On October 11th, the Towards a Cashless Society? seminar was held in Milan at the Honorary Consulate of Sweden. The aim of the event was to promote the exchange of experiences and best practices between Sweden and Italy on the subject of digital payments. There were three main speakers presenting at the event, one of which was 24 Solutions’ Senior Security Specialist and Lead QSA Cristiano Iarusci.
The event was organized by the Swedish Embassy in Rome, Business Sweden and The European House – Ambrosetti think-tank. Key players from the Italian financial sector were among the attendees (Visa, MasterCard, PayPal, Ingenico Group, BNL, CartaSi, Intesa SanPaolo, amongst others), as well as the municipality of Milan and leading companies from the Swedish digital payment sector.
One of the speakers, Niklas Arvidsson, senior lecturer and researcher at the Royal Institute of Technology in Stockholm (KTH) spoke about developments in Sweden. He is one of the researchers behind a new report showing that two thirds of Sweden’s merchants believe that they will stop accepting cash by 2030. According to Arvidsson’s research, this prediction is, however, an understatement, and current trends show that Sweden could become cashless as early as 2023. “It’s going very fast right now. For the banks, cash handling is a cost, so cash will only be available as long as people and shops demand them,” said Niklas Arvidsson.
Lorenzo Tavazzi, Head of Scenarios & Intelligence Department and Project Leader for the Community Cashless Society at The European House – Ambrosetti, talked about Italy’s situation and predictions in the area of Cashless.
Eric Marini, responsible for Fintech at Business Sweden, pointed out that “Sweden has a long experience in innovations in digital payment methods and is currently regarded a leading player in the field. As a result, Swedish companies have had the opportunity to develop knowledge in the Swedish digital ecosystem and are now ready to share their knowledge in other markets abroad.”
Lead QSA Cristiano Iarusci emphasized the importance of security in digital payment methods. “Security must become a key element in the overall lifecycle of the global payment system. Unfortunately, numbers from annual reports on data breaches are still too discouraging if compared to the evident trend of growth towards full digitization of the payment industry.” Cristiano stressed that “in any Industry security needs to be a foundation”. He also practically illustrated 24 Solutions 360° approach to security and compliance, as one of the safest cloud suppliers in the Nordics.
The seminar Towards a Cashless Society? was a continuation of the seminar with the same title held last year at the Swedish Embassy’s Residence in Rome. “In response to the interest that occurred in Rome last year, we decided to arrange another seminar on the issue of cashless society, this time in Milan. The event has helped strengthen the bilateral dialogue on digitization, a theme that is of great interest to both countries,” explained Sara Dahlsten, Ambassador Council at the Swedish Embassy in Rome.