Khairy: Malaysia to be cashless society by 2050


KUALA LUMPUR: Malaysia is heading towards becoming a cashless society, said Youth and Sports Minister Khairy Jamaluddin (pic).

"I think we cannot run away from how people will pay for things and how we will use cash and make transactions in the future," said Khairy.

"It will have to be cashless and contactless," he added at the TN50 dialogue session with Touch 'n Go Sdn Bhd (TNG) here at TNG's Bangsar South headquarters on Tuesday.

Also present at the dialogue session were TNG chief executive officer Syahrunizam Samsudin and TN50 chief executive officer R. Effendi Razali.

He said that the goal would be to reduce the physical transactional element to payment so that it becomes easier for the user.

However, he said that it is important that these transactions are safe and ubiquitous for all Malaysians,

Khairy added that he expected resistance from the public, in particular the older generations.

"I think one of the biggest challenges for a country like Malaysia to convince people to migrate from cash would be the sense of security. We need to make it safe, so that it becomes more of a habit," he said.

Khairy warned that there were also risks to such a system and personal finance education would be crucial.

"Once you open yourself up to cashless transactions, you also open yourself up to cashless credit and that can get out of hand," said Khairy.

He added that a cashless society can open people to financial products.

"If you are not in the know, it can lead you to into a lot of trouble if you cannot manage your finances," he said.

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 46
Cxense type: free
User access status: 3
   

Next In Nation

Ismail Sabri: Failure to record personal details tops SOP violations
Pandalela stands up for Ain Husniza, warns teen to be alert against 'saboteurs'
MCO for Kluang, EMCO for Semporna's Kampung Keramat from May 11 to 24, says Ismail Sabri
Covid-19 Watch: Record high of 26 deaths, 13 new clusters reported
Burnt body found by roadside identified as 50-year-old woman
Ain's expulsion warning sparks concern from parents' group
Just show medical appointment card, no need to get police permit, says Ismail Sabri
Covid-19: Sarawak records 454 new cases and one new cluster
Awie's manager admits to SOP breach, says fine paid
Pavit Coran to represent Malaysia at virtual ESU international public speaking competition

Stories You'll Enjoy


Vouchers