西联汇款CEO：电子货币的缺陷

    大家最近有没有读到什么关于电子货币的好文章？

    似乎每天至少有一家主流刊物会提到电子货币市场的发展，同时认为电子货币技术有潜力颠覆支付领域。

    身为西联汇款（Western Union）的首席执行官，我曾在多个公开场合被问及如何看待电子货币和跨境支付。虽然我已经谈到过这个问题，但在为《财富》网站（Fortune.com）所写的三篇系列文章中，我打算好好谈谈将在电子货币演变中起作用的几个问题，特别是它与我们企业的关系。

    虽然企业家、风险投资者和传媒格外青睐电子货币，但就本质而言，它仍是“第一世界”的金融工具。目前最主要的问题是，如果从国际交易的双方看，无论是个人还是企业，对这种新技术都没有明显需求。就目前的经济体系而言，电子货币没有用武之地，但它的潜力不容小觑，我对此也兴趣盎然。

    每一笔国际交易都有支付方和接收方。无论是普通个人向海外亲属兑汇钱款；还是企业在寻找在不同国家进行支付的方法以降低外汇兑换风险；抑或是非政府组织向灾难过后深陷困境的人群发放援助，每笔交易都有各自的要求。

    涉及这一点，电子货币目前并不能使接收方获益。难道菲律宾边远农村的人们能正常使用收到的电子货币吗？中小型企业有花费和交易电子货币的技术吗？最重要的一点，接收方，无论是个人还是企业真的想要电子货币吗？如果有得选择，他们会更倾向现金或是银行汇款吗？

    再者，货币交易是一种具有情感的交易行为。大家进行任何交易的时候，信任是首先要考虑的问题。虽然电子货币潜力巨大，未来有望在解决交易双方信任方面有所突破，但最近几个大事件无一不在警醒我们，这项初出茅庐的新技术现在还远未成熟。如果电子货币不能持续进步以保护消费者的权益，并最终转化为更高的可靠性，那么我相信，个人和企业仍然会继续使用现金、银行账户和银行卡。

    我听到有关电子货币最多的话题是它能颠覆现有的商业模式，将更多人纳入全球金融体系。技术能成为“向善的力量”，我一点也不怀疑这种看法。

    不过，如果消费者大举采用电子货币，我认为它可能首先在发达国家作为企业支付工具出现。如果电子货币受到监管，并被用于汇款，我们将需要跨境转移电子货币，并以现金支付，或转入收款方所持有的受管控货币的账户。

    消费者接受电子货币只是一个方面。监管和合规问题也必须考虑，这方面可谓任重道远。关于电子货币的对话每天都在不断发展，在正式的监管到位之前，这种对话可能会走两步退一步。但说到底，这是电子货币真正融入全球支付业务的必由之路。

    本文作者贺博睿是西联汇款的首席执行官。（财富中文网）

    译者：项航

    Read any good articles about digital currencies lately?

    It seems that not a day goes by without at least one major publication citing developments in the digital currency market, and the presumed potential of the technology to disrupt the payments space.

    As CEO of Western Union (WU), I've been asked in various public forums about my position on digital currencies and cross-border payments. While I've touched on the subject, in this three-part series for Fortune.com, I intend to address several items that will play a role in the evolution of digital currencies, particularly as it relates to our business.

    The current digital currency narrative, while certainly attractive to entrepreneurs, venture capital, and the media, is extremely "First World" in nature. And a primary question remains -- do such innovations, as we know them today, address the needs of consumers and businesses on both sides of an international transaction? In its current form, the answer is no, but there's potential, and that is something I am watching with great interest.

    For every international payment, there is a sender and a receiver. Whether it's a customer moving money to family members in another country; a business looking for solutions to pay invoices in different currencies while managing foreign-exchange risks; or a non-governmental organization trying to get money into the hands of those who need it most after a disaster, each has their own requirements.

    Up to this point, the digital currency conversation has not addressed the practicalities on the receive-side. Will the person receiving digital currency in a rural village in the Philippines be able to use it? Will the small or medium-sized enterprise have the technology capacity to spend, or transfer it? And most importantly, does the receive-side consumer or business actually want digital currency -- if given the choice, would they prefer cash, or want the money in their bank accounts?

    Furthermore, the transfer of funds is an emotional transaction, and when you are dealing with payments of any kind, trust is a major factor. While digital currency has potential to enhance customer and business trust, several recent events within the space underscore the early-stage development of the technology. Without continued enhancements to ensure consumer protection, which ultimately translates to increased reliability, I believe consumers and businesses will continue to gravitate to cash, bank accounts, and cards.

    What I often hear about digital currencies is the power of technology to transform business models and bring more people into the global financial system. And I certainly do not dispute the notion that technology can be a force for good.

    However, if there is significant consumer adoption of digital currencies, I think it is likely to occur first in the developed world as a business payments vehicle. If and when it is regulated and used for remittances, a need will arise to transfer digital currency across borders, and pay out in cash, or into accounts maintained in regulated currency by the receiver.

    Consumer adoption is just one part of the digital currency story. Regulation and compliance issues also need to be addressed, and much work remains to be done in this regard. The conversation continues to evolve on a daily basis, and it may be a case of two steps forward, one step back, before we see formal regulation in place. But in the end, this is a path digital currencies must walk, before they can arrive, at scale, within the global payments business.

    Hikmet Ersek is CEO of Western Union.