Topic: Connect data to accelerate cashless payments (Read 582 times)

Yes, you are right, there are still many things that need to be considered in terms of non-cash transactions so that they can be carried out properly in the future. I think over time, if the community and environment have supported, of course, non-cash transactions will greatly facilitate the community in terms of transactions.

Changes in many ways continue to occur and at this time many developers want to present a transaction system that is fast, cheap and of course safe, cash transactions are of course no longer effective because it makes us more troublesome, the presence of cash cards really helps facilitate transaction systems and for the government of course easier to monitor the circulation of money.

Nowadays cashless transactions have become popular in the age of internet. Crypto is going up a lot but the turnover value and role of cash in the market situation is increasing significantly because many times cash transactions are needed. Indeed the impact will not be the same for all countries, favoring those who are able to spread it over a larger number of transactions. It cannot be ruled out that the gap with other systems will be wider for us. In conclusion we reiterate our strong opposition to the digital situation believing that the market can only develop by finding its economic benefits and reasons for being. But without internet cashless transactions will become very difficult.

This is why it is getting more digital. These days, even fiat is more digital and crypto is purely digital as well and we are getting there. It means that data will be there. One person could just check what they spend money on by checking their bank statement, all digital, all from their phone and could make their own calculations based on that as well. I am not saying that it should be a big deal or not, all I am saying is that we are at a stage where it is going to be not a big deal at all.

Digital situation is what helping the crypto world grow as well, when you are already at a level where it is digital then changing the situation would be a lot more important and then we are going to be able to change to crypto a lot easier.

The easier and cheaper internet access is proven to make everything easier and simpler, and non -cash transactions are certainly very dependent on the internet network, it is natural that the presence of non -cash transactions is easily accepted and apply widely because of the ease of internet access, things are different, of course it is difficult to find If there is no internet access.

You are right. There are various aspects that need to be considered with non-cash transactions. There are still places in various countries that either do not have stable internet to offer or have zero to low signal. Another factor is that not everyone has the capacity to buy smartphones with updated software that supports scanning QR codes and downloading e-payment applications. Lastly, there are still individuals who are tech-savvy enough to understand and follow steps in using e-payments for cashless transactions. Hence, as both options have their pros and cons, it is best if both are offered by merchants in terms of transactions.

It is true that cash payments will greatly facilitate transactions, but of the many current technological developments, of course there will be advantages and disadvantages, there is still a need for adjustments to local environmental conditions, such as in areas that do not yet have good internet network support, of course this cannot be done. because this will be a problem if the network suddenly encounters a problem when making a transaction.

You have to go to Africa, if you want to see digital payments in action. I saw 1000s of people in rural areas using centralized payment options like M-Pesa and the informal markets are flourishing.

Yes..... communication networks are slacking, but Cellphone networks are quite established and alternative networks are being developed all the time. The thing is...... electricity networks go hand in hand with communication networks, so it must be developed at the same time. 

Non-cash transactions are indeed getting easier and more popular, support from many places that accept cashless payments has made non-cash growth significantly increase, on the other hand, of course, non-cash transactions can avoid counterfeit money, theft crimes and so on, for the state of course this is getting easier to control circulating money.

In the current era of technological development, of course, it will make it very easy for us to make purchases and sales, as you said, even in an amount of around $ 2, you can make online payments, of course, this makes it very easy for us to make payments. However in my place not all places can make payments as you said because we still use money in terms of making payments.

Carry debit cards on your device, that's something I was particularly impressed about upon discovery although, I've been very skeptical in using the innovation, having all my details spread out even though, it's just within the mobile banking app.
Still, it cuts across the risk of losing your cards as per misplacing it and to those who might sort you for credit/debit card scams with pos machines and even having to grab it off you. Even forgetfulness don't get to be a hindrance to getting your transactions done.

Still, cashless policy remains a growing part of our finance system and while mayight sort safety in abstinence, its gaining gradual penetration into the means by which people pay for goods and services and would in turn, reduce what pull be spent in minting notes.

