State on the way to cashless society through Sarawak Pay – businessman

MIRI: Using WeChat Pay and Alipay mobile applications to make payment is creating convenience to daily life.

From shopping at premium outlets, riding a taxi, eating at ordinary eateries to visiting the wet market and even using the public toilet, in China’s cashless society one does not need to carry hard cash any more.

The Sarawak government has a vision to create similar society.

The recent approval by Bank Negara for the state to use Sarawak Pay is seen as an affirmative move for the state to embrace cashless society.

Businessman Erick Chin Fen Siong, whose business is based in China, welcomes the implementation of Sarawak Pay, saying it will not only help make life in Sarawak more convenient but would also be a way to help create more job opportunities through the digital economy.

“I had my first-hand experience with Alipay, developed by Ali Baba Group, about 10 years ago after it was first used in business to business (B2B) sector and business to consumer (B2C) playing the role of middleman, handling money transaction.

“Of course, to use Alipay service, one must have a Chinese bank account, ID and a smart phone. In the first few years after it was introduced, the system became a target by scammers to con those vulnerable out of their money. Thankfully, the Chinese government enforced real-name registration and identification number as official document. Tying the e-wallet with real bank account is also essential, to keep track of their transaction.

“Despite some hiccups in the early stage of its execution, it later became the safest system for business deals because transaction will only happen after the payee has agreed to pay.

“If the customer has any issue with the product, Alipay will hold the money until the seller makes amend or both parties reach an agreement,” said Chin.