Cashless Society – Lessons From China and Sweden

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Salon Number 10

10 Arbuthnot Road

Hong Kong, HKI

Hong Kong

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And eradicating cash for a digital system could let governments snoop on people’s shopping habits. What can we learn from first movers?

About this Event

For the past 3,000 years, when people thought of money they thought of cash. But the direction of travel is clear, and in some cases the journey is nearly complete. Cash is dying out because of two forces. One is demand—younger consumers want payment systems that plug seamlessly into their digital lives. But equally important is that suppliers such as banks and tech or telecoms companies are developing fast, easy-to-use payment technologies from which they can pull data and pocket fees. Yet set against these benefits are a bundle of worries. Electronic payment systems may be vulnerable to technical failures, power blackouts and cyber-attacks. Further the poor, the elderly and country folk may be left behind. And eradicating cash, an anonymous payment method, for a digital system could let governments snoop on people’s shopping habits and private titans exploit their personal data. What can we learn from first movers like China and Sweden?

Join upcoming event by The Economic Club of Hong Kong themed "Cashless society – Lessons from China and Sweden", which will be held on Nov 12th, Tue, from 19:15 to 20:45 at Salon 10 (Arbuthnot Rd, 10).

This is a non-speaker event. Please read the following articles before attending the meeting:

- Rich countries must start planning for a cashless future (The Economist) https://www.economist.com/leaders/2019/08/01/rich-countries-must-start-planning-for-a-cashless-future (REQUIRED FOR ALL ATTENDEES)

Suggested additional material:

- Going Cashless: What Can We Learn from Sweden’s Experience? (Knowledge@Wharton) https://knowledge.wharton.upenn.edu/article/going-cashless-can-learn-swedens-experience/

- China’s payment system: Revolution, evolution, or passing fad? (Brookings Institution) https://www.youtube.com/watch?v=iHMiIhVCszY

Fee: It's free to attend, but we would buy a drink as a courtesy to the venue.

Meeting Format:

The host will welcome you at the venue and start with introduction about the community and the topic of choice. Depending on how many people will attend, we split into sub-groups of 4-5 people for more detailed discussions. Within subgroup we will introduce ourselves (name, profession, hobby and fun-fact) and begin a free-flowing discussion on the theme. That's why it is important to prepare and read suggested materials prior the meeting. Questions, new paths for discussion, personal experience, and opinions are highly encouraged. We conclude the event with everyone sharing their takeaways on the subject.

The Economic Club of Hong Kong is a community of intellectually curious people. Events are organized by a group of passionate volunteers.

Visit our website https://www.econclubhk.org/ to learn more.

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Date and Time

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Salon Number 10

10 Arbuthnot Road

Hong Kong, HKI

Hong Kong

View Map

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