How a cashless society will impact the various segments of society

1. The country’s economy

The revised payment framework is part of Bank Negara’s vision for Malaysia to move towards a cashless society by 2020. One of the steps to achieve that is to increase the number of electronic payments per capita from 56 in 2012, to 200 by 2020. By virtue of going cashless, the country is expected to save up to 1% of the gross domestic product per annum.