Print Your Money: Cash-Like Experiences with Digital Money
Article No.: 234, Pages 1 - 7
Abstract
The use of digital money has become increasingly popular, but it comes with certain drawbacks. For instance, it can be challenging to make payments during power outages or internet failures. Additionally, some groups may find it difficult to use digital money. To address these concerns, we propose a design for a central bank digital currency (CBDC) similar to physical cash but also integrates with digital payment systems. This would enable users to access digital money without needing a third party. Our design also addresses technical and security concerns by implementing a trust-level model and ensuring that the system meets users’ security needs. Ultimately, our design has the potential to replace physical banknotes and coins.
Supplementary Material
References
[1]
Tobias Adrian and Tommaso Griffoli. 2019. The Rise of Digital Money. FinTech Notes 19 (07 2019), 34–40. https://doi.org/10.5089/9781498324908.063
[2]
Niklas Arvidsson. 2019. Building a cashless society: The Swedish route to the future of cash payments. Springer Nature.
[3]
Niklas Arvidsson, Jonas Hedman, and Björn Segendorf. 2018. När slutar svenska handlare acceptera kontanter. Handelsrådet, Forskningsrapport 1 (2018).
[4]
Bank of Lithuania. 2015. Digital collector coin (LBCOIN). https://www.bankofengland.co.uk/research/one-bank-research-agenda—summary.pdf [Online; accessed Feb-2015].
[5]
Morten L Bech and Rodney Garratt. 2017. Central bank cryptocurrencies. BIS Quarterly Review September (2017).
[6]
Ole Bjerg. 2017. Designing new money-the policy trilemma of central bank digital currency. (2017).
[7]
Codruta Boar and Andreas Wehrli. 2021. Ready, steady, go?-Results of the third BIS survey on central bank digital currency. (2021).
[8]
Monica Caraway, Daniel Epstein, and Sean Munson. 2017. Friends Don’t Need Receipts: The Curious Case of Social Awareness Streams in the Mobile Payment App Venmo. Proceedings of the ACM on Human-Computer Interaction 1 (12 2017), 1–17. https://doi.org/10.1145/3134663
[9]
Federal Reserve Board. 2020. 2020 Federal Reserve Note Print Order. https://www.federalreserve.gov/paymentsystems/coin_currency_orders.htm [Online; accessed 27-May-2020].
[10]
Federal Reserve Board. 2020. 2020 Federal Reserve Note Print Order. https://www.federalreserve.gov/faqs/currency_12771.htm [Online; accessed 06-April-2020].
[11]
Jesús Fernández-Villaverde, Daniel Sanches, Linda Schilling, and Harald Uhlig. 2020. Central Bank Digital Currency: Central Banking For All?Technical Report. National Bureau of Economic Research.
[12]
Jennifer Ferreira and Mark Perry. 2014. Building an alternative social currency: Dematerialising and rematerialising digital money across media. In Proceedings of HCI Korea. Hanbit Media, Inc., 122–131.
[13]
Jennifer Ferreira and Mark Perry. 2019. From Transactions to Interactions: Social Considerations for Digital Money: FinTech and Strategy in the 21st Century. 121–133. https://doi.org/10.1007/978-3-030-02330-0_8
[14]
Jennifer Ferreira, Mark Perry, and Sriram Subramanian. 2015. Spending time with money: From shared values to social connectivity. In Proceedings of the 18th ACM conference on computer supported cooperative work & social computing. 1222–1234.
[15]
Ishita Ghosh, Jay Chen, Joy Ming, and Azza Abouzied. 2015. The Persistence of Paper: A Case Study in Microfinance from Ghana(ICTD ’15). Association for Computing Machinery, New York, NY, USA, Article 13, 10 pages. https://doi.org/10.1145/2737856.2738029
[16]
Jie Guo and Harry Bouwman. 2016. An ecosystem view on third party mobile payment providers: a case study of Alipay wallet. info 18 (08 2016), 56–78. https://doi.org/10.1108/info-01-2016-0003
[17]
Neha Gupta, David Martin, Benjamin V. Hanrahan, and Jacki O’Neill. 2014. Turk-Life in India(GROUP ’14). Association for Computing Machinery, New York, NY, USA, 1–11. https://doi.org/10.1145/2660398.2660403
[18]
Joseph Kaye, Mary McCuistion, Rebecca Gulotta, and David Shamma. 2014. Money talks: Tracking personal finances. Conference on Human Factors in Computing Systems - Proceedings (04 2014). https://doi.org/10.1145/2556288.2556975
[19]
Michinobu Kishi. 2019. Project Stella and the Impacts of Fintech on Financial Infrastructures in Japan. (2019).
