Melbourne, Australia / London, UK, 27 June 2017. Bluechain, the next-gen payment platform for domestic payment schemes, announced one of its key executives, Yoku Korsah, Managing Director of Africa, will be coordinating the session on “Cashless societies: will we see them? Is it a dream or a nightmare for central banks?” at Central Bank Payments Conference in Amsterdam 26–28 June 2017.
The panel session moderated by Bluechain’s Korsah, which takes place on 28 June, will include a number of discussions around the concept of a cashless society and its renewed momentum. Presenters will explore the drivers and objectives for a cashless society, and the possibility of achieving it including:
Bjorn Segendorf, Sveriges Riksbank: “Old soldiers never die”. The demand for cash is falling rapidly in Sweden. At the point of sale, only some 15 percent of the payments are made in cash. Most payments below SEK 100 are now made by card and two out of three Swedes say that they can manage without cash. The decrease is likely to continue but may accelerate at some point if merchants find it economically rational to stop taking cash. The shift impacts on some groups of consumers and small businesses more than others, especially in rural areas. It is not a dream, nor a nightmare, but it raises questions for the Riksbank.
Kyle Kim, Bank of Korea: The Coinless Society project in Korea—what are coins worth? Despite the widespread use of non-cash payment instruments in Korea, notes and coins seem to be maintaining their dominance in small value payments. In an effort to reduce the social costs incurred in circulation and management of coins, in particular, and to ease the inconvenience of using and carrying coins, the Bank of Korea recently launched the Coinless Society project. The presentation explains the background and purpose of the project, as well as the details of how it works and some of the key challenges in moving forward. The presenter will also discuss what a coinless society means for the future of the payments landscape in Korea.
Vasudevan Parameswaran, Reserve Bank of India . Vasudevan Parameswaran, Chief General Manager of the Payment & Settlement Systems Department of the Reserve Bank of India (RBI), provides an overview of the current Indian scenario, including the key infrastructure enablers, RBI’s recent initiatives (such as demonetisation), the challenges that RBI would need to tackle going forward to achieve its vision of a less-cash economy, and, some key statistics to demonstrate the growth in the retail electronic payment systems in India over the last two months.
The Central Bank Payments Conference (CBPC) focuses on payments and payment systems issues from a central bank perspective. It covers a range of critical topics that address the most relevant concerns, challenges, and opportunities facing central banks and their evolving role in the payment system and market infrastructure.
To discuss any of the sessions or how Bluechain might help you redefine your domestic payment scheme, visit our sponsor table at the Central Bank Payments Conference. Information about Bluechain’s solutions for central banks can be found at https://bluechain.com/solutions/central-banks/.
Bluechain is a next-gen payment platform that offers central payment networks, financial institutions and the broader payment ecosystem a secure system to streamline all types of payment transactions. Bluechain leverages a new security paradigm across any open network that turns a mobile device into a vehicle for pulling or pushing payments. Bluechain technology reduces the major causes of account or card fraud and breaches, increases mobile payment adoption, and lowers fees and costs, while creating new opportunities for greater financial inclusion and transparency. Bluechain leverages existing infrastructure for greater interoperability and provides a consistent and single user experience across all payment types. For more on Bluechain, visit www.bluechain.com.