In the context of the development of e-commerce on the Internet, a lot of electronic payment systems have been set up in order to secure online payments. To understand the success of Internet payment systems it is necessary to analyze the strategies of e-commerce players: consumers, "cyber...

In this paper, we study the development of mobile payments as an innovation in developed countries. In particular, we introduce five cooperation models that have emerged or could emerge between banks, mobile network operators, and payment systems, for the development of this new payment method....

The purpose of the paper is to consider how the financial system might change from technology that is introducing new forms of electronic money that by-passes banks, current laws and institutional practices. The introductory first Section identifies the illogical and inefficient features of the...

Bitcoin has portrayed itself as an alternative monetary system. For some it is meant to serve a parallel online p2p economy. For others it even poses a challenge to the established monetary system. We concentrate on the claim for Bitcoin as a possible replacement of established money and derive...

This paper examines oversight issues that underlie the potential growth and risks in mobile payments. International experience suggests that financial authorities can develop effective oversight frameworks for new payment methods to safeguard public confidence and financial stability by...

Global economic trade is often argued to be as old as trade. The question of the nature of the exchange is the issue. While tin from England may have reached Sumeria 4,000 years ago, or Phoenicians' ships entered the Africa area of Cape Palmas at about the same time, the problem of exchange is a...

Inspired by the great thinkers Knut Wicksell, Friedrich Hayek and Eugene Fama, I propose a pure inside credit money that is elastic and responds to demand automatically. Wixles could serve all the functions of money, pay interest, and not be tied to an external currency or commodity

A number of internet-based digital currency platform based on decentralized public ledgers have started since the introduction of the blockchain concept by the founder of Bitcoin in 2008. An important element of these public ledger platforms is an incentive system that elicits efforts from a...

We study the economics of Bitcoin transaction fees in a simple static partial equilibrium model with the specificity that the system security is directly linked to the total computational power of miners. We show that any situation with a fixed fee is equivalent to another situation with a...

This article examines the governance structure of retail payments in the United States, provides an overview of payment fraud, and discusses in depth the liability frameworks for fraud involving specific payment methods. It also presents a series of recommendations that describe how the public...