Little by little, the world is changing. Technological developments have indeed had an extraordinary impact in various fields, especially in the transaction process. it would also be disastrous when someone took the opportunity to cheat. Various kinds of fraud motives were carried out by taking advantage of opportunities and taking advantage of other people.

There have been many cases of misuse of customer data, for example, I hope this can make us all aware to always be careful in maintaining the confidentiality of passwords and protecting personal data. I think this discussion is very educational for all of us.

The address you mean is a wallet address right? If so then yeah but I think they can follow its link if they check in the block explorer and see other details there but if you want more privacy, a crypto mixer might help you. If we are this conscious/strict then it would be better to not support cash as well because it is still owned by the governments.

This is the nature of the humans. They can't be contented but they keeps on innovating. Not all things are subject to evolve though. Cashless payments have their advantage but they also have their own disadvantages. This is why we must still need a cash. Data's on the other hand must be stored in a very secure place that no hackers can reach because they are very sensitive.

Cashless payment has become popular due to inflation and not due to factors such as the outbreak of disease around the world. These applications enable you to spend, buy, sell and transfer millions of dollars with the click of a button. You do not need to have an armored car to transport the money or be worried about where to put that money. It is your phone and remember the password, so the adoption of these services in poor and middle-income countries is increasing rapidly due to inflation.
The millennial generation has a phone, and almost most of the world's population has smart phones. All of these things have become encouraging banks to invest in banking services, but cash is still accepted in most countries of the world.

The problem with using cryptocurrencies is the end point. When you exchange bitcoin for fiat money, all your transactions can be tracked. There's also IP - even IP spoofing doesn't always help. Cash is more anonymous - but there is a problem with transferring it. Also, fiat money is restricted to the country in which it is issued.

Yes, I agree that cryptocurrency as mainstream payment system is still a long shot, but I still hope the day will come and I can still witness it. Looking at how some countries made their own CBDC, made me think crypto payment goes mainstream is not impossible.

I myself mainly accept crypto as payment for my service (mostly from international client), tho I still need to exchange it into fiat for paying bills and fulfilling daily needs.

I disagree the way you use cashless payments terms because not all cashless payments are centralized. You're talking about government can track every citizens wealth and spending, it's true if they use mobile banking, credit/debit card, CBDC, digital fiat. But, Bitcoin is one of cashless payment and it's decentralized, even though the government and seller know your address, but they're not know your personal information as long as you use non custodial wallet and never link your KYC.

Since you're already know there's a major privacy concern over cashless payments related with fiat, you need to keep use cash and push other people to use cash too.

It's not only about the merchant and the customers deciding which payment method they want to use, and whether they would like to transition from traditional modes to cryptocurrencies such as Bitcoin and others just for convenience, the authorities and the government wouldn't allow it for long if their stance about Bitcoin isn't very positive and there hasn't been any official rules and regulations within the country regarding Bitcoin and cryptocurrencies.

It would obviously be way more convenient for merchants to have cryptocurrencies as payment methods as there will be no third-parties involved that way and they can easily set up their wallets and put up the QR codes to be scanned by users for paying with Bitcoin or cryptocurrencies at the stores.

This is the nature of the inevitable development of any form of technology that we see today. The financial system has evolved from barter to metal money, then gold, then paper money, and now we must move at some point to online payment or Cashless payments.

Cashless payments keep pace with modern life because it is easier and faster and crosses distances and borders, in addition to being safer in transportation than paper cash.

As for the data, it is true that it is useful in "understanding and capturing customer behavior and consumption trends, which helps banks and companies to identify new opportunities and make the right decisions" and so on, but at the same time this negatively affects privacy and can cause major problems if these are hacked. data.

But, there is not everyone can't adopt this change quickly due to science and technology constraints. because some places on my country is never connected to the internet, and there are even some places that don't have electricity to turn on my lights yet. So, this force won't go according to plan if the infrastructure has not been built yet evenly throughout the country. maybe this problem can't be solved like planned, the government still needs a huge budget to build the new system. the developing country still needs outside financial assistance from the developed country.

