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Conference Paper
Workshop overview
Journal Article
What's really new about the new forms of retail payment?
Rapid developments in technology have brought about new methods of retail payment-such as remote banking, electronic cash, and debit, stored-value, and smart cards-that were unavailable a decade ago. Some observers believe that these alternative payment methods will differ from traditional methods not only in a technological but also in an economic sense and will alter how consumers and businesses interact. ; This article examines the question of whether, from the standpoint of economic theory, there is or will likely be anything new about these new forms of payment. The author describes some ...
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
Electronic money
An exploration of the issues that must be addressed if stored-value cards and other electronic money systems are to be major payment mechanisms in the global financial market.
Conference Paper
The payment provider perspective
Conference Paper
Opening remarks
Journal Article
Network externalities: the catch-22 of retail payments innovations
An investigation of one of the reasons why electronic payments have not yet supplanted cash and checks in retail transactions: Consumers willingness to use an innovation depends on the number of merchants who have already adopted it, and merchants willingness to invest in the innovation depends on the number of consumers who are already using it.
Conference Paper
Technology's role in payments
Conference Paper
Where to go from here?