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GEORGE TOWN: Cashless payment, using ewallets for instance, offers much convenience but users should be cautious about the underlying risks, says Penang Crime Consciousness and Public Safety Society chairman Datuk Mohamad Anil Shah Abdullah.

A former top cop here, he advised users to be careful about protecting their data and not fall prey to scams.

“Technology is sometimes susceptible to risks. Users need to fully understand their rights when presented with the terms and conditions by the various platforms.

“There should be safety clauses to seek an immediate refund if a transaction was found to be a mistake,” he said.

Mohamad Anil added that scammers would pretend to be operating established platforms to deceive people into making transactions or revealing their personal data.

“Hence, epayment companies need to ensure sufficient data security to prevent theft of identity or personal info,” he said.

Despite his advice, Mohamad Anil still views epayment as a positive thing as it is proven to be more efficient.

“The advantages include speed and minus the hassle of carrying cash.

“It is also safer to carry less cash to prevent robbery, snatch theft or pick-pocketing,” he said.

Sundry shop cashier S. Thines, 25, said since the increasing use of ewallets by customers, transactions had become quicker.

“I save a lot of time from having to return the change to customers, as they can pay the exact amount using their phone.

“My boss is also able to keep better track of accounts. And we store less cash in the shop, which is safer for us,” he said.

The number of ewallets has been growing steadily over the years.

Oppotus, a Malaysian market survey company, found that when Covid-19 struck in 2020, ewallet use rose to as high as 57% of transactions, twice the rate compared to pre-pandemic times.

The situation eased up a bit last year, dipping to 45% in the first quarter of 2022. Among other findings was that the average Malaysian would use three to four ewallet brands at a time.

By the end of 2022, cash was still the most preferred payment mode at 34% among Malaysians, followed by debit cards at 19%.

However, the company said Malaysia still leads South-East Asia in digital wallet usage, with at least 50% of the population having used digital wallets for their daily needs in 2022, compared with the Philippines at 36%, Thailand (27%) and Singapore (26%).

Source : The Star Online