More than 50 years ago, a group of restaurants and frequent diners in New York City came up with an alternative payment system based on an account and a card. Today, that magnetic-striped card is a globally accepted standard model for payments.
A few years ago, two large companies in China came up with an alternative payment system based on QR codes, smart phones, and accounts that don’t require banks. Is this the next revolution in payments or simply an alternative system for an alternative mode?
On June 17, Aaron Klein, fellow in Economic Studies, released a new report detailing how China’s payment system works, what it means, and what lessons the United States can take away. After the presentation, a panel of experts discussed China’s new payment system.
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Agenda
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June 17
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Introduction
Aaron Klein Miriam K. Carliner Chair - Economic Studies, Senior Fellow - Center on Regulation and Markets @AaronDKlein -
Report: China’s payment system: Revolution, evolution, or passing fad
Aaron Klein Miriam K. Carliner Chair - Economic Studies, Senior Fellow - Center on Regulation and Markets @AaronDKlein -
Panel Discussion
Moderator
Panelist
Claudia Biancotti Visiting Fellow - Peterson Institute for International EconomicsFrank Tuscano Senior Manager - Royal Caribbean Cruises, LtdYiping Huang Director - Institute of Digital Finance, Peking University
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