Malaysia still some way from being a cashless society - PayNet

KUALA LUMPUR, Jan 11 (Bernama) -- Malaysia is still some way away from transforming into a cashless society in the near term, mainly due to the spending habits among Malaysians who prefer to use cash for payments.

Payments Network Malaysia Sdn Bhd (PayNet) Group chief executive officer, Peter Schiesser, however, believed the country would be able to realise the cashless society aim within 20 years in the current digital era.

“In the digital era, it is very expensive for a country to print cash or for the retailers to handle cash.
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