Cashless Society

According to Hasan, AtifAman, and Ali (2020), a cash-based economy is characterized as one in
which the majority of daily purchases and business transactions are conducted using physical notes and
coins. The central bank of every country issues these notes and coins, which are properly signed by the
President.   These notes and coins are the country's primary means of trade. On the other hand, a
cashless economy is a scheme that seeks to reduce, rather than eliminate, overall physical money in
circulation, such as notes or coins, while facilitating more electronic-based transactions (payment for
goods, services, transfers, etc.).

Moreover, Fabris (2019) explains that the future of cash has become a major topic of debate
among economists. For average citizens, it is a meaningless discussion since they have access to a
number of payment options that give them little to no conflict at all. In addition, cash is also used by
many people on a daily basis. For younger generations, cash is becoming increasingly obsolete.

Cashless societies have existed since about the dawn of human civilization, based on barter and
other forms of exchange; however, an actual cashless society can indeed be understood as a movement
toward a society in which cash is replaced by its digital counterpart. That is to say legal tender (money)
remains, is registered, and is exchanged only in electronic digital form. (Fabris, 2019)

As per Fabris (2019), this has influenced a variety of other fields including entrepreneurship,
education, consumer trends, the commerce market for new goods and services. In parallel with the
aforementioned developments, the method of payment has evolved. Credit and debit cards have
become frequently utilized and have begun to replace cash because contactless technologies have
increased the use of these payment instruments. An increasing variety of goods and services, such as
different applications, bus fares, airfare, online retailers, and the like, are now available without the use
of money.

As stated by (Jain and Jain, 2017), a person's social status is determined by their financial status.
Money is becoming a standard measure for everything. Several problems occurred as actual money
(coins and notes) was used. Misconduct and crime include burglary, theft, extortion, and fraud.
Fortunately, because of the growth of a 'Cashless Society' in this modern era, people can protect their
finances with the aid of technology. Society is rapidly progressing into a digital age in which paper
money would become obsolete. United Nations said in 2014 that the country of Oman is an excellent
example of this, with over 66.6 percent of the data accessible online.
 Electronic transactions encompass the idea of a cashless society (e-transaction). These cashless
transactions are usually linked to a bank, which has adequate control over the transactions. As per
emerging advancements, the idea of "cashlessness" is only visible for large volumes of transactions. In
the true sense of the word, a cashless society is one in which transactions of both large and small
amounts are carried out and not only for large numbers. (Jain & Jain, 2017).

As said by Jain and Jain (2017), government plays a crucial role in a sustainable cashless society.
As a result, in a cashless country, e-government is a key component. Government has a role to serve not
only in the lives of people, but also in the lives of families, societies, and nations. Additionally, it
establishes a transparent partnership.  For a cashless society to be effective and successful, the
government must first determine the basic needs of its people, then use the characteristics of a cashless
society to encourage them to use e-government. In the last ten years, a vast array of financial goods and
services have emerged to sustain a cashless society. For the effective and efficient implementation and
development of a convenient and stable cashless system, an appropriate equilibrium between all of
these goods and services is necessary.

As the coronavirus pandemic reduces the use of physical currency, the amount of cashless
transactions is increasing. When the World Health Organization issued a statement on March 9, 2020,
urging citizens to use cashless transactions to combat COVID-19, a number of governments and retailers
around the world responded. This may be the motivation that certain countries need to go completely
cashless. Besides that, one positive aspect of this pandemic is that it has acted as a "drive" for countries
to encourage their economies to go cashless. (Saigal, 2020)

According to Ishak (2020), the rise of the cashless society is due to customer behavior, which
prefers technology that provides fast, easy, and usable services.

Methods of Digital Transactions:

As stated by Jain and Jain (2017), payment by e-card, also known as plastic currency, is one of
the most common methods for making cashless transactions in terms of volume. E-card systems are the
best alternative to conventional currency notes for fast and convenient payment. The card can be used
immediately everywhere, such as at a hypermarket or a movie theater, to pay bills or online shopping.
There are two kinds of e-cards: prepaid (debit card) and postpaid (credit card).  For added security and
functionality, these cards typically have an integrated chip (IC). The two key figures in the e-card market
are MasterCard and Visa.

