Penang to implement 100% cashless transactions in the state by 2030

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The Penang State Government has annuonced that government services in the state will go 100 per cent cashless by the year 2030 in an effort to realise its digital transformation agenda. Penang Chief Minister Chow Kon Yeow elaborated that the State Government would intensify efforts to introduce cashless initiative soon, especially in major tourist hotspots. 

According to Bernama, Chow lauded how the implementation of the e-payment service can increase Penang’s revenue and serve as a catalyst for the economic development in the state as a whole. Moreover, the move will also attract foreign investors, hence the State Government hopes for the cooperation of all consumers and traders to support the cashless payment initiative and further increase competitiveness to make Penang a smart state. 

Penang’s cashless payment initiative started back in April 2020 with a pilot project at Taman Tun Sardon Public Market. It was also meant to reduce contact between buyers and traders following the Covid-19 outbreak in our country back then. 

Following the pilot project’s success, the Penang Chief Minister had invited 17 banking institutions and non-bank electronic money issuers to migrate e-payments at all public markets throughout the state. 

Previously, a policy for the mandatory use of e-pyament services as a revenue collection platform for all state govenrmetn department and agencies in Penang was approved on 2 September 2020. This was following the positive feedback on the aforementioned initiative at Taman Tun Sardon Public Market. 

So, what do you guys think of Penang’s plan to go completely cashless by 2030? Share your thoughts with us in the comments below and stay tuned to TechNave for more trending tech news from Malaysia and beyond.