The Future of Money as it Affects Payment Systems

1997 ◽  
Vol 8 (1) ◽  
pp. 25-41
Author(s):  
Chris Potts ◽  
Ralph Browning ◽  
Tony de Vizio
Keyword(s):  
Smart Card ◽  
The Internet ◽  
Payment Systems ◽  
Electronic Cash ◽  
Electronic Money ◽  
Multimedia Services ◽  
Payment Mechanism ◽  
New Business ◽  
High Street ◽  
Economical Activity

The concept of electronic money is no longer a hypothesis but a realisation. Advanced smart card technology and the ability to replace physical cash with an electronic alternative is a reality with mass market utilisation being a matter of time, rather than just supposition. Mondex is an “electronic cash” smartcard, which is being introduced as an alternative to physical notes and coins for use in the high street and as a future payment mechanism in a wide variety of areas such as the Internet and multimedia services. It is also the pre-eminent product of its kind for it fully re-combines the existing features of physical money with additional utility; and it has been this type of behaviour which improves an existing paradigm that has advanced payment systems over the ages. Fundamental to any system will be its reliance on security, thereby imposing confidence among its scheme participants and ensuring the scheme’s success. The Mondex chip is virtually impossible—and almost certainly uneconomic—to crack. Therefore, within the features of Mondex—improved flexibility, acceptance, convenience, control, etc.—there exists the assets of security, scaleability and economy. In addition, the Mondex proposition will provide a foundation upon which entirely new business, social and economical activity could occur.

Evolution, Development and Growth of Electronic Money

2011 ◽  
pp. 249-268
Author(s):  
A. Seetharaman ◽  
John Rudolph Raj
Keyword(s):  
Risk Management ◽  
Rapid Change ◽  
Management Approach ◽  
Electronic Payment ◽  
Payment Systems ◽  
Electronic Cash ◽  
Electronic Money ◽  
Electronic Payments ◽  
Problems And Solutions

Traditional cash has long been envisioned to be replaced with ‘virtual’ or electronic cash. Electronic money and electronic payment systems for retail transactions are commanding widespread attention. Undeniably, electronic payment cites advantages such as efficiency and convenience to the consumers. However, with the rapid change and advances in technology, has posed significant risks, related to ensuring security and integrity of electronic payment systems in today’s cyber world. Therefore, this study attempts to understand the role of electronic payments for consumers, and to identify the problems and solutions in the emergence of electronic payments. This study also explores the challenges of electronic payments from a security perspective, in particular, and provides preliminary security countermeasures for each of the issues discussed. Beside that, the study also discusses further on the prospects of electronic payment systems. It is essential to put in place an integrated, overall risk-management approach to security, including independent security assessments as one of the components in the use of electronic payment products.

Viability through Web-Enabled Technologies

2011 ◽  
pp. 122-145
Author(s):  
Dirk Vriens ◽  
Paul Hendriks
Keyword(s):  
Small Businesses ◽  
New Technologies ◽  
Market Potential ◽  