There has been a futile argument that if any major MFS (Mobile Financial System) makes cash withdrawal free; it will disrupt gradation to a cashless future. I think that’s terribly mistaken.
In our informal economy, people who are using MFS for their daily transactions are still a very small fraction relative to cash transactions. “Cash” people are educated technophobes, educated convenience seekers, or less educated. Btw, they are still the target customers for any MFSs and extremely instrumental to a cashless future. These people, especially those from underprivileged or remote backgrounds, would NEVER pivot to MFS with cash withdrawal fees. Cash is still the heart of their financial reality and will remain for a long haul. It will look like MFS are leeches or parasites in their personal finance.
So, Rule No. 1: Don’t make rules until you are the ruler.
And you can’t be a ruler without allowing the majority of people intuitively remain loyal to your system. Once you have enough people in your domain, you can make offers to force them to remain within your reign. That’s how MFS can cheat a cash-based society into a cashless future by embracing “cash”.
Kudos to Nagad .