One telling sign is this: banks are beginning to charge more when customers use cash to make payments. So Public Bank, for example, will start charging RM2 for over-the-counter payments (using cash or cheques) for loan repayments. If you use a cash deposit machine, a fee of 50 sen is imposed. However, it is free if you use online banking or even ATMs. This is bound to irk some, namely that group of people who still believe in using cash for most of their transactions. The Star/Asia News Network
KUALA LUMPUR — There are still a few among us who believe in the literal meaning of cash is king.
While that expression refers to holding cash as opposed to other investment assets, I am referring to people who still want to hold onto and use dollar notes and coins.
Many of us are increasingly holding and using less of those physical crisp notes.
The world is moving into a cashless society, with increasing use of cards, online banking and even e-wallets for payments. The jargon used to describe this phenomenon is electronic payments or e-payments.
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One telling sign is this: banks are beginning to charge more when customers use cash to make payments. So Public Bank, for example, will start charging RM2 (PHP 25) for over-the-counter payments (using cash or cheques) for loan repayments. If you use a cash deposit machine, a fee of 50 sen is imposed. However, it is free if you use online banking or even ATMs.
This is bound to irk some, namely that group of people who still believe in using cash for most of their transactions.
