PETALING JAYA: As Malaysia moves steadily towards a cashless future, the shift is widening a generational divide between those who embrace digital convenience and those who still trust the feel of physical notes.
Retiree Lim Thiam Seng, 68, still reaches for his wallet when it is time to pay.
“I feel safer when I can see and hold my money. With cash, I know exactly how much I am spending and how much I have left,” he said, adding that he remains uncomfortable with e-wallets and prefers settling his bills the traditional way.
Lim worries about scams, phishing links and accidental transfers, especially after hearing about friends who had fallen victim to online fraud.
“Almost every week you hear about someone losing money online. If your phone gets hacked or you press the wrong link, your savings can disappear,” he said.
He added that navigating multiple apps, passwords and verification codes can be confusing.
“Sometimes they ask for TAC numbers, fingerprints, and face scans. For younger people it’s normal, but for us it can be a lot.”
Lim also believes that a fully cashless system could disadvantage senior citizens and those unfamiliar with digital tools.
“Not everyone knows how to use these apps. If shops stop accepting cash, what are we supposed to do?” he said.
For many young Malaysians, however, cash is no longer king – convenience is.
Marketing executive Claire Chin, 24, considers herself “99% cashless”, relying almost entirely on e-wallets and online banking for daily transactions.
“Being cashless is way more practical. I just scan a QR code without going through the entire transaction process with the vendor.
“I still carry RM100 for emergencies or places without internet access,” she said.
Chin believes digital payments have improved her money management, as she can monitor her balances in a single app without mentally deducting physical cash.
“It is also more secure as a whole because people cannot physically steal my money and bank app security has massively improved since the inception of online banking,” she said.
While she embraces digital payments, Chin draws the line at businesses that refuse to offer cashless options.
“I refuse to dine or shop at businesses that don’t accept e-wallets. It feels like a very backward mindset not to provide more payment options,” she said.
When travelling abroad, she adjusts her habits.
“I use cash more overseas as not all places have transferred to a cashless society.
“It’s also easier to track and manage my expenses (while travelling),” Chin said.
Based on her experience in cities like Seoul and Taipei, Chin noted that even developed cities still rely significantly on cash.
Consumers’ Association of Penang education officer NV Subbarow said physical notes should still be accepted by businesses because digital payment systems may not be suitable for the older generation.
“I have seen in places that older people struggle to pay without cash. I think if it is less than RM10 or RM20, then yes, consumers should be allowed to pay cash,” he said.
