Every day we can find various promotions offered by electronic money providers that make us always want to shop and buy something. This is a strategy to make the current habit of people to leave cash money slowly. We can also see more payment methods and card payment machine in several places to support this campaign.
Every system must have weaknesses and cashless payment systems are no exception. The biggest disadvantage of non-cash financial transactions is that not everyone has the knowledge to carry out digital transactions so that coverage is limited to urban centers and beyond and is therefore very difficult to apply non-cash financial transactions in rural communities that are still not technologically literate and have difficulty accessing the Internet. Especially if they are still illiterate and poor. Therefore, the lack of adequate infrastructure and education among citizens is a real obstacle to this cashless transaction system.
Another disadvantage of this cashless transaction system is that although it is easy to carry out digital transactions, behind that there is a risk that lurks about cybercrime and losing their hard-earned money if exposed to online fraud and bank account hacking and therefore it is better to do traditional payment system rather than doing digital transactions.
Another weakness of this cashless transaction system is that digital payment methods such as credit cards and internet banking involve some transaction fees that are not compatible with cash transactions and therefore any individual who thinks of conducting an online transaction will take into account these transaction costs. Therefore, the existence of transaction costs is a barrier to this cashless transaction system for people who are critical of costs.
As can be seen from the above circumstances that the Cashless Transaction System has advantages and disadvantages, and every thought of the government to adopt a cashless transaction system model must carefully analyze its advantages and disadvantages and then take the right decision.