They will never succeed in making our data completely secure, as hackers are people with extreme knowledge about the systems currently in place and if you do not have someone at the same level then eventually your security is going to be broken, it is because of this we should not allow those companies to do whatever they want with our data as then our data will be eventually exposed to all kind of undesirable people, like hackers, scammers and other criminals.

I don't think creating a central data hub where all people's information are saved is specifically the way to go especially when more and more people nowadays are becoming more self-aware of how and what their data are used for. Plus it doesn't necessarily solve the issue of logistics which is the primary reason why there could be slowness in some cases of online payments. In that regard, the best way to solve this is to create faster payment channels that are streamlined to accept payment in blindingly-fast speeds with little to no fees and near global reachability. Bitcoin seems to be the answer to this, but the possibility of creating a specific cryptocurrency for the job isn't so bad either. All in all it's not data that's making things slow in the end of payment processing, it's logistics, and if that is solved then the dilemma of slow online payment channels is going to be a thing of the past.

This should be their focus too, on making our data safe and I think even banks are not safe from any hack since there’s already a situation where banks claims that their data are being exposed especially the credit card details. Well, this could be the consequences on rushing to adopt technology but I believe in the future they will come up into a better solution and make this technology more worth it. Digital world is growing, we’re making our transactions online most of the time and to be more safe will always depend on how we protect our data.

The data that these financial institutions collect aren't going to be used for our benefit. Assume it's being shared with government entities for potentially nefarious matters (CBDC implementation or otherwise).


I presume people already accustom to cashless payments in rural areas would be more prone to cryptocurrency payments than they would be otherwise if they were still on cash. Though, it's to most peoples detriment that cash becomes obsolete. Even if you're not a fan of fiat currency, the government is looking for any excuse to transition people to digitalized fiat (cashless) and then CBDC's. CBDC's pose a direct threat to Bitcoin. The rural folks are some of the last people that are standing in the way.

The pandemic sped things up and showed how safe and convenient cashless transactions are. Such transactions are more frequent and larger. I'm interested in the data, though. Banks and enterprises today have a lot of client data that, when used appropriately, may boost productivity and profitability. There are pros and cons. Despite protection, customers may be subject to fraud and privacy abuse.

Cashless transactions have many benefits, but they also have problems such security breaches, lack of privacy, and limited access to contemporary technologies. Consider the pros and cons to better comprehend.

So you are talking about cashless fiat system aka online banking is better now in 2023? If I am not wrong in the last 5 years things changed all over the banks and this is mainly due to the banks don't want the money to go into the hands of users so they might do anything they want instead they are keeping it in their hands no matter what and made everyone feel it is good.

And all this happens around you is progressing towards consumerism which is good for business but as individual you will keep spending all the money you earn and the concept of saving, investing, rich will never strike on your mind.

On the other hand we have cryptocurrencies which is decentralized means no one can control it like banks have their policies of how and where to use your money yet it is digital so you will have all the advantages of cashless payment system.

This is changed a lot and not a big concern. You can even pay lowest $ 0.02 in India that is lowest denomination of currency available in India right now. Just imagine walking up in any area rural or urban and you see a QR code available. Just scan and it and pay the desired amount.

The making of digital India has done some good for the country. Now even a small street vegetable seller or tea stall has these QR codes and you can pay them cashless.

This gets even best for the foreign nationals. If you are someone traveling to India and worried about carrying the cash then just visit nearest exchanger at the airport. They will connect your temporary account to the UPI system and you can pay just like any other Indian bank account holder. That’s the beauty of cashless society and initiatives from the India.

So what’s in OP is already happening.

Over the time? I expect cash to be a thing of the past in next 5 years only. If you see the developed countries the payment through plastic money and non cash ways is already pretty high. Even for developing countries like let's say India it's growing each day. So I feel it won't be very far that we will eliminate cash and moves to digital means but obviously these will just be fiat digital means and nothing very special or different.

