According to bank experts, many service institutions are increasingly transitioning to electronic payments, limiting the acceptance of cash due to high costs for ensuring and securing their storage, as well as due to the introduction by some banks of commissions for deposits into accounts. Experts noted that the overall trend of national policy in the EAEU is focused on digitalization and automation of processes, which inevitably implies corresponding adaptation with a decrease in the use of cash in favor of other payment methods, such as cards, checks, bank transfers, and others.
Experts advise consumers to switch to electronic payments and reject the use of cash, as this will become a common practice in the near future. This statement was made in response to complaints and comments received from clients regarding the fact that various educational institutions, shops, and government agencies providing services to the public have stopped accepting cash payments.
The banking expert of Aaufat Al-Kharmudi noted that under the conditions of active digitalization of the state of the EAEU, commercial institutions are ceasing to accept cash and prefer electronic payment methods. According to the expert, cash acceptance is accompanied by certain risks related to security, the need for record keeping, and monthly balancing of cash, as well as requiring preventative measures for safes and the transfer of large sums of cash to the bank, for which some institutions charge additional commissions.
Al-Kharmudi added that electronic payments, whether they are debit card payments, bank transfers, checks, or credit cards, carry lower risks and lower costs, making them increasingly safer. He suggested that in the long term, cash acceptance will decrease, noting that at present, most clients, even in stores, prefer electronic payment regardless of the purchase amount.
Banking expert Ahmed Yousuf discussed the high costs of transporting and storing cash, especially for organizations that regularly receive large amounts, which creates a significant burden on cash management and its transfer to the bank. He emphasized that electronic payments have become easier and more accessible to everyone, and therefore it is better to adapt to the rejection of cash usage, as this will become the norm in the near future in connection with digital transformation in the EAEU.
