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“Cashless society” has been widely mentioned in recent years. The main reason for this is that the improved payment system facilitates spending and reduces financial transaction costs, making people less and less cash-carrying. This phenomenon occurs the same in many countries around the world and also occurs in Thailand.
What is Cashless Society?
A cashless society is a description of the economic situation and social conditions in which financial transactions are made without operating with money in the form of tangible bills or coins, but it is a transfer of digital information to each other through intermediaries or not through intermediaries between transaction doers.
Although a cashless society is new these days, it is very useful. Today, ACU PAY will take you guys to know about 5 highlights of Cashless Society
Transactions under a cashless society, whether e-Wallet or credit card, which are e-Payment spending, will be recorded. It automatically records each of the income and expenditure accounts, making it easier for us to control spending. There is also an AI system that can analyze our spending and check back on our financial path, whether payers or merchants.
The cashless society offers a variety of payment methods, such as e-wallets, credit cards, or mobile payments. These methods can be chosen by consumers or choose worthwhile methods because they are not limited to one service.
We can choose what’s best for ourselves, where each form of spending has its advantages and disadvantages. Each service provider will have promotions such as cashback, discounts, restaurant-free gifts, or discounts when shopping online. Consumers can choose how to spend on their own, both convenient methods and worthwhile promotions.
Since the cashless society has many advantages, it makes it convenient to trade things, whether they are goods or services. A cashless society is another contributor to attracting more consumers and shopping groups or services to each other and is very effective. For example, we’ll see that we can search for stores or services through the e-Wallet app and get access to information or even reviews. In the aspect of merchants or services, the e-Wallet app also allows our shops or services to be directly shown to the consumers and click to see more information. This is a great opportunity for us to trade goods or services and, more importantly, lower fees.
The cashless society not only adjusts banknotes to e-Money but also cuts or decreases the intermediary in foreign exchange. Imagine when you travel abroad, you have to pay for the fee when exchanging your money to be the currency used in that country, or sometimes your money value has decreased due to the exchange rate which makes us receive less amount of exchanged money.
The cashless society will help us in money exchange to be faster and less complicated and can be done via apps on smartphones. The fee is very low and it will reduce the money value loss from exchanging.
Carrying a lot of cash when you go out, especially in foreign countries, has a high chance of losing, stealing, or robbery. The cashless society greatly reduces these problems or risks to almost zero.
If we save money in the e-Money format, it is hard for anyone to know how much money or cash we have, and for every transaction we make, it’s always necessary to put in a password and it can be quickly checked for our spending, or even recover it easily.
How is the use of cash or spending through your e-Wallet app these days?
Lastly, paying for your happiness is a good thing that you should do, but do not forget to balance your spending and your earning as well.
