Cashless Society and its wonders

[_NOBODY_]

A cashless society is one where financial transactions are executed digitally, without physical banknotes changing hands. A cashless society makes use of electronic forms of payment such as credit and debit cards, mobile wallets, payment apps, internet banking, cashless point of sales (POS) systems, and other forms of digital payments.

There is no escaping the fact that we are already on our way towards a cashless society. Which brings us to the question ‘Why do we need a cashless society’? Well, the simple answer is there are many benefits to be gained from a cashless society. Primarily, cashless transactions are faster and much more convenient compared to cash transactions. Furthermore, a cashless society eliminates the need to carry cash and count it out every time a transaction occurs.
In a country like Pakistan where money laundering, bribery and tax evasion are huge issues a cashless society can almost entirely eliminate these problems. Cashless transactions hinder the generation of black money and therefore curbs corruption. A cashless society fosters lower crime rates as there is no tangible money for criminals to steal. A cashless society facilitates easier currency exchange while travelling abroad. There is no need to figure out currency exchange rates as technology assists you in more ways than one. By collecting extensive data through digital transactions, consumers can use behavioral insights to manage their spending habits and preferences. The risk of handling, storing, and depositing cash is eliminated. The risk of losing money is lower as credit cards, mobile wallets, and other platforms for digital payment can be blocked if stolen, but lost cash is nearly impossible to recover. Digital payments mostly result in cost savings through improved transaction speed and efficiency. Digital payments can foster better financial inclusion for the general populace by increasing access to a wide range of financial services. Digital payments can empower women, especially in developing countries, by giving them more control over family finances and therefore improving their economic opportunities.

I would the Chinese and Swedish members on this forum to discuss and share their experiences living in a cashless society.

@Bilal Khan (Quwa) @Tipu7 @Imran Khan @Signalian @Aspen @LKJ86 @IblinI @Beast @beijingwalker @SQ8 @ghazi52 @Horus @Arsalan @waz @AgNoStiC MuSliM @LeGenD @PanzerKiel @Joe Shearer @Irfan Baloch @TaimiKhan @Areesh @Moonlight @MastanKhan @jaibi @krash @Kambojaric @Foxtrot Alpha @Deino @BHarwana @PakSword @PAR 5 @Spring Onion @denel @Figaro @samsara @Grandy @JSCh @Feng Leng @bbccdd1470 @Sasquatch @Jungibaaz @PAKISTANFOREVER @TNT @Pan-Islamic-Pakistan @vi-va @A.P. Richelieu

 

[Imran Khan]

pakistan is 100 years behind . you need to go bank write checks use three signatures you need to be there for every job .hell i have account in habibi bank bahwalpur when i shifted islamabad i thought its just fine to use my same account here . but bank said no you can windrow only 5 lakh here or open new account in habib bank islamabad . what a stupidity . while when i was in gulf my account was open from one city but i can print my atm from any brach can deposit widrow money from any brach it was same just they need ID card . paksitani financial system is a big joke for me . because i have seen real good financial system of some good countries . another thing pakistan lack united payment system for all banks . ATM cards in pakistan seems to me useless . another method easy pesa or bla bla is scrap total BS .


world even move to stop printing cars documents and police car computers have all the data of car if they want to check .

while in pakistan still people worship original copy like holy book and keep it safe like if lost car price will fall down 1 to 3 lakh

 

[Feng Leng]

The only difference is that nowadays stores all expect payment electronically so all you ever need is your phone (make payments by facial / fingerprint recognition). There is no need to carry cash around. The transaction is confirmed on the spot at the cashier.

 

[Imran Khan]

The only difference is that nowadays stores all expect payment electronically so all you ever need is your phone (make payments by facial / fingerprint recognition). There is no need to carry cash around. The transaction is confirmed on the spot at the cashier.

which country are you talking about sir ??????????

in 2012 pakistan have currency notes 1.2 trillion PKR
in 2020 pakistan have currency notes 6.14 trillions PKR


my country is far behind

 

[Feng Leng]

which country are you talking about sir ??????????

in 2012 pakistan have currency notes 1.2 trillion PKR
in 2020 pakistan have currency notes 6.14 trillions PKR


my country is far behind

I am talking about China, in response to the videos in the OP.

 

[Imran Khan]

I am talking about China, in response to the videos in the OP.

china is far advanced from pakistan just few light years ahead of us

 

[_NOBODY_]

which country are you talking about sir ??????????

in 2012 pakistan have currency notes 1.2 trillion PKR
in 2020 pakistan have currency notes 6.14 trillions PKR


my country is far behind

Thankfully mobile payment system is getting popular here. JazzCash now has more than 9 million monthly users.
https://dailytimes.com.pk/667102/pa...count-crosses-9-million-monthly-active-users/

 

[ghazi52]

Still long way to go.

