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Keywords:Smart cards 

Working Paper
Stored value cards: costly private substitutes for currency

A model in which both currency and stored value cards are used to make payments is presented. I compare steady-state equilibria with and without stored value cards. Stored value cards are beneficial because they help alleviate the deadweight loss due to inflation. When the nominal interest rate is greater than the government's resource cost of providing currency, the alternative means of payment may have larger real resource costs than the currency it replaces. Stored value results in either a net increase or a net decrease in economic welfare depending upon whether average costs are below or ...
Working Paper , Paper 96-03

Journal Article
Why has stored value not caught on?

Why have general-purpose stored-value cards been unsuccessful in penetrating the U.S. market? Three necessary conditions for a payment instrument to be successful are discussed: consumers and merchants need to be convinced of its advantages over existing payment alternatives for at least some types of transactions; payment providers must convince consumers and merchants simultaneously of its benefits to achieve critical mass; and assure them that adequate safety and security measures have been implemented. This article discusses the credit card industry's success in meeting these necessary ...
Emerging Issues , Issue May

Conference Paper
International comparisons: lessons learned

Proceedings , Paper 747

Conference Paper
Opening remarks

Proceedings , Paper 654

Conference Paper
Workshop overview

Proceedings , Paper 655

Conference Paper
The payment provider perspective

Proceedings , Paper 657

Conference Paper
Lessons learned from past payments experiences

Proceedings , Paper 656

Conference Paper
The law's role in payments

Proceedings , Paper 658

Conference Paper
Where to go from here?

Proceedings , Paper 659

Conference Paper
Technology's role in payments

Proceedings , Paper 661

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