WASHINGTON June 17, 2019 – In spite of an advanced smartphone-based payments system that is widely adopted in China, panelists at a Brookings Institute event on Monday expressed skepticism that such a system would become popular in the United States.
More and more people in are exclusively using payment platforms such as Alipay and WeChat to conduct digital and physical transactions, said panelists at the event hosted by Aaron Klein, policy director of Brookings’s Center on Regulation and Markets.
Indeed, many Chinese have effectively leapfrogged from being “unbanked” to users of one of the world’s advanced payment system.
Transactions conducted on these platforms are often completed by using a “QR,” or quick response, code that is connected to a consumer’s digital wallet. Digital wallets are a way to store payment credentials electronically and to transmit the funds to the other party.
Consumers and merchants can perform transactions by cutting out the middleman of traditional transactions, i.e. the bank.
In some rural parts of China, there are people using this system who don’t even have a bank account, according to Yiping Huang, professor of economics at Peking University’s National School of Development.
“I think what makes it really popular and inclusive is not just the payment system itself but the ecosystem surrounding it,” said Huang. “With just my mobile phone, I can now buy my lunch, my airline tickets, pay my electricity bill, almost everything whether it’s on WeChat or Alipay.”
Seamless as this payment system may be, one of the main concerns panelists addressed was whether the personal information shared over these platforms could be compromised.
“Alipay and WeChat aren’t going to take off in the US.,” said Claudia Biancotti, senior economist in the International Relations and Economics Department at the Bank of Italy.
Because Americans don’t have these digital payment system networks, “they don’t see the appeal of a payment method integrated into a social media that they don’t use,” she said.
Moreover, it would be difficult for the U.S. and Europe to enforce technology regulation and to balance big data analysis and protection of privacy. Multinational companies working with China are very cautious in terms of data protection, said Frank Tuscano, senior manager of Royal Caribbean Cruises, Ltd.
According to Tuscano, creating a contractual agreement between companies is the most challenging part of the digital payment ecosystem.
It is also possible that China’s growing payment system could make an impact on Facebook’s widely-anticipated release of its upcoming crypto-currency. But whether Facebook transactions will attempt to disintermediate financial institutions is uncertain, given how predominantly bank-centric is the U.S.
Metaverse Can Serve as a Supplement, Not Replacement, For Educators: Experts
The virtual world where avatars can meet as if they were in real life can be a companion for education.
WASHINGTON, June 29, 2022 – Experts said at a Brookings Institution event said Tuesday that while the “metaverse” can go a long way toward improving education for some students, it should serve as a supplement to those educational goals.
The metaverse refers to a platform of 3D virtual worlds where avatars, or virtual characters, meet as if they were in the real world. The concept has been toyed with by Facebook parent Meta and is being used as a test for the educational space.
“The metaverse is a world that is accessible to students and teachers across the globe that allows shared interactions without boundaries in a respectful optimistic way,” Simran Mulchandani, founder of education app Project Rangeet, said at Tuesday’s event.
Panelists stated that as the metaverse and education meet, researchers, educators, policymakers and digital designers should take the lead, so tech platforms do not dictate educational opportunities.
“We have to build classrooms first, not tech first,” said Mulchandani.
Rebecca Kantar, the head of education at Roblox – a video game platform that allows players to program games – added that as the metaverse is still emerging and being constructed, “we can be humble in our attempt to find the highest and best way to bring the metaverse” into the classroom for the best education for the future.
Anant Agarwal, a professor at MIT and chief open education officer for online learning platform edX, stated the technology of the metaverse has the potential to make “quality and deep education accessible to everybody everywhere.”
Not a replacement for real social experiences
Kathy Hirsh-Pasek, senior fellow of the global economy and development at the Center for Universal Education, said that while the metaverse brings potential to improve learning, it is not a complete replacement for the social experience a student has in the classroom.
“The metaverse can’t substitute for social interaction. It can supplement.”
Mulchandani noted the technology of the metaverse cannot replace the teacher, but rather can serve to solve challenges in the classroom.
FCC Chairwoman Jessica Rosenworcel Emphasizes 100 Percent Broadband Adoption
‘It’s about making sure wireless connections are available in 100 percent of rural America,’ said the chairwoman.
