A "paper certificate" is still the prerequisite.
Without a "cert" you might be underpaid in the future. True enough your current boss likes you because he knows you can work. few years down the road, if salary increment is not as you expected and you decided to go out, future employer might not gave you the same base pay.

Take this situation and think as a boss.
If you interview 2 person, both have working experience of 5 years in the same field. 1 has degree, 1 has diploma (or non at all). The degree is asking for RM5k (accordance to this topic ) same as the dip holder. Who would you choose? (Remember you don't know both person but you like both of them as you've pre-selected them to be the final 2)

That's when money becomes nature of all evil. Comes to the question of best buck for money. Thus the notion of being paid lesser might come into the picture.

Just an opinion. I would not ask anyone to dismiss their certification while they have the privilege to complete it. And in your case, it's just a final bloody subject; just finish it off....why waste the previous effort?!