E-money, also known as digital money, is the only option for people who want to transfer
money to family and friends back home. In general, e-money refers to actual (hard) money held on a
device or other electronic gadget. This transaction type is ideal for all denominators (small or large
amounts), which is an important criterion for the transition to a cashless society. E-money, which uses
innovative technology, can be used for both card-based and non-card-based purchases. As a result, it
could play a key role in minimizing the use of hard cash for both offline and online purchases. There are
two types of e-money: single-purpose and multi-purpose. E-money is used for particular use in single-
use e-money, such as game cards, travel cards, smart cards, and gift cards. Multi-purpose e-money, on
the other hand, such as PayPal or Google Wallet, can be used for a variety of transactions. In addition,
Bitcoin, also known as virtual money, is an example of an unregulated e-money. (Jain & Jain, 2017)

According to Hasan, AtifAman, and Ali (2020), the electronic payment system is a method of
making electronic payments using debit/credit cards, m-wallets, point of sale (POS), mobile banking, and
internet banking, among other methods. E-payments significantly improve payment capacity by
lowering the costs of printing actual currencies, which contributes to low-value trading in goods and
services. This allows society to make purchases efficiently and rapidly using a number of different
devices connecting to global networks.

Hasan et. al (2020 categorized cashless transactions into several types. The following
information is on the list:

Banking Cards (debit/ credit/ cash/ travel/ others):

One of the most basic forms of online payment is bank-issued cards, which can be used to
withdraw money from ATMs or to make online transactions.  Banking cards, whether debit or
credit cards, provide customers with greater security, convenience, and control than any other
method of payment.

Unstructured Supplementary Service Data (USSD):

The innovative payment service utilizes the Unstructured Supplementary Service Data (USSD)
channel, which does not require an internet connection to run and allows for mobile-money
services using a basic feature phone. Customers can use this service by dialing a single number
that is used by all Telecom Service Providers (TSPs) on their mobile phone and transacting
through an interactive menu shown on the phone's screen.

Mobile Wallet:

A mobile wallet is a tool that allows you to hold digital money on your phone. To make online
transactions, one can use the mobile wallet application that connects credit or debit card
details. Rather than using a bank card, a mobile phone, smartphone, or smartwatch will be used
to make payments. To load money into a digital wallet, an individual's account must be
connected to it.
 Point of Sale:

A point of sale (POS) is a spot where sales are completed. On a larger scale, a POS could be a
shopping center, a store, or a community. On a micro-level, retail stores identify point-of-sale
(POS) as the area where a customer completes a transaction, such as a checkout counter.

Internet Banking:

Internet banking, also known as online banking, e-banking, or virtual banking, is an electronic
payment system that allows the bank or other financial institution customers to make a series of
different transactions through the financial institution's website.

Mobile Banking:

A bank or other financial institution's mobile banking service helps consumers to make several
forms of financial transactions remotely using a mobile device such as a phone or tablet. For this
reason, banks or financial institutions have applications, which are often referred to as 'app.'
Each bank has its own mobile banking app that is available for Android, Windows, and iOS. It is
the extension of Internet Banking.

Micro ATM:

Micro ATMs are small machines used by Business Correspondents (BCs) or business facilitators
to provide basic banking services to the general public through bank cards. They are cash
dispensers and depositors who print a transaction receipt for each transaction. This allows an
individual to deposit or withdraw funds immediately, regardless of which bank is affiliated with a
certain BC. The system is powered by a cell phone connection, which is accessible at all BCs.
Customers will just need to have their identities verified before withdrawing or depositing funds
into their bank accounts.

According to Ishak (2020), consumers can reduce their use of money as a medium of exchange
for goods and services by enabling online transaction transfers such as digital cash and e-wallet. The use
of credit cards has an effect on cardholders' lifestyles, spending habits.  According to research, the
cardholder's age, gender, education, household size, work, and income have varying effects on their use
of an e-card. (Jain & Jain, 2017)
Digital Transaction in Asian Countries

According to ForexBonuses.org's (n.d.) report, cashless payment schemes are rapidly expanding
in several countries. The number of credit and debit cards per person, the number of cards with
contactless functionality, the growth of cashless payments in the previous five years, non-cash
payments, and awareness of mobile payment options are the six criteria used to rank the top cashless
countries. Canada is one of the most advanced countries in terms of cashless technology, with over two
credit cards for every citizen living there. Sweden comes next, with non-cash transactions accounting for
the majority of customer transactions.

