The current situation in Nigeria has lead a lot of business owners to adopt the cashless transaction policy. Its either you pay with the new naira notes or you simply make transfer. What about small business owners like the market women who do not have accounts, how do you think they would survive this situation.
Cashless transactions.
- Thread starter eldavis
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- #6
This would even increase the rate at which scammers give out fake alerts to unsuspecting persons.
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Yea i understand their motive, but everything has a side effect. They printed little but now how would it be enough to circulate round the country.
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In Hong Kong, most people are using credit card, mobile wallets to pay for purchases. But there are still some small stores or those in the wet market which only accept payment by cash.
Good you understand that everything has a side effect. It will take some time before everything will be able to normalise.
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- #10
The worse part is that there are still persons who do not even have a bank account for their business to be able to take transfers.
Cashless transactions refer to financial transactions that are conducted without the exchange of physical currency or coins. Instead, they are performed using electronic payment methods such as credit cards, debit cards, digital wallets, and mobile payments. Cashless transactions offer convenience and security, and they are becoming increasingly popular as more and more people adopt digital payment methods.
any business person who does not have a bank account to take transaction is not serious. Except the person does not want to do that.
Yes, when such policies are adopted people can suffer it for a few time but as time goes on everyone will be able to get used to it.
That will not be made perfect because there are individual differences in income or financial status. It will never happen perfectly.
