With continued innovations in technology, there has been a global increase in electronic payments. The 2017 World Payments Report found that Global digital transaction volumes grew 11.2% in the last year, reaching more than 433 billion, the highest growth of the past decade.
There are benefits for consumers, businesses, governments and cities that have embraced the cashless trend. Digital payments make it easier and safer for consumers to shop, bank, travel; it helps businesses thrive and cut costs; and it enables governments to collect more taxes, manage budgets, and reduce crime and corruption.
However, as cities implement digital payment innovations, there are accessibility and security issues that need to considered and addressed. Bloomberg Government will convene a high-level discussion on the future of digital payments in the U.S. Event sessions will:
- Examine case studies of leading cashless cities highlighting best practices as well as outlining obstacles and challenges to take into account
- Discuss the top economic, security, sustainability and policy issues to consider, and what the U.S. government can do to encourage adoption of digital payments
- Explore what can be done to meet all consumer needs for cashless payments