The Future of Money

Copenhagen Finance IT Region (CFIR) is a financial technology cluster established in 2009. It has just finalized a project “Fremtidens Penge” (The Future of Money). Some of its results as well as innovative payment solutions implemented in Denmark were presented during a one day workshop.

The first part of the event was dedicated to The Danish Perspective. During this part the following questions were addessed:

  • How money became digital in Denmark;
  • Methods the Danes pay – results of the Danish Payment Council’s research;
  • Mobile operators and payments – a solution of a mobile wallet;
  • Overview of Dankort, stages of its evolution, and what is the future for the favorite Danish payment instrument.

This part was finalized by a panel discussion between representatives of event organizers, mobile payment solution providers, and bank. The main discussed questions were related to cashless mobile payment, its use context, benefits and disadvantages, and possible future.

Second part of the workshop was related to analysis of user-behaviour and brought more academic perspective by representatives of the Copenhagen Business School (Jonas Hedman, Emma Svensson, Xiao Xiao, and Jan Damsgaard). The following aspects of The research perspective were presented:

  • Literature review on international payment research;
  • Application of experiment method to payment with example of cases implemented in Danish market;
  • The case of bank cards, cash, and internet banking: a study analyzing why people pay the way they do;
  • Business models in mobile payments.

The last part – The international perspectives in mobile payment – was presented by Fergal Carton (University College Cork) and Dave Birch (Consult Hyperion). The main idea was: there are different economic, social, political, and regulatory situations in different countries, that is why it is difficult to talk about a unified solution in mobile payment.

The main value of this event was twofold: to learn Danish experience implementing mobile payment solutions, and to get insights about main directions of academic research in mobile payment in Denmark.

It needs to be mentioned that Jonas Hedman (the Copenhagen Business School) and Fergal Carton (University College of Cork) are also representatives of the International Cashless Society Roundtable committee. And in May 2014, the third International Cashless Society Roundtable will be organized by KTH.

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