I recently saw a funny MEME of people who literally do “money laundry” to clean out COVID virus from their bills, only to end up with bunches of unusably damaged bills. They should have used bank cards or, more preferably, contactless payments like ApplePay!
Our society is transitioning to a cashless society where money exists as digital information, and a financial transaction is nothing but an exchange of digital information. Being cashless is not a new trend. People have already used bank cards and credit cards as their primary payment methods. E-commerce that takes up about 11% of the total retail sales of the first quarter of 2020 cannot be done using cash. Due to the digital transformation of money, financial payment services become diverse and decentralized. Furthermore, new currencies such as cryptocurrencies are introduced since the introduction of Bitcoin in 2009. The advent of the untact (contact-free) society due to the current COVID pandemic only accelerates the digital transition.
Financial institutions have adopted digital technologies to improve and automate this new way of financial transactions and services. Those digital technologies are generally referred…