PARK CITY, Utah, June 28, 2022 – The Federal Communications Commission is making progress towards bringing “affordable, reliable, high-speed broadband to 100 percent of the country,” Chairwoman Jessica Rosenworcel said at the Rural Wireless Infrastructure Summit here on Tuesday.
Rosenworcel pointed to the $65 billion Infrastructure Investment and Jobs Act now being deployed across the country, with a particular focus on unconnected rural and tribal areas.
Although the Commerce Department’s National Telecommunications and Information Administration will take the lead with these funds, the FCC’s new broadband coverage maps will be important in implementing state digital equity plans.
In her remarks, Rosenworcel also discussed how the upcoming 2.5 GigaHertz spectrum auction will involve licensing spectrum primarily to rural areas.
At the July FCC open meeting, said Rosenworcel, the agency is scheduled to establish a new program to help enhance wireless competition. It is called the Enhanced Competition Incentive Program.
The program aims to build incentives for existing carriers to build opportunities for smaller carriers and tribal nations through leasing or partitioning spectrum. Existing carriers will be rewarded with longer license terms, extensions on build-out obligations, and more flexibility in construction requirements.
“It’s about making sure wireless connections are available in 100 percent of rural America,” she said.
She also indicated her commitment to work with Congress to fund the FCC’s “rip and replace” program to reimburse many rural operators’ transitions from Chinese-manufactured telecommunications equipment. She also touted the role that open radio access networks can plan in more secure telecommunications infrastructure.
In other news at the conference, FCC Commissioner Brendan Carr addressed the role of funding broadband operations in rural America, the challenges of workforce training, and ensuring that rural carriers have access to high-cost universal service support.
In a session moderated by AmeriCrew CEO Kelley Dunne, panelists from the U.S. Labor Department, the Wireless Infrastructure Association and Texas A&M Extension Education Services addressed the need to offer a vocational career path for individuals for whom a four-year degree may not be the right choice. AmeriCrew helps U.S. military veterans obtain careers in building fiber, wireless and electric vehicle charging infrastructure.
Broadband Breakfast Editor and Publisher Drew Clark contributed to this report.
Broadband Speeds Have Significant Impact on Economy, Research Director Says
From 2010 to 2020, a 10.9 percent growth in broadband penetration drove .04 percent increase in GDP, the study found.
WASHINGTON, June 28, 2022 – Broadband and higher speeds have made significant contributions to economic growth over the last decade, according to a study discussed at a Network On conference Tuesday.
Raul Katz, director of business strategy research at Columbia University, conducted his research to determine where the United States economy would be if broadband had not evolved since 2010. He developed four models to explain the economic contribution of broadband, and all found support to suggest that broadband development has contributed to substantial economic growth.
The long-run economic growth model showed that between 2010 and 2020, a 10.9 percent growth in broadband penetration drove a .04 percent increase in gross domestic product – the measure of the value of goods and services produced in the nation. States with higher speed broadband had an economic impact of an additional 11.5 percent.
“States with higher speeds of broadband have a higher economic effect,” said Katz. “Not only is there penetration as a driver, but there’s also… return to speed. At faster speeds, the economy tends to be more efficient.”
The study found that if broadband adoption and speed had remained unchanged since 2010, the 2020 GDP would have been 6.27 percent lower, said Katz.
Caroline Kitchens, a representative for ecommerce platform Shopify, said Tuesday that there’s been great growth in the ecommerce business, which relies entirely on a broadband connection. “Worldwide, Shopify merchants create 3.5 million jobs and have an economic impact of more than $307 billion. It goes without saying that none of this is possible without broadband access.”
“We have really seen firsthand how broadband access promotes entrepreneurship,” said Kitchens, indicating that this has promoted a growing economy in over 100 countries.
- FCC Opens Broadband Data Collection Program
- FCC Commissioner Supports Rural Telco Efforts to Implement ‘Rip and Replace’
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- Leo Matysine: The Impact of C-Band on Advancements in Mobile and Fixed Broadband
- Proposed Antitrust Legislation Not the Way to Regulate Big Tech, Panelists Say
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