[20]
Deepti Kumar, David Martin, and Jacki O’Neill. 2011. The times they are a-changin’ mobile payments in india. In Proceedings of the SIGCHI conference on human factors in computing systems. 1413–1422.
[21]
Vili Lehdonvirta, Hayuru Soma, Hitoshi Ito, Tetsuo Yamabe, Hiroaki Kimura, and Tatsuo Nakajima. 2009. UbiPay: minimizing transaction costs with smart mobile payments. https://doi.org/10.1145/1710035.1710036
[22]
Makayla Lewis and Mark Perry. 2019. Follow the money: Managing personal finance digitally. In Proceedings of the 2019 CHI Conference on Human Factors in Computing Systems. 1–14.
[23]
Gerardo Licandro. 2018. Uruguayan e-Peso on the Context of Financial Inclusion. Banco Central del Uruguay, November 16 (2018).
[24]
Bill Maurer. 2015. How Would You Like to Pay?: How Technology Is Changing the Future of Money. Duke University Press. https://doi.org/10.1215/9780822375173
[25]
A. Mehra, S. Muralidhar, Sambhav Satija, Anupama Dhareshwar, and J. O’Neill. 2018. Prayana: Intermediated Financial Management in Resource-Constrained Settings. Proceedings of the 2018 CHI Conference on Human Factors in Computing Systems (2018).
[26]
Changchun Mu. 2019. DC/EP is ready to use a two-tier operating system. Remarks by Changchun Mu at China Finance 40 Forum, Yichun, China.
[27]
Jacki O’neill, Anupama Dhareshwar, and Srihari H Muralidhar. 2017. Working digital money into a cash economy: The collaborative work of loan payment. Computer Supported Cooperative Work (CSCW) 26, 4-6 (2017), 733–768.
[28]
Joyojeet Pal, Priyank Chandra, Vaishnav Kameswaran, Aakanksha Parameshwar, Sneha Joshi, and Aditya Johri. 2018. Digital payment and its discontents: Street shops and the Indian government’s push for cashless transactions. In Proceedings of the 2018 CHI Conference on Human Factors in Computing Systems. 1–13.
[29]
Mark Perry and Jennifer Ferreira. 2018. Moneywork: Practices of use and social interaction around digital and analog money. ACM Transactions on Computer-Human Interaction (TOCHI) 24, 6 (2018), 1–32.
[30]
Aishwarya Lakshmi Ratan, Kentaro Toyama, Sunandan Chakraborty, Keng Siang Ooi, Mike Koenig, Pushkar V. Chitnis, and Matthew Phiong. 2010. Managing Microfinance with Paper, Pen and Digital Slate. In Proceedings of the 4th ACM/IEEE International Conference on Information and Communication Technologies and Development (London, United Kingdom) (ICTD ’10). Association for Computing Machinery, New York, NY, USA, Article 37, 11 pages. https://doi.org/10.1145/2369220.2369255
[31]
Richard Orange. 2019. Sweden: how cash became more trouble than it’s worth. https://www.theguardian.com/money/2019/mar/09/sweden-how-cash-became-more-trouble-than-its-worth [Online; accessed 09-March-2019].
[32]
Sveriges Riksbank. 2017. The Riksbank’s e-krona project–Report 1. E-krona reports (2017).
[33]
Arunjay Katakam Scharwatt, Claire. 2014. 2014 State of the Industry Mobile Financial Services for the Unbanked. (2014). https://www.gsma.com/mobilefordevelopment/wp-content/uploads/2015/03/SOTIR_2014.pdf
[34]
Hong Shen, Cori Faklaris, Haojian Jin, Laura Dabbish, and Jason I Hong. 2020. ’I Can’t Even Buy Apples If I Don’t Use Mobile Pay?’ When Mobile Payments Become Infrastructural in China. Proceedings of the ACM on Human-Computer Interaction 4, CSCW2 (2020), 1–26.
[35]
Karin Thrasher. 2021. The Privacy Cost of Money. Michigan Journal of International Law 42 (2021), 403–427. Issue 2.
