The Digital Economy: How the Cashless Society Will Impact Finance, Retail and Privacy

The Digital Economy: How the Cashless Society Will Impact Finance, Retail and Privacy

LEARNING OBJECTIVE: Discover how changes in banking can change human nature
The introduction of electronic banking, online transactions and mobile banking has paved way for a new era, where the use and demand for physical cash is gradually declining.

This recent evolution of technology in financial institutions poses interesting questions for economists, financial institutions, business analysts and the government regarding the status, logistics, and availability of instruments to guarantee economic growth and stability, efficiency and effectiveness of the cashless policy.

Recently, India has launched a nationwide program involving the allocation of a Unique Identification Number (UID) to every single one of its 1.2 billion residents. Each of the numbers will be tied to the biometric data of the recipient
using three different forms of information – fingerprints, iris scans, and pictures of the face. All ten digits of the hand will be recorded, and both eyes will be scanned.

At the end of this seminar, participants will be able to:

1. Assess what advantages we gain and what rights we lose in a cashless environment
2. Explore how a cashless society depowers the individual and empowers government and retail
3. Investigate how a cashless society would make the world a safer place

MODERATOR: Kendall Williams, Assistant Professor, United States Military Academy

PANELISTS:

Gail Ball, Head, Payments Studies Group, Federal Reserve Bank

Reginald Gillins, Security Management Technology, The Boeing Company

Colleen Taylor, EVP, Capital One Bank