According to Ishak (2020), a number of Asian countries have actually developed a cashless
system. The concept of digital transactions has been discussed and widely embraced throughout the
world, particularly in developing countries, as the world moves toward a cashless society. As seen in the
table of 'Net benefits and catalytic benefits data for 100 cities in achievable cashless scenario' provided
by Visa in 2017, this system has the potential to develop and develop a country's economy. In this study,
the researchers included 9 cities in Asia to compare the development of digital transactions. Thailand's
Net Impact GDP (%) by cashless implementation indicates that by incorporating digital transitioning, the
country's economy will grow by 3.8%. The Philippines, on the other hand, is still cash centric, with a GDP
of only 3.4%, followed by Cambodia, which has the same percentage.

As reported by Azali (2016), the majority of Indonesians use banking facilities relatively rare
although non-cash payment services offered by banks and non-bank financial institutions are available
and operational in Indonesia, whether for money transfers, clearing activities, or settlement. This is also
evident in Visa's 2017 analysis of Cashless Cities, as the city of Jakarta, Indonesia, is still heavily reliant on
physical cash transactions. Moreover, stated by Ishak (2020), Malaysia's government is implementing a
long-term strategy to achieve a cashless society, as e-wallets or mobile-wallets become more popular in
the country. The city of Kuala Lumpur in Malaysia is digitally maturing, as seen in a Visa report from
2017.

Most ASEAN countries are still figuring out how to use electronic methods of payment.
However, some Asian cities, such as Seoul, are technologically advanced, meaning they use cashless
payment services. ('Cashless Cities,' 2017)
 Net benefits and catalytic benefits data for 100 cities in achievable cashless scenario

(10 Asian Cities only)

Cities Country/Region Category Net impact as % Average annual

of GDP GDP growth rate
increase (bps)
*basic points
Bangkok Thailand Digitally 3.8% 34.0
Transitioning
Beijing China Digitally Maturing 2.8% 17.5
Delhi India Digitally 3.0% 8.4
Transitioning
Hanoi Vietnam Cash Centric 3.3% 36.4
Jakarta Indonesia Cash Centric 3.1% 37.4
Kuala Lumpur Malaysia Digitally Maturing 2.6% 19.9
Manila Philippines Cash Centric 3.4% 16.5
Phnom Penh Cambodia Cash Centric 3.4% 24.4
Seoul South Korea Digitally Advanced 2.4% 2.7
Taipei Taiwan Digitally Maturing 3.6% 5.4
Source: usa.visa.com (2017)
Benefits of a Cashless Society

A cashless society has numerous advantages in terms of personal, social, and economic well-
being. As per Jain and Jain (2017), a cashless society has numerous advantages in terms of personal,
social, and economic well-being. One of its most significant assets is its capacity to reduce crime.
Cashless transactions prevent individuals from keeping and using hard cash, lowering crime rates; all
transactions are electronically tracked, making it easier to detect and address fraud. Fabris (2019)
expounded that the absence of cash may have a significant impact on criminal activity, including those
related to drugs and money laundering. These tasks are difficult to carry out without money. Cash is
therefore untraceable and is advantageous to offenders. Money counterfeiting would be almost
impossible as a result of the transition to a cashless society. Fewer crimes are one of the most significant
advantages for consumers. Cash has long been known to play an important role in inspiring crimes like
theft and violence. (‘Cashless Cities,’ 2017).

Since the printing and storage costs of the paper currency are very high, many countries are
eager to move progressively from a cash-based system and toward a cashless society. The problem of
counterfeit money is still a major concern. A cashless society has the added benefit of reducing illegal
activity. Governments will be able to properly monitor and trace most commercial transactions, which
will aid in detecting tax evaders. (Jain & Jain, 2017)

In the analysis of Visa's 'Cashless Cities’ (2017), consumers gain the most by switching from cash
to digital payments because they spend less time handling their money. There are several options for
payment, including credit and debit cards, bank deposits, direct deposits, and online payments. Making
purchases online is just too convenient, especially with the internet and the fact that retailers and sellers
may now be hundreds or thousands of miles away. (Fabris, 2019)

