Cashless Movement Is Increasingly Popular, Bank Giat Develops International Non-Cash Transaction Services

Illustration. (Photo: Doc. Antara)

JAKARTA - The increasingly widely accepted cashless payment ecosystem globally encourages banks to innovate to ensure customer comfort and security in transactions. This trend is strengthened by the high number of domestic travelers traveling abroad and relying on non-cash transactions to meet various needs.

Unleashed Wanderlust research released by Mastercard this year agrees with the trend. From the report, it can be seen that Asian Pacific tourists began to leave cash and use other payment methods during their trip, with only 14 percent still choosing to transact using cash while traveling.

Arianto Muditomo, Banking Observer and Payment System Practitioner explained that non-cash payment or cashless methods in Indonesia are well known and widely used, especially in the retail segment.

"It is understood that cashless starts from the check era (Indonesia does not experience a boom check for retail), card based, and Quick Response Code Indonesian Standard (QRIS)," explained Arianto, Friday, November 15.

The credit card with the international principal logo is still dominantly used for spending abroad. Then, followed by international debit cards and QRIS in countries that have collaborated on QRIS cross-border transactions," he added.

According to Arianto, this trend is very good and will continue to increase. Because it is still found that travelers are still bringing cash to the countries they will visit. In addition to exchanging first in Indonesia for large values, cash transactions are currently quite troublesome, risky, and high social costs.

"For tourists, cashless payments are needed when traveling abroad, there are limits on cash (banknotes) that can be brought into a country," he said.

Facilitation in cashless transactions at the international level encourages PT Bank Danamon Indonesia Tbk (Danamon) to present Danamon MORE PRO.

"Based on the understanding of the trends and habits of Indonesian travelers and those who have high international mobility, Danamon comes with Danamon More Pro which has many advantages. This product is part of Danamon's commitment to always innovate in providing comprehensive financial solutions and is relevant to customer needs," explained Ivan Jaya, Consumer Funding & Wealth Business Head, PT Bank Danamon Indonesia Tbk.

As is known, Danamon More Pro provides 9 currencies at once in 1 account. Supported by Mastercard, customers can make foreign exchange transactions through debit cards with a rate that dares to be pitted.

In addition, the Auto Switching Currency feature allows the Danamon MORE PRO debit card to automatically adjust local currencies when customers make transactions abroad, so customers don't have to worry about high conversion fees.

Customers can also be more free to shop with Danamon More PRO Debit Cards without conversion fees and are equipped with contactless features.