| Lehrinhalt |
Humans were making payments even before money was invented – but how we pay is changing dramatically. While in some countries people still have a strong preference for cash, the digitalization of the economy has made cashless payments the most common part of day-to-day life. Even in Germany, a person most likely still pays in cash at the Späti, but taps the phone for a coffee, uses PayPal to pay for secondhand furniture bought at Kleinanzeigen, and has a SEPA mandate for monthly expenses such as rent and health insurance.
As digitalization goes even deeper, countries push towards the implementation of new fast payment systems and Central Bank Digital Currencies (CBDCs), while facing the increased risks for financial stability that emerged with the dissemination of stablecoins.
This course aims to provide students with an overview of the main innovations in payment systems worldwide, and with instruments to critically assess their impacts for sustainable development. In the semester, the following topics will be covered:
- What is a payment, and why are payment systems so important for the economy?
- What are the new payment systems' developments?
- Which international cooperations in payments are under development, and what are the geopolitical aspects of payment systems?
- How can we compare credit cards, digital wallets, public and private fast payment systems, CBDCs, stablecoins, and cross-border payment initiatives in different countries?
- Are there any risks of such digitalization of payments and what is the current debate about the end of cash?
- How can innovations help to promote financial inclusion?
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