Eliminating cash will enable banks, credit unions, and other financial institutions to decrease
employee numbers. Payments have also been revolutionized with the use of. Along with high minting
and handling costs, there have been fewer high-denomination banknotes smartphones and coins in
circulation. Banks have been reducing the number of branches and staff, and have begun to promote
cashless transactions. (Fabris, 2019)
 Based on the study of Visa about Cashless Cities in 2017, governments stand to gain directly
from a shift to digital payments as well. The universal use of digital payments decreases violence and
lowers costs subject to legal functions, public transportation and toll roads, and criminal justice
administration. Transitioning from cash further raises tax revenue in two ways:

-Increased sales from digital purchases for businesses; and

-A larger tax base as a result of a reduced informal economy

Jain and Jain (2017) stated the opportunities of having cashless societies. Creating a cashless society
would aid not only human development but also the advancement of society as a whole. Individuals can
pay for goods and services at any time and from any location. When a cashless world succeeds, such
crimes will be eventually eradicated. People will benefit from both social and personal gains of a
cashless society.   Hard currency production is a major burden on national economies. As a result,
‘cashlessness' can be seen to boost economic development. In addition, countries are moving toward
being cashless in order to transition from developing to developed nation.
Drawbacks of a Cashless Society

Ishak (2020) elaborated that there is no doubt that, as a result of the cashless economy,
financial transactions will steadily grow, boosting our financial economics. However, there are a number
of disadvantages to such transactions. Identity theft, scammers, ransomware, viruses, and
cybercriminals are the most common concerns. People are easily deceived by this kind of online scams.

Security concerns are perhaps the most important thing that deters potential consumers from
making electronic payments. Every e-payment platform has its own set of security issues, but it may be
suggested that when anyone thinks of e-payment security, the internet is the first thing that comes to
mind.   Hackers, fraud, crackers, computer viruses, data hacking, phishing attacks, spyware, malware,
and plenty of other terms that relate to internet security problems are everywhere (Hasan, AtifAman &
Ali, 2020). Furthermore, personal safety is still a problem that cannot be neglected. Individuals with
millions of dollars on them or in their homes are vulnerable to robbery, and may result in not only
financial loss but also jeopardized personal safety (Fabris, 2019).

Some consumers are hesitant to use digital payments due to concerns over identity fraud and
privacy invasion. For customers and companies who prefer the anonymity of cash, the loss of privacy
may be an obstacle. Evidently, this is relevant in the informal economy, where the goal is to avoid paying
taxes, and particularly in illegal transactions. (Cashless Cities, 2017)

Many bank customers lack the necessary skills to use technologically advanced devices
(computers and new model mobile phones, such as smartphones), and they are unfamiliar with Internet
browsing. As a result, these people are unable to benefit from the digital economy (Hasan et al, 2020).
Fabris (2019) also mentioned that the poor and elderly are still overwhelmingly reliant on cash. Their
understanding of digital money is limited, and the question is how they can cope in a cashless society. In
addition, a large portion of the population of all countries, mostly poor people and marginalized groups,
lacks access to banking services. There is still a segment of the population that does not have internet
access and mostly are not computer or IT literate.

Individuals' differing levels of familiarity with technological innovations, as well as lower

financial literacy rates, can have a significant effect on digital payment development. Cultural influences
such as the tradition of paying bills with checks, feeling more secure with cash in the wallet, or the
association of cash with certain cultural or religious traditions could all influence adoption ability.
Additionally, some people may believe that having cash allows them to help control their personal
finances. Smaller businesses can also be unaware of the advantages of technology solutions and how to
better use them (Cashless Cities, 2017). Cash is a traditional method of payment. Eliminating cash will be
a revolutionary move, and behavioral theories say that people appear to be cautious, resisting radical
adjustments because they are unsure if they will affect their status. (Fabris, 2019)

Some people may be unable to use cashless payment methods due to a lack of financial literacy.
Finances have drastically changed with the development and growth of the Internet, the globalization of
economic business, and, in particular, electronic payments. A vast number of studies have shown that
financial literacy is extremely poor, and it is particularly concerning that this is the case among the
society's youngest and oldest members. In addition, the empirical connection between financial
education and poverty has been identified (Fabris, 2019). People are interested, but the idea of a
cashless society is delaying due to a lack of knowledge and the failure to carry out these transactions.
(Jain & Jain, 2017)

