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Did you know that cash has more disadvantages than we think? Not only does it have high principal, but it’s also a reservoir of germs and can be contagious, especially during the COVID-19 situation. Today, we will conclude the reason why E-payment is better than cash.
For example, when we travel, one thing that is indispensable is money which needs to be carried around a lot and makes it easy to risk getting pickpocketed or stolen because tourists are the top target of thieves. It is not always good to carry a large amount of cash to spend. Paying using an electronic wallet or transferring money saves cash and reduces the risk of theft.
This not only helps stores but also protects employees from having to keep cash in their cash register from paying for goods or services and making changes. If customers pay with e-payment by using an e-wallet or transferring the money safely and properly, they don’t have to keep change in their cash register.
It simplifies the process of in-store operations and increases accuracy. If we use cash, the accounting must be done on our own, adding to the burden of work or even checking back to where it came from which is a time-wasting work. The e-Payment system will help us record and help us reduce the cost of time and people to do accounts and will help us to do or improve on other sides.
In the COVID-19 situation, touch is something we should avoid because we won’t know what the cash we received has been going through. It’s not a good thing to touch it. If you reduce cash and pay via e-payment instead, it will help reduce exposure which results in a lower risk of being infected.
All of these procedures, including production, transportation, and storage, are worth 50,000 million baht per year at the cost of the BOT at 4,000 million baht. The remaining is for commercial banks to distribute cash into our hands, not to mention the cost of us traveling to withdraw cash at ATMs or banks.
In summary, e-payment will be a payment option for users like us. One of the e-payment services, e-Wallet, is an electronic wallet that allows us to save money and spend on goods or services without cash, also reducing the disadvantages of using cash as well.
reference : Bank of Thailand
