With the growing acceptance of non-cash payments and the advancement of contactless transaction technology, the transition towards a cashless society has gained significant support in the last couples of years, especially after the pandemic striking a fatal blow. Yet, the society is still seeing pushbacks and challenges for migrating into a cash-free world.
Security and Surveillance Concerns
Security and privacy are always the top concerns of cashless solutions. Facing the threats from tech-savvy criminal gangs who always come up with new ways of attacking digital systems, the security system may seem pathetically vulnerable. Average users will be exposed to cybercrimes such as identity thefts and data breaches as it is difficult for them to detect fraudulent schemes. As every digital transaction has a digital footprint which is easy to record and trace, privacy concerns become an inevitable consequence.
Resilience on Technologies
A seamlessly working technical infrastructure is the basic requirement for building a fully cashless society. While the society has achieved a great success in putting up a rock-solid infrastructure system, 100 percent up-time is never a guarantee. Network stability is still facing challenges especially when it comes to natural disasters such as hurricanes and earthquakes which could ravage critical infrastructure.
For one trying to tap into this new world, possessing a smartphone is a must. The multifunctional gadget has gone from non-existent to essential in the past decade. Yet, it may be shocking to realise that the global smartphone penetration rate in 2020 is at just 45.4 percent. Besides, most payment methods are linked to the balance of a checking or credit card account which come with minimum age and credit score requirements. It hinders access to this new transaction method for young and people with poor credit, forcing them to stay in the traditional cash society.
Supports Provided by Language Service Providers
Unlike their tech-savvy younger peers, elderly citizens are more reluctant to the change, often with good reasons. Apart from the lack of knowledge and unfamiliarity with new technologies, being able to physically feel notes and coins in the wallet gives a sense of comfort that cannot be matched by its digital alternative. Language service providers are able to facilitate acceptance by generating effective and compelling marketing materials. Understanding the concerns and cultural background of the target audience is an essential way to raise awareness and address challenges faced by financial companies when launching new services.
Considering privacy as a major concern of cashless transaction system, language service providers should provide clients an assurance that their confidential financial documents will not be fraudulently used or leaked. Elite Asia protects client’s confidential information in the course of translation process upon signing of a non-disclosure agreement.
With new technological advances in the financial sector, how is FinTech still disrupting the finance industry as a whole?