Changing Face of Money: Will Electric Money

Although the cashless society has been predicted for at least twenty years, the new forms of card-based and software based electronic money may prove to be a partial alternative to the current forms of payment. This study examines these emerging electronic money systems and their possible adoption, primarily in the United States.

List of Figures

ix

List of Tables

xi

Preface

xiii

Introduction

3

(8)

Money: What it is and How it works

11

(14)

The Importance of Money

12

(2)

Other Views of Money

14

(2)

Is Electronic Money Really Different?

16

(1)

Other New Payment Methods

16

(9)

Paper Money

17

(2)

Credit Cards

19

(6)

An Overview of Electronic Money---Its Forms and Functions, Standards and Design Issues

25

(24)

History of Smart Cards

25

(2)

Chips vs. Magstripe Cards

27

(1)

Designs of Stored-Value Cards

28

(7)

Software-based Electronic Money

35

(3)

Standards

38

(2)

Security Issues

40

(2)

The Need for a Dominant Design

42

(1)

Will a Dominant Design Emerge?

43

(2)

Conclusions

45

(4)

Innovation, Diffusion, and Electronic Money

49

(22)

Innovation and Diffusion

50

(3)

Rates of Adoption

53

(8)

Credit Cards

53

(4)

Cellular Phones

57

(3)

Electronic Money Systems

60

(1)

Lessons to Be Learned

61

(5)

Network Economies

66

(1)

Conclusions

67

(4)

Electronic Money Pilot Programs

71

(16)

The Mondex Pilots

72

(5)

The VisaCash Piolts

77

(3)

PROTON

80

(1)

Europay Clip

81

(1)

The Netherlands Program

81

(1)

Other Pilots and Programs

82

(1)

Closed Systems

82

(1)

Developing Countries

83

(1)

Lessons Learned from the Pilots

83

(4)

Policy and Legal Issues of Electronic Money

87

(18)

Policy and Regulatory Issues

88

(1)

U.S. Current and Proposed Regulations

88

(2)

Basel Committee and the G-10 Proposals

90

(5)

Regulations in the G-10 Countries

95

(4)

Legal Framework Issues

99

(2)

Conclusions

101

(4)

Final Thoughts and Conclusions

105

(16)

Are Americans Different?

105

(2)

Payments in the U.S.

107

(2)

The Market for Electronic Money

109

(2)

Introduction of Other Payments Methods

111

(1)

Conclusions

112

(5)

Future Research Efforts

117

(4)

Bibliography

121

(8)

Index

129

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Changing Face of Money: Will Electric Money Be Adopted in the United States?

Summary

Table of Contents

Supplemental Materials