Technology has a big role in helping people when making transactions. Although credit card ownership is quite a lot, non-cash payment options are increasingly varied, especially through mobile payment. There is a card payment machine that can also be used for mobile payments or credit card payments.
The adoption of cashless is actually not fully optimal in some countries, especially on the merchant side. Current conditions make them have to provide a variety of EDC machines to receive cards. Not to mention the special machine for printing QR codes in order to accept application-based payments.
Though quoted from various sources, potentially there are 59.2 million SME entrepreneurs this year, but only 3.79 million of them have gone online. It is predicted that the number of SMEs will continue to grow by 5% next year and it is expected that as many as 8 million SMEs will start utilizing digital payment services.
The importance of cashless for SMEs
Non-cash payments basically help SMEs in reducing the risk of fraud or loss. The less cash held financial management will be tidier, easier to manage, and easy to track its history online.
SME entrepreneurs can save time in managing finances without any manual processes. They can focus more on developing their business.
Not to mention the mobile payment players are now competing to provide promos and discounts, not only for end-users but also for the merchants themselves. Merchants can get additional income from there.
Benefits for consumers
Non-cash transactions prioritize security and efficiency. For the public, entering a PIN code, scanning fingerprints, or other security methods when making payments is felt more convenient than having to carry a wallet everywhere.
Not only for paying merchants offline, with services and features provided by mobile payment, but there are also generally other payment options, including PPOB. This interconnected and interoperable ecosystem between parties is very helpful, because the community is quite accommodating of funds on one platform, but can meet various types of needs.
Challenges and solutions
When talking about adopting cashless, the end-user education process is easier than going to merchants. Especially for merchants who have for years been accustomed to cash transactions and manual recording.