Advantages and Disadvantages of a Cashless System in Thailand during the COVID 19 Pandemic
At present, the payment system in Thailand changes from a paper based system to a cashless payment system A coin has its two sides, so the cashless payment has its advantages and disadvantages This article describes the general advantages and disadvantages of a cashless society in Thailand in the COVID 19 situation The cashless payment in Thailand consists of credit cards, automated teller machines, direct debit, mobile/Internet banking, e Wallet, PromptPay, and QR code The cashless payment is able to assist the government for tax collection accuracy and facilitates users to make financial transactions more transparent and efficient In addition, the cashless system provides benefits to businesses in which they are able to increase sales and expand business by providing convenient, safe and faster services to customers in making payment for goods/services It assists businesses to save time and cost of cash management and reduce the paperwork The cashless payment made the life of students, housewives, and elderly people very easy to carry out financial transactions and there is no need to meet the financial institution staff This payment system needs advanced technology system skills, a smartphone, and a technology facility Finally, the cashless payment can reduce the spreading of COVID 19 (c) 2020 All rights reserved