I agree with you. In my country, transferring money by phone number is also gaining popularity. This method is used both at markets and farmers' markets - that is, practically everywhere. Cryptocurrencies require internet, which is not always available.

It's the only way the world is moving right now where you can accept a wide range of payments via phone based apps and the wireless RFC technology that comes with most modern phones. It's gradually going to mean that even more cash payments will change over and they will eventually phase out paper & coin based currency. It will actually save a whole bunch of waste that is involved with transporting the physical currency around and keeping it secure, however we need a backup in case these electronic systems get attacked.

Cashless payments are common in my country, but even in big urban areas, there are places that don't accept cards. For example, there's a type of public transport where you can only pay with cash, and you mostly can only use cash at farmers' markets as well. In smaller cities, even cafes often don't accept card payments or don't have the proper devices to do that, which means you need to transfer money via online banking if you don't have cash on you. I don't use cash most of the time, especially if there are other options available, but I don't really think that cash will go away globally because the tendencies strongly depend on a country. Also, unfortunately, increased adoption of cashless payments doesn't mean increased usage of crypto payments.

I agree that it could lead to a more convenient future, but I also wonder what trade-offs and costs we might have to pay for it. Like how do you balance the convenience of cashless payment with the potential ethical impacts such as data exploitation?

The data can be used by the payment providers, banks, businesses, and third parties for various purposes, such as marketing, profiling, targeting, or even manipulating us. Definitely read the fine print before using these cashless payment systems.

That is also one thing I noticed. A lot of merchants, specially small local shops, added additional fee when you use QR codes or online system to pay them. I mean it's not that bad, but it is noticeable.

And yes, as more cashless system transaction are being made and accepted I believe crypto will be accepted more and more.

I think it's generally make the transaction more seamless and for a customer it's better. In my country the latest payment system that is pushed by a Single QR Code, so people with different payment processor, like Bank App, Venmo-like Payment and other type can scan the same QR Code to pay for a service. But the one issue that appear is that most of merchant complaint about the fee, it makes them increase the price of their product, and it's not good for them.

For Crypto this phenomena when the government pushing digital payment for people will ease the transition to crypto, transition from a traditional cash to crypto payment will be very hard, but when the merchant familiar with digital payment they will accept crypto more easily.

We are convinced that online payments are convenient. Yes, to a certain extent it is. But the problem is that soon all our payments will be under complete control. Is that a good thing? Freedom is the price of convenience. In my opinion, we cannot completely switch to online payments, otherwise absolutely everything will be known about us, including our habits, predilections, and so on.

There are definitely risks, benefits, advantages, and disadvantages, both in online and online payment transactions. Because all of that can not be avoided by anyone. When only receiving payments online what if the bank account is frozen or the bank is having problems, it means that what has been collected will be at risk. Receiving cash payments is also not free from risks where thieves find it easier to take them. So in my opinion, in this sophisticated era, offline payments still play an important role because even if you use online payments, in the end, they will still be disbursed into cash.

Maybe it depends on the region and everyone can accept online payments, although I completely agree that the next generation of us will use more internet devices, like around where I live. A lot of people don't use the internet and they don't even understand what it is and how to pay online. Small transactions are still cash-based, and if there is no cash here, you can be said to be unfit.
Before, I moved to some big cities and it really impressed me because it was quite a long time about 5 6 years when online payment was probably too little known, but when I saw how they use It's really quick, convenient and much less risky.

We are now in fast tracking word where everything is done remotely without any hassle, Beings are born to accept any immediate change among them. The covid-19 pandemic was a life lessons to accept and adapt to a new payment system where nearly all transactions are being carried out digitally and electronically.

It was through the pandemic businesses soar and online marketing gain it popularity where people has to order and ship goods online instead face to face business deal.

Cashless or digital payments have now reached the mainstream even in developing countries like mine. As a matter of fact, even in many rural areas here in my country, people know about digital payment systems and are actually using it.

