DALLAS, Texas – PCATS has helped develop critical technology
standards for retailers, Gray Taylor, executive director of PCATS told the
audience. “We’re the only trade association with a seat at the table with the
big retailers,” he said. “We’re the leaders in payment and data security. Other
retail associations come up to me and say ‘you are so strong.’ We have the
technology leadership role, and we’ve earned it.”
The next major challenge, according to Taylor, is creating
standards for mobile technologies, such as shopping, payments, coupons,
loyalty, promotions, records, documents, banking and identity.
These new phone applications will “fundamentally change the
way the way society exists,” he said. “The future of commerce and power is
sitting in a chip in your cell phone.”
The End of Money
Traveling between Honolulu to Iceland, David Wolman
conducted scores of interviews to gather information for his recently released
book, The End of Money: Counterfeiters,
Preachers, Techies, Dreamers — and the Coming Cashless Society. It was an
emotional topic for everyone.
“We’re living in a time of monetary revolution,” he told the
IT professionals. “Mobile is enabling new tools for people and business.”
There are many arguments for replacing bills and coins with
mobile payments, Wolman said. Cash is expensive to produce, transport, secure
and count. In addition, the Secret Service, which protects government officials
and investigates counterfeiting, financial fraud and money laundering, spends
most of its time chasing counterfeiters.
“Cash is the blood in the veins of crime,” he said. “Drugs
and terrorism are greased by cash.”
New Tools
Already, several online currency tools are available to
mobile users. One example is Dwalla, a proprietary payment network that
connects to an individual’s bank account and lets the consumer send, request
and accept money electronically. Dwalla permits consumers to move $10 or less
at no fee, but charges 25 cents for any transaction greater than that amount.
Square Wallet, a mobile application, enables a consumer to
pay retailers using a mobile phone or by simply saying his or her name. Last
year, Starbucks announced plans to use Square to process the transactions of
customers who pay via debit or credit card.
In addition, the Royal Canadian Mint, which stopped
producing pennies in 2012, is developing MintChip, a digital currency backed by
the government to allow anonymous transactions.
Dollars and dimes will still be around for a decade or so,
Wolman believes, but cash could go the way of the pay phone in 20 to 30 years.
“These are powerful tools,” he said of the technology. “But people and
behaviors will make the big changes.”
THE Tech EVENT wraps up today, following two days of PCATS
committee meetings and breakout sessions.