Erkki Liikanen: Electronic and Mobile Payments-Moving Towards a Cashless Society?
Source: Bank of Finland
The move to a cashless society has been a topic of discussion for a long time. First, in the 1960s and 1970s plastic debit and credit cards were expected to take the place of cash. And then in the 1980s and 1990s the implementation of chip cards and, e-money was to replace cash. But still, cash remains popular and its market share has fallen only gradually over the years. Will see a major difference next decade? I want to put this question to the panel today. I start by analyzing some statistical trends. Then I shall review the possibilities that the new technology offers and look at some use-cases for mobile payment services. I also want to highlight the need for strong data security and customer identification.