Here, we now have market vendors who are accepting digital or online payments. What's amazing is that even those ambulant vendors or food carts on the streets are also accepting digital payments. So we can say that the economy both up there and down here is now turning cashless.

But what's even more amazing, even dumbfounding, is that even street beggars here are also accepting digital donations.^[1] So next time little kids annoy you for some spare change, can't tell them to just go away because you've got none. Brace yourself! There's a QR code coming your way!

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[1] https://philstarlife.com/news-and-views/715270-trending-pinoy-beggar-qr-code?page=3

If I read from your personal experience you feel that in markets in rural areas already have the adaptability of sellers and their acceptance of online payments, even in areas with limited access to ATMs. This flexibility reflects changing consumer behavior and expectations and I think they already know which way the wind is blowing.


Yes. This is evidently born and we can see that this paradigm shift presents an opportunity to leverage data to gain valuable insights into customer behavior, consumption patterns and preferences. By effectively linking and analyzing data, banks and businesses can identify emerging trends, create personalized customer experiences, and make informed decisions to improve operational efficiency and strengthen security measures from understaffed scammers.


My current view While implementing cashless payments and data usage may not be universally accessible due to varying levels of technological infrastructure and financial literacy at least the convenience and efficiency it offers makes it an attractive prospect for many. Because, Over time, as technology advances and awareness, cash usage is expected to decrease as more people turn to digital payment methods as OP intended

If you're referring to a database leak, something like that will happen regardless of the payment method you use. It is inevitable if you use a centralized service. Fortunately, it is easy to avoid if you're willing to use other alternatives, especially in regard to crypto trading/payment activity IMO. On the other hand, as long as you have a decent understanding of how scammers work you can avoid their trap. The worst thing is if the leak includes sensitive data like username, password, pin, etc. Hopefully, no company is stupid enough to keep those things in plaintext or use weak encryption to store them in the future.

We can already use them though, unless you mean locally.

Well, in that regard, we are really in a new era even if most people don't want the digital age, there will come a day when they will adapt to it, especially in these times when the majority of people are gradually becoming aware of the e-wallet or e-commerce called.

So I expect such things that one day we will see that even Bitcoin and other cryptocurrencies accept payment options in their products that are sold for sure in the future.

Personally, I see a threat to personal security in the case of global digitalization. Data can always be available to criminals. They will know your income and plan their actions accordingly (blackmail, extortion, fraud will increase significantly). So I wouldn't get excited about the world being completely covered by cashless payments. There is always a fly in the honey.

As much as time is important and digital payments are necessary, but cash payments are needed, otherwise the bank closing your account means that you will not even wish to feed yourself.
Risks versus benefits allow us to have a world with multiple payment options, from cash to banking applications, to digital currencies to cryptocurrencies, all of which give the user decentralization and freedom in how to pay their payments, and the volume of transactions can be restricted or tracked to ensure that they are not misused in illegal activities. Sometimes online shopping is laziness of users, you can go and move to the nearest store and buy what you want instead of paying extra costs in shipping and delivery to your home.

Financial institutions around the world are working to replace cash with electronic payment systems. One of the most important areas where digitalization showed itself was payment systems. Using digital payment tools also has some risks. Security vulnerabilities in digital payments are a significant threat and this problem must be eliminated. I can say that the cashless society has increased rapidly after the pandemic. I would like to point out that this is more common especially in countries with a young population. I think that change will not be easy and we cannot exclude cash transactions from the financial system.

Many people in the world still do not have digital literacy and underdeveloped societies should be educated on these issues. There are many advantages of being cashless. The most important thing is that everything is recorded and security. While providing this, of course it is necessary to protect the privacy of people. However the use of cash creates a huge expense for countries. Printing money, securing money and distributing money is a painstaking task. Finally the formation of a cashless society is now inevitable and in this age where digitalization is progressing very rapidly, the formation of a cashless society will take place quickly.

