The world is witnessing an unprecedented acceleration in the evolution of money. This was the central argument put forward by economist Artem Genkin, President of the NPO Center for Protection of Bank Clients and Investors, during his address at the 10th International Forum of the Financial University, Russia: Vision of the Future.
“We are living in truly extraordinary times,” he stated during the panel discussion on Money of the Future. “I see monetary evolution as following roughly the same laws as biological evolution, only at a rapidly increasing pace.”
According to the expert, technologies like bank cards and electronic payments are now taken for granted by the current generation, despite their relatively short history.
“We are already the third generation to use payment cards, and the second to use electronic money. The students in this audience have witnessed a veritable cascade of innovations – from the rise of cryptocurrencies to paying with a glance or a smile,” Artem Genkin noted.
He pointed out that attitudes toward cash and cashless payments differ significantly across countries. For example, he noted that in South Korea, retailers are legally allowed to refuse cash altogether. Switzerland, however, is considering the opposite approach.
“In Switzerland, lawmakers are debating a bill that would grant consumers a ‘sacred right’ to pay with legal tool – cash,” the economist explained.
Artem Genkin also referenced the stance of the European Central Bank, which recognizes that a uniform transition to cashless payments is unrealistic; regional and demographic factors must be taken into account. He mentioned Japan as an example, where cash usage has traditionally remained high in part because of the country’s large elderly population.