What is a Cashless Economy?
With cashless transactions, there is no need to carry and protect large amounts of cash with the fear of being robbed. Payment methods that include PINs, passwords, one-time password (OTP), and biometrics such as voice, face-recognition, retina-scanning, or fingerprint protection play a big role in securing financial transactions. Although a cashless economy does not guarantee a crime-free society, digital transactions provide a transparent record of financial exchange which help prevent cash-based crime including bribery, street and bank robbery, and counterfeiting. The previous Malaysian government for example, assisted small, medium, and large businesses shift to cashless transactions to trace and curb corruption.
Multiple Payment Alternatives
Customer Experience and Marketing
Customer experience (CX) is not limited to customer service but to every touchpoint a customer has with your company. Offering a seamless and personalised customer experience is a key motivator for digital transformation. Conventional lines between customer interactions online (such as websites) and offline (such as physical stores) are quickly blurring and integration between the two are being made seamless by the use of technology, human touch, and data-driven insights. Customers are expecting more from companies – better service, faster online purchase processes – and CX is a key differentiator between businesses. Some examples of a poor customer experience include unstructured customer service, the lack of human touch throughout the journey, long wait times, multiple touch points needed to resolve an issue, as well as unhelpful employees. Improving the customer experience can take on a variety of approaches, from streamlining the customer journey for efficiency and enjoyability, to solutions as simple as offering multiple payment options, and providing improved employee training.
In this post we have discussed the benefits and effects of going cashless, and provided numerous examples of how different countries are moving forward towards this goal with different initiatives. As a consumer, it is fascinating to see the growing number of options at your disposal! If you are a business owner, keep up-to-date, and be open to different payment methods providing them as alternatives to your customers, as appropriate. Drop INVICTA a message to see how you can start improving and refining your digitalisation strategies