People no longer carry cash relying instead on electronic payment methods
Date
11/27/2024 6:56:14 AM
(MENAFN) Manal Mohamed, like many people, no longer carries cash, relying instead on electronic payment methods like ATM cards and e-wallet transfers for purchases. This shift has made it easier for her to avoid carrying physical money and to conduct transactions directly from her smartphone. However, while electronic payments provide convenience, they also pose challenges. For instance, some users find it harder to manage their finances and track spending, which can make saving more difficult.
Reem Hussein shares similar experiences, admitting that while electronic payments are fast and convenient, they can lead to overspending, as she often forgets to check her balance after transactions. Still, she believes electronic payments are safer than carrying cash, especially after she once lost her wallet with all her cards.
Political economist Zayan Zwaneh highlighted that although the electronic payment trend is growing in Jordan, it comes with risks, such as hacking and technical malfunctions. He stressed the importance of users maintaining confidentiality and security protocols, supported by the government, central bank, and security agencies.
Data from the Jordan Payment and Clearing Systems Company (JoPAC) show a significant increase in the use of digital payments in 2023, with systems like Click, Jumobi, and eFAWATEERcom processing billions of dinars in transactions. As more users adopt these systems, electronic payments are becoming a central part of Jordan's financial landscape.
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