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Going Cashless Can Be Dangerous, Malaysian President of the Consumers Association Warns





Dr Jacob George, president of the Consumers Association of Subang and Shah Alam, Selangor, said the comfort of swiping their credit cards could cause consumers to be extravagant and spend recklessly.
He said that people with credit cards had the tendency to overspend. “Statistics show many Malaysians are burdened with debts. Credit cards have contributed much to this problem. Many spend like there is no tomorrow,” he said.
“We cannot have a situation in the country where people use this cashless model as a convenient means of payment but continuously spend beyond their means. The sad part is that not everyone is conscious about their spending pattern,” he told FMT.

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The cashless society from an ethical point of view

The debate about the move towards a cashless society has been at the center of the scene for several years, now. Various angles have been taken by economists, politicians, banking institutions and sociologists. Beyond the technicalities of the debate, lies the question of freedom, of inter-citizen solidarity and of governmental responsibility. The debate cannot remain in the hands of financial specialists, it is first and foremost an ethical, political and societal issue.










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