In the study of Visa (2017) about ‘Cashless Cities,’ The use of digital payments can also be
affected by an underdeveloped banking and payment system. According to initial studies, more than 2
billion people and 200 million small companies lack access to financial services around the world for a
variety of reasons, including insufficient product availability, restrictive regulatory conditions, and high
upfront costs, among others. Many people are unable to make a cashless purchase because they believe
it would incur added expenses. Before consumers may participate in electronic retail payments, they
must first invest in devices that have connectivity to the internet's networks, and then acquire that
access. (Hasan et. al, 2020)

Lack of reliable and consistent electricity grid, underdeveloped internet access, and low rates of
computer and smart device ownership all obstruct progress toward a cashless economy. Consumer
adoption of digital payments and the expansion of digital point-of-sale terminals in retail outlets may be
hampered by such technological shortages (Cashless Cities, 2017). Although many people possess
personal computers and mobile devices nowadays, there are many more that do not. Not only must the
potential customer have access to the required equipment, but the required telecommunications
networks must be available and accessible. Such networks have to satisfy some minimum requirements
regarding security, capacity, and bandwidth. Because of inappropriate connection, sometimes, bank
charges double amount in case of delay in confirmation and transaction failure. (Hasan et. al, 2020)

As said by Jain & Jain (2017), the cashless society has paved the way for a futuristic concept, but
there will be problems and uncertainties in the development. The degree of awareness is a major
problem in cashless societies. The benefits of cashless transfers are still unknown to the majority of the
population. Other important considerations include availability, convenience of use, security, and speed.
Cash will continue to be the preferred payment method for low-value purchases. As a result, the vision
of a life without money remains a distant dream for low-income people.
Cashless Payments in the Philippines

According to Nair (2016), in recent years, cashless transactions in the Philippines have increased
significantly. This is attributed to a variety of factors, including the citizenry affluence, a thriving tourism
industry, and the prevalence of online shopping among young, urban Filipinos. However, it was the
Philippines' unique economic structure, which included poor financial inclusion and a high reliance on
remittances, that sparked the country's most cutting-edge cashless payment innovations. Uneven access
to banks throughout the Philippine archipelago, which consists of around 2,000 populated islands, has
resulted in sharp distinctions in the provision of financial services between urban and rural areas.
Cashless payment systems have the ability to break down financial barriers both within the archipelago
and across foreign boundaries, allowing money to be sent to the Philippines' most inaccessible regions.
Ching (2017) also added In the Philippines, sacrifice is needed to provide a decent life for families. This is
why there are an estimated 2.4 million Overseas Filipino Workers (OFWs) who contribute to the
country's economic growth through remittances. However, there is a lack of financial inclusion, with just
42% of Filipinos having access to banks, requiring the development of a more reliable and stable method
of money transfer. As a result, cashless payments are a cutting-edge innovation.

Due to limited access to banking in remote areas, cashless technologies are critical to certain
families' ability to buy essential necessities (Nair 2016). Despite strong top-down funding from the
Philippine government, the Philippines continues to rely on cash and cheque payments. (Ching, 2017).
As reported by INQUIRER.net BrandRoom (2020), although cash remains the most popular mode of
payment, Filipinos are generally interested in cashless transactions, according to a new Visa Philippines
study titled "Consumer Payment Attitudes." A cashless transaction is a money transfer that is made
possible by store and online payment services. The study shows that most customers who still use
conventional credit cards are likely to experiment with other contactless payment methods. Nearly four
out of five respondents said they are willing to try it, citing convenience, speed, and "an innovative way
to pay" as factors. Additionally, in the study, seven out of ten Filipinos now use contactless payment
methods more often than they did two years earlier. The growing popularity of one business platform:
e-commerce, or internet-based business transactions, has really helped cashless transactions gain
momentum in the Philippines.