The possibility of transitioning to a new method of transactions remains wide open, especially as we find ourselves in a stage where gadgets are beginning to dominate our lives, akin to essential necessities for each individual. Surprisingly, this development makes various forms of digital adoption easier to implement, given that infrastructure is gradually taking shape alongside the widespread use of gadgets.

A cashless society is poised to become a cultural norm, gradually phasing out the use of physical currency. Granted, this transformation will take some time, but it holds tremendous potential if we consider the advantages it offers over traditional cash transactions.

What you said is mostly about the good things about the cashless payment option. Certainly, the conveniences beat when using cash. People don't have to think and keep of change. Especially if most of the people within some countries have digital literacy and savviness above average.

The problem when we take concerned about the bad things is it could be devastating. It means more centralized control toward governments, which in some cases, specifically on authoritarian and repressive governments would be bad things. On one hand, centralized data gathering is beneficial for businesses and governments to gain insightful data. On the other hand, it is very likely the privacy of the user is zero. So a lot of considerations are needed both from governments and the public itself.

That actually makes a lot of sense from shop's point of view when you think about it. Keeping a lots of cash with cashiers has attracted robberies in the past.
If you try to rob via forcing mobile payments, you instantly get ID:ed and all bank transactions are reversable. So these days you encounter more people just stealing stuff from the shops.
That's harder to pull of and doesn't include cashier being threatened with a weapon.


CBDC:s will be the future, no matter what our philosophical views on it are, that just makes most sense. However i don't see it as monsterous as most people in here. There's no consensus formed about the privacy level of it yet, but i hope that there will be a level of privacy most people are happy with, that it still could at the same tme help fight money laundering.

Despite the drawbacks of the monetary system and the counting of money, it enhances user privacy, and with the expansion of many banking services that encourage banks to control the lives of customers, we may witness the growth of CBDCs, banks or governments can prevent the user from even purchasing his basic needs if they decide to do so, with no pressure. You can buy or sell, and all your assets will be frozen, which is a little more difficult in the case of cash. We need cash, even if it is 30%, just as we need digital systems.

I do not wish to rush to adopt cashless payments solutions as much as preserving the privacy of currencies and providing multiple options.

Time is more valuable than anything these days. Therefore, it is natural for the use of cashless payments to increase. Many people work remotely and stay at home. In other words, they do not have physical interaction with other people, so they spend their money remotely. This is both convenience and distracts you from an effort.

Making transactions in the digital environment can sometimes cause us to make mistakes. There are some things we should pay attention to in these payments. If we make our account that we will use cashless payment in the form of a virtual card and set the limit, we can prevent us from making mistakes when we are distracted. Or, we can avoid sending to a different address by checking our registered shipping addresses from time to time.

This is happening mainly because the fees paid by entrepreneurs and the self-employed have been considerably reduced. Twenty years ago it was impractical to accept card payments for $2 payments. Besides, nowadays it is more convenient because we carry the card in our cell phone.


What I believe is that the use of cash will continue to reduce in the coming years, and maybe they will try to accelerate its disappearance with CBDCs, but for me the option to pay in cash should always remain, otherwise we are heading towards total control with fiat currencies.

I do not think that the reason for this is the epidemic, but many economic variables, for example inflation is one of the important factors in cashless payments, where instead of moving large cash blocks and trying to sell them quickly due to inflation, you can do that from banking applications easily, this is good for both the buyer and the consumer as they tend Because governments are slow to print larger denominations of cash, which makes the user have to carry many small denominations, or wastes time by carrying large denominations and waiting for everything to be counted manually.

https://www.valueresearchonline.com/stories/25032/the-inflation-monster-is-destroying-your-wealth-every-year/

The ease of conducting transactions digitally, the presence of a smartphone for each user, the stability of the Internet, and the ease of use of interfaces for these applications are what made them relatively better than cash.

