century will be remembered for the fast-paced technology development. A lot of
technology advancement took place in this century and most of them evolves so
fast it was hard to keep up with the new technical breakthroughs. The world is evolving to incorporate
technology into every facet of our lives. Without us realizing, technology has
become a huge chunk of our everyday lives and we have become incredibly
dependent on it. Because of this new reliance we are losing the ability to take
care of ourselves in an organic and all natural way.
It cannot be denied
that technology has made our lives, for the most part, much easier and better.
Living in a fast paced world where everyone demands things to be done quickly,
even the traditional method of paying for goods and services with money have
been replaced with debit cards and credit cards. Then came cashless wallet or
e-payment technology that took the world by surprise and just changed the whole
game and made payment processes ridiculously fast, easy and hassle-free.
most of us prefer the convenience in transactions that electronic payment
systems offer, some dislike the idea or are not very comfortable with it. The
discomfort is primarily due to the security risks involved in electronic
transactions. Though e-payment systems have turned out to be very useful, the
privacy and security concerns raised regarding the issue, cannot be ignored. In
the economic analysis section, the advantages and disadvantages of the
e-payment system have been discussed. There is not a black and white decision that
can be concluded with this issue, but rather it falls in the grey area and it is
up to every individual’s interpretation whether or not to accept the cashless
wallet as a new payment method.
The interaction between the evolution of technology
and the development of economy and society has always been an important
dimension of human history. Therefore, individuals, business and governments need to embrace a
culture of creativity, experimentation and openness to change. Policy at
national and international levels has to ensure that the benefits are shared by
society as a whole. It should also see to it that, wherever possible, potential
risks associated with the new technologies are controlled and undesirable
side-effects contained without unduly impairing technological, economic and