Asia And The Global Cashless Trend - The Khuram Dhanani Foundation
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Asia And The Global Cashless Trend

Asia And The Global Cashless Trend

Are Asians adopting more cashless policies?

Introduction: The Emergence of Digital Payments in Asia

Asian businesses are transforming how interaction occurs in the community and how people live by adapting to a new lifestyle where traditional service, cooperation, and transactions are being innovated into something new and handy.

Digital payments are rampant nowadays, providing smooth transactions, easy monitoring of one’s own money, and reducing tax evasion and fraud. Entrepreneurs find this solution efficient as every single payment is automatically recorded. 

Transactions are quick, and lines continue to get shorter as more customers are accommodated. This minimizes theft and fraud inside the stores and provides a  safer and more convenient means of carrying out transactions than carrying around cash.

The Asian Community and Online Payments.

There has been widespread adoption of online payments and the cashless policy in Asia. In China, almost 700 million people use WeChat Pay for anything and everything. The smallest thing a local citizen could purchase using this method was a lighter, which cost 0.50 Yuan. 

Besides that, the biggest payments they could make on the app were for prescription drugs and medical expenses. Customers could make an appointment, choose the department they want to visit and show the doctor the information using the app. 

People can also order food at a restaurant, and book a KTV room, using the app more than ten times a day. This started in 2014 when consumers could send digital red packets to each other.

GCash, a mobile wallet app used in the Philippines, skyrocketed during the pandemic. This mobile wallet helps Filipinos access financial services anywhere they go. It is mostly used to pay bills, send money, make bank transfers, and many more by using a smartphone.

South Korea also has its online payment channel, KakaoPay. This app is very easy to use, especially with its ability to handle payments at convenience stores when traveling abroad. The synergy has been working very well not only for offline stores but also in the online landscape. This synergy is thanks to their partnership with Alipay, which makes it more convenient for travelers and citizens.

Everyone now likes to pay using an app and has adapted to mobile payments. Digital payments have boosted the economy in India, and the epidemic intensified these changes. India now leads the world in real-time transactions, surpassing China and the US. This worldwide technology is being pushed for by strong government leadership, outstanding entrepreneurship, an ideal business environment, and a sizable population.

The Bottom Line

New technologies make life easy and faster, and every country has its peculiar technology and consumer needs. In today’s world, business is growing substantially, and instantly sending money to anyone in the world is not a far stretch anymore. 

While digital payments may be convenient and affordable, it is not without their challenges.  Consequently, it is important to be careful and use these applications wisely. 

Since many individuals have been using various platforms, it is crucial to be responsible by protecting your credentials, regardless of the amount of money saved. Use your device and a personal internet connection, be wary of phony communications, and never transmit personal information or click a suspicious link.  In addition, always confirm the validity of the URL of any page you visit.