Are We Headed Toward a Cashless Future? - Maven’s Virtual Ideation Panel Asks Industry Insiders

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Experts in economics, digital money and financial security convened through Maven's public Virtual Ideation Panel to discuss the context, risks and benefits of an increasingly global move away from cash toward programmable currencies.

India recently made global shockwaves by announcing the elimination of its 500 and 1000-rupee notes, which account for about 86% of its currency in circulation, driving (some might say forcing) the country towards an all-digital currency future. Some advocate that the United States and other countries consider following suit. If a cashless society is the future, how quickly will we get there? And what are the advantages and dangers facing us?

Intrigued, Maven commissioned its third public Virtual Ideation Panel (VIP) and assembled experts in economics and financial security to discuss mobile payments, digital money and the future of cash. Showcasing the power of virtual, moderated discussion, Maven's VIP product provides a forum for participants to address complicated, timely issues among relevant experts from related but diverse fields.

The group agreed on three major factors contributing to the evolution of currency: payment networks like Visa and Mastercard, technology (e.g., ATM, credit cards, smartphones) and the end of Bretton Woods.

Participants focused on ways our current and future financial landscape may be influenced by other societal, demographic and technological trends, like biometrics and the automation of jobs. The majority of participants concluded that nations should retain their own currency and develop more concrete international agreements regarding security standards.

Key predictions and outcomes from the discussion will be dispersed across strategic media channels and will be made publicly available for review (all rights reserved). The Virtual Ideation Panel will remain online for interested parties to read through in full and includes an infographic outlining key insights. Organizations and members of the media interested in utilizing the content should contact Maven for publishing details. The uniquely transparent conversation was moderated by expert facilitator, Jayesh Patel. Participants included:

Ramesh Lekshmynarayanan, Managing Principal at Green Catapult, Inc.
Matthew Griffin, CEO at 311 Institute
Nelson Rosario, Associate at Marshall, Gerstein & Borun LLP
Jay Hemmady, Chief Information Officer (CIO) at OIA Global
Richard Bialek, CEO at Global Technology Partners
Sourajit Aiyer, AVP, Investor Relations & Corporate Planning at Motilal Oswal Financial Services Ltd

About Maven
Maven has built technology that figures out what people know and provides tools to learn from them. These tools include short surveys, phone discussions, online panels, and other ways to directly interact with all kinds of niche expertise or hard-to-reach experience, from rural farmers to Silicon Valley executives. With our community of over 500,000 professionals in every industry, Maven delivers on-demand expertise and powers customized knowledge discovery to provide clarity to your toughest challenges.

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Josie Keenan
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