Is there the possibility of a Worldwide SAFEcoin enabled payments system?
I have no idea, but if there was to be development in that direction, this study report may offer valuable insight into what end users might expect from such a system?
This report describes ethnographic studies carried out within the framework of “Fremtidens Penge”
(“The Cashless Society”), a large-scale research project conducted in Denmark by Innovation Lab in collaboration with Copenhagen Finance IT Region (CFIR), Copenhagen Business School (CBS), IBM, Nets, Danske Bank and Cellpoint Mobile.
The purpose of the project was to investigate the possibilities for replacing cash with other payment technologies in Denmark, whose population already comprises some of the most e-ready users in the world.
The preliminary anthropological study mapped Danish attitudes and practices toward money and different payment technologies already in use today. How do people take care of their finances across the current spectrum of legal tender, and why? What are the strategies behind these dispositions?
In the Payment Test Lab, we tested user interactions with new mobile payment technologies, and found opportunities as well as challenges to a potential cashless society.
Among the key findings are the three overarching needs displayed by users regarding payment technologies: Control – users strive to be in control of their finances by monitoring their payment instruments. Value – users actively seek to maximize the value of their money by strategic use of the payment instruments that yield the highest value in the specific situation. Context – most payments are entrenched in social situations which highly influence the pertinence of specific payment techno-logies and their practical attributes.
The study also found that while users are explicitly keen on enforcing security measures, in practice they prefer convenience. Many would like to be able to set a maximum amount of their own choosing without using a PIN code in the payment app.
PIN usage divides users in general, and in many situations provokes distrust and disrupts the contexts within which payments take place. Users also display defiant trust in the face of increased security measures – they want to prove that they still trust their neighbour.
Users place a high level of trust in the expert systems behind electronic payments, preferring al-ready established “brands” such as banks or Nets 1 to provide the next generation of payment techno-logies. At the same time, apprehension regarding these same organizations prevails just beneath the
Users are wary of extra charges in connection with the introduction of new payment methods, and they expect some monetary gain in return, especially if they are required to take on additional tasks related to payments, for example those that would supplant cashiers and their work.