Visa Philippines (2019) also added that in the study of the 'Consumer Payment Attitudes Study
5th edition),' in the Philippines, awareness about and the use of contactless payments has increased
since 2017. According to the study, more than 80% of respondents are aware of contactless card
payments, a rise of 11% from 2017. Furthermore, 84% of respondents said they would like to use
contactless payments.
 Nair (2016) explains that the Philippine government announced an ambitious initiative in 2015
to turn the country into a "cash-lite" society over the next two decades. The Bangko Sentral ng Pilipinas
(BSP) introduced the National Strategy for Financial Inclusion as part of this program, which emphasizes
the role of technology and other advances in reaching the financially excluded. Ching (2017) added that
most of the reasons for this is because banking access is limited and it is located in urban areas. But,
because online transfers are conducted with the use of financial cards, there are now fewer background
checks while using debit and credit cards, which have become commonly used. Furthermore, until 2017,
the BSP had ordered banks to switch their stripe payments to Europay, MasterCard, and Visa (EMV)
chip-enabled cards, which would further improve consumer protection by reducing card fraud.

Poor banking access has both facilitated and hindered the use of cashless technologies in the
Philippines, a paradox that runs through the history of cashless transactions in the country.
Strengthening the financial sector as a whole would improve cashless transactions in the long term by
instilling trust in the scheme. Adults in Metro Manila and the rest of Luzon have easier access to banks,
as the National Capital Region (NCR) houses 31.7% of all banking offices, while accounting for just 11.7 %
of the overall Philippine population. Despite the discrepancies, commercial and universal banks are
actively extending their branch networks in rapidly expanding municipalities. In recent years, the
number of ATMs and POS terminals has grown in tandem with the expansion of banks and bank
branches, indicating that cashless transactions will continue to expand in the long run. Financial cards
are becoming used more often as online shopping becomes more popular and Filipinos' disposable
income rises. Credit and debit cards are mostly used in cities with a large number of chain stores and
department stores. Debit cards are used more often than credit cards because they need much less
identification and background checks to acquire. Although Filipinos mostly use debit cards for ATM
withdrawals, they are becoming more conscious of the card's functionality (Nair, 2016). Furthermore,
the National Retail Payment System (NRPS) aims to promote interoperability of electronic payment
transactions, improve transparency and accountability in financial transactions, and allow for a broader
range of financial services to fill the gap in the Philippines' cashless transaction situation, which the BSP
hopes to further boost. (Ching, 2017)

Over the last decade, the Philippines has emerged as a global pioneer in the development of
mobile financial services. Mobile banking has the advantage of being a low-cost and convenient process
that allows for large-scale remittance transfers from urban centers and across borders to the country's
most rural areas. By eliminating the need for physical remittance branches and the presence of staff to
handle transactions, mobile banking reduces costs. Payments are accepted almost instantly, improving
predictability, quality, and accessibility in places where people must drive two or three hours for
financial services. Smart cards and other stored value services are relatively new additions to the
Philippine payment landscape. In Metro Manila, the Philippine National Railways replaced magnetic
tickets with reloadable contactless smart cards. Beep Smart Cards were first introduced in July 2015 for
use on MRT (Metro Rail Transit) and LRT (Light Rail Transit) routes, but their functionality is now being
expanded to include use in retail stores and other businesses (Nair, 2016). In addition, the study
conducted by Visa Philippines about the ‘Consumer Payment Attitudes Study 5 th Edition,’Filipinos are
eager to use e-payments in the transportation sector. According to the study, nearly nine out of ten
Filipinos support e-payments for transportation, including jeepneys, buses, planes, taxis, and private car
rentals. In reality, more than half of the respondents believe that paying for transportation with credit or
debit cards is more convenient.

According to Nair (2016), cashless payment innovations have aided governance and social benefits
distribution. The Philippine government has made significant progress in digitizing its own payments,
pushed on by former President Aquino's "No Corruption, No Poverty" movement. Despite this, the
government's transition to cashless payments has been rough. This can be seen in the Pantawid
Pamilyang Pilipino Program (4Ps), a conditional cash transfer program for low-income families, where it
has experimented with cashless transactions.

The possibility of Filipinos going cashless is promising, and there is plenty of potential for
growth. Visa Philippines, for example, recognizes the importance of consumer research in monitoring
development in this area and implementing optimal approaches that can advance payment processes in
the Philippines. With the global pandemic disrupting the supply chain and putting physical stores and
companies on hold, more people are turning to e-commerce to buy necessities and pay bills from the
comfort of their own homes. (INQUIRER.net BrandRoom, 2020).
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