[36]
John Vines, Mark Blythe, Paul Dunphy, Vasillis Vlachokyriakos, Isaac Teece, Andrew Monk, and Patrick Olivier. 2012. Cheque mates: participatory design of digital payments with eighty somethings. In Proceedings of the SIGCHI Conference on Human Factors in Computing Systems. 1189–1198.
[37]
John Vines, Paul Dunphy, Mark Blythe, Stephen Lindsay, Andrew Monk, and Patrick Olivier. 2012. The joy of cheques: trust, paper and eighty somethings. In Proceedings of the ACM 2012 conference on Computer Supported Cooperative Work. 147–156.
[38]
John Vines, Paul Dunphy, Mark Blythe, Stephen Lindsay, Andrew Monk, and Patrick Olivier. 2012. The joy of cheques: Trust, paper and eighty somethings. In CSCW’12 - Proceedings of the ACM 2012 Conference on Computer Supported Cooperative Work. 147–156. https://doi.org/10.1145/2145204.2145229 ACM Conference on Computer Supported Cooperative Work 2012, CSCW 2012 ; Conference date: 11-02-2012 Through 15-02-2012.
[39]
John Vines, Paul Dunphy, and Andrew Monk. 2014. Pay or Delay: The Role of Technology When Managing a Low Income. In Proceedings of the SIGCHI Conference on Human Factors in Computing Systems(CHI ’14). ACM Association for Computing Machinery, 501–510. https://doi.org/10.1145/2556288.2556961 ACM CHI Conference on Human Factors in Computing Systems (CHI 2014) ; Conference date: 26-04-2014 Through 01-05-2014.
[40]
Ziming Wu and Xiaojuan Ma. 2017. Money as a Social Currency to Manage Group Dynamics: Red Packet Gifting in Chinese Online Communities. 2240–2247. https://doi.org/10.1145/3027063.3053153
[41]
Qian Yao. 2018. Experimental study on prototype system of central bank digital currency (in Chinese). Journal of Software 9 (2018), 2716–2732.
[42]
Qian Yao. 2018. Study on the application of digital at currency in peer-to-peer investment and lending (in Chinese). Sci SinInform 48 (2018), 1275–1282.
Index Terms
- Print Your Money: Cash-Like Experiences with Digital Money
Recommendations
Working Digital Money into a Cash Economy: The Collaborative Work of Loan Payment
This paper examines how different forms of money, specifically digital versus cash, impact on the work of an organisation and its customers. In doing so it contributes to the body of literature exploring how the social meanings of money impact on ...
Cash, Digital Payments and Accessibility: A Case Study from Metropolitan India
Despite the growing interest in digitization and money in HCI and CSCW, the use of cash and digital payments by people with disabilities has received scant attention. We present findings from a qualitative study of people with visual impairments' use of ...
A Theory of Secure and Efficient Implementation of Electronic Money
AbstractScalable and secure implementation of central bank digital currencies (CBDC) has been a challenge. Blockchains provide high operator-independent security and enable central banks to outsource CBDC operations while retaining control over the amount ...
Comments
Information & Contributors
Information
Published In
April 2023
3914 pages
ISBN:9781450394222
DOI:10.1145/3544549
Copyright © 2023 Owner/Author.
Permission to make digital or hard copies of part or all of this work for personal or classroom use is granted without fee provided that copies are not made or distributed for profit or commercial advantage and that copies bear this notice and the full citation on the first page. Copyrights for third-party components of this work must be honored. For all other uses, contact the Owner/Author.
Sponsors
Publisher
Association for Computing Machinery
New York, NY, United States
Publication History
Published: 19 April 2023
Check for updates
Author Tags
Qualifiers
- Work in progress
- Research
- Refereed limited
Funding Sources
- University of Macau
Conference
CHI '23
Sponsor:
Acceptance Rates
Overall Acceptance Rate 6,164 of 23,696 submissions, 26%
Upcoming Conference
CHI '25
- Sponsor:
- sigchi
Contributors
Other Metrics
Bibliometrics & Citations
Bibliometrics
Article Metrics
- 0Total Citations
- 223Total Downloads
- Downloads (Last 12 months)117
- Downloads (Last 6 weeks)17
Reflects downloads up to 07 Nov 2024
Other Metrics
Citations
View Options
Get Access
Login options
Check if you have access through your login credentials or your institution to get full access on this article.
Sign inFull Access
View options
View or Download as a PDF file.
PDFeReader
View online with eReader.
eReaderFull Text
View this article in Full Text.
Full TextHTML Format
View this article in HTML Format.
HTML Format