The current world couldn’t be complete without cashless society. Things are changing to more digital levels no matter what. You walk into a store, mall, snack center or anywhere you can think of you will see there is way to pay digitally. I am going to be quiet honest about country like India where even a small store or vegetable seller will be carrying the UPI QR codes mate!! Just imagine what is the situation in developed countries just by looking at this example above. Have you noticed how crypto currencies are also changing the face of transactions. Various digital platform accepting crypto currencies whether bitcoin or Altcoins anything can be possible through third party apps and much more. So that is that, it will even go further and set new records in the new future.

It's true that transitioning from the typical payment methods that we've used to which is cash and bank transfers, we're now having these digital payments and transactions that are on instant depending on the payment processor that we're using. This is innovation and this inevitable and it's good to hear that even in places where technology isn't expected to be advance, there goes the vendors, merchants and business folks that are already using it. While we should also be careful keeping our data and information online, the thieves are also improving. Before, they're pickpocketing our physical wallets, now, they've become cyber-criminals and thieves that are trying to get onto everyone with every and little information they get from their targets and victims. That's why in line with this innovation, we as users need also to be aware of such and how to protect ourselves from them.

The new financial solution is initially only an alternative, if it is effective it will become mainstream before a complete system transition takes place where online payments are a must.
But the need to use cash I don't think will fade over the next few decades for some reason. At a traditional wholesale market near me, people are still comfortable doing cash transactions for large payment scales.

I was in the bank one day and a customer was issuing a cheque to the bank cashier and was expecting to receive cash. The banker told him that he cannot receive such money across the counter because it was against the bank policy. He was advised to download the bank app. or use the ATM. He complained that he doesn't want to use to channels because he was scared of fraud. The banker told him bluntly that if he refuses to use these modern channels very soon he will be cut off from the world financial system. In my country, even roadside petty traders both in urban and rural areas are accepting bank transfers and POS payments. Very soon cash will become outdated because even central banks are even shifting toward central bank digital currency (CBDC).

Companies spend so much money on research and development. Without information or data, many top firms cannot make decisions that will help the growth and expansion of the business. They need to understand the needs of the people so that they can come up with products that will help to satisfy these needs. With data, many companies will be able to identify opportunities and threats that the business might face in the future. Data collection and analysis make decision-making easy.

These changes in technology, financial transactions, and communication are happening everywhere but at different rates and mediums. In some places, the changes are faster and widely accepted, while in other places it is gradually due to some factors. Factors like political system, religion, education, and level of poverty will determine how fast these changes will reflect in the everyday lives of the people.

Humans are created with an innate nature of adaptation in whatever ever situation they find themselves. Going cashless helps reduce the rate of security risk of physical attack of robbery by carry cash in hand, its equally seamless and stress free at a go for the traders, this and other reasons the traders must have taken into consideration and that's why despite living in a local area they still embrace the cashless trend of online payments.

Did you know that as a trader that accepts cashless transactions you're likely to have more customers patronage compared to another trader that only accepts cash. Customers are likely to return to where they received a convenient service.

Cashless payment has become so popular and is gradually becoming a habit of many consumers, like last weekend I went to a market in a rural area when I saw that there were very few ATMs around, but surprisingly, the sellers there accept online payments, and the real amount is only about $2 for some fruits. I'm impressed with them because it's still a poor area and payments are mostly cash, but the way they're approaching the changes in the world is still unrestricted.

In recent years, especially after the outbreak of the disease worldwide, the shift of people to payment via Internet channels or mobile phones has increased both the number and value of transactions. In the digital age, data can be used to understand and capture customer behavior and consumption trends, helping banks and businesses identify new opportunities and make the right decisions. and improve operational efficiency. Regarding the role of data in the operation of the banking industry, connecting data will help banks gain insights into customer behavior, helping to cross-sell products. In addition, the full data connection contributes to preventing fraudulent acts, enhancing information security.

Although this is a rather small issue in terms of personal experience, it is undeniable that it is the direction of future development in the new era, what do you think about this issue? Although I know that not everywhere has enough conditions to be exposed to changes in technology, finance, new knowledge, ... but what I am paying attention to is that it is more convenient for life. In life, there are problems that will come to universalize it but over time people do think we will use less cash.