 

[Imran Khan]

Thankfully mobile payment system is getting popular here. JazzCash now has more than 9 million monthly users.
https://dailytimes.com.pk/667102/pa...count-crosses-9-million-monthly-active-users/

and this is under a mobile company wow what an achievment a country with 220 million people do not have united ATM system and a joint E wallet under gov . and then we say why we are in gray list of FATF . these things should be done in year 2000 to 2005 . its not we same people waited 10 years to give a damn 4G license ?

 

[HttpError]

Imagine if Pakistanis saw this.

 

[ghazi52]

Pakistan adopts roadmap towards cashless society: Report

Micro Payment Gateway is being implemented in collaboration with Bill and Melinda Gates Foundation

https://nation.com.pk/NewsSource/inp
INP
January 20, 2020

ISLAMABAD - A roadmap has been brought in practice in government's circles to take the country towards a cashless society, reports Gwadar Pro Mobile News Net. The State Bank of Pakistan (SBP) earlier launched the National Payment Strategy System (NPSS) in order to build a road map and action plan for Pakistan to have a modern and robust digital payments network.

According to the report, the key goal of the strategy is to make the access of the people easier to financial services while helping them to improve financial inclusion in the country, particularly for women, along with greater documentation of the economy.

Therefore the SBP aimed to develop a faster payment system that would simplify the requesting, receiving and sending of payments in the country.

The State Bank of Pakistan in collaboration with the private sector, would increase the number of digital access points for making easy payments and plans to install additional one million digital access points over the next three years. SBP also claimed that migration to electronic payments will stimulate consumption and trade, boosting Pakistan's economy by as much as seven per cent and creating four million jobs by 2025. The Micro Payment Gateway is being implemented in collaboration with the Bill and Melinda Gates Foundation to ensure faster retail payments.

Meanwhile the World Bank also extended its full support to the central bank in implementation of key economic reforms and action items as highlighted in the strategy. Cash still dominates Pakistan's economy, with most wages paid in paper money and merchants largely unable to accept digital payments. Only 21% of adults have a transaction account and of these only seven percent are women. In developing countries like Pakistan, transparent cashless digital transactions can instill greater confidence in international investors.

Pakistan can acquire much from other developed countries like China to further boost the digital payment system, which is still in its infancy, as the latter has an immense knowledge base, experience and advanced technology in this field.

China's estimated 890 million unique mobile payment users made transactions totaling around $17 trillion in 2017—more than double the 2016 figure. The number of people making mobile merchant payments raised to 577 million in 2019 and expected to touch almost 700 million in 2022.

Beside many advantages coming with it there are also few challenges and issues with digital payments in country like Pakistan. For example, cyber security remains a key focus area of the central bank as keeping the system protected from cyber-attacks is a major challenge. Issues related to internet connectivity, power infrastructure, digital payment set-ups and lack of necessary insight among wider society can constrain the outreach of digital transactions.

Cash is not an option but a necessity for a major chunk of our population, as only 21% of Pakistanis have access to formal financial services.
Therefore, cashless economy cannot be imposed rather it has to be gradually adopted by general public for successful implementation. The application also needs to be very simple and easy to use so that everyone can understand.

Companies need to gain confidence of such people by offering various incentives. After motivating people to become part of the mobile payment system, they needed to engage them by offering the option to pay on retail stores also because currently digital payment options are available at high-end restaurants, stores and boutiques only, which is not enough.


Digital payment companies can team up with the government and develop an ecosystem for digital payment such that even bakeries, barber shops, betel leaf and even tuck shops would be able to use it.

Common people are familiar with the digital payment system for remittances inside the country like Easypaisa, however, they do not use it for retail payments.

The merchants on the other hand must be taken along and need to be educated to the safety and efficiency of the system and how it would benefit them. Many digital payment solutions have entered Pakistan and awareness of digital payments is the need of the time.

While the added use of smartphones in the country is paving way for the development of e-commerce and new mediums of payment, cash still remains the most preferred payment method in Pakistan.
Even with all the developments, a number of roadblocks still lie in the way of an effective digital payment system in the country.

Possibly, there has been a rise in the number of customers opting for digital payments, rather than conventional means, paving the way for a new trend in the industry, although it is yet to be seen on a large scale.

 

[_NOBODY_]

The only difference is that nowadays stores all expect payment electronically so all you ever need is your phone (make payments by facial / fingerprint recognition). There is no need to carry cash around. The transaction is confirmed on the spot at the cashier.

Do you guys special deals on Alipay and WeChat Pay?

 

[ghazi52]

 

[Imran Khan]

View attachment 678247

pakistan is one of the most cash lover society

 

[Microsoft]

china is far advanced from pakistan just few light years ahead of us

Cashless has nothing to do with advanced. The US will never be cashless is the US unadvanced?