, ”he says.
However, once consumers have a good understanding of digital financial education, it will actually help them better manage their finances, as digital payment systems make financial management and record-keeping easier.
Covid-19 has especially helped small retailers adopt eWallets, says Loke, who points to sellers in wet markets that now accept digital payments.
Loke sees eTunai and ePenjana as a positive move, particularly as having government support for e-wallets helps consumers feel more confident about using new technology.
“I am very much in favor of cashless payments. It’s convenient for me and it helps me with financial management, ”says Loke, who adds that the key is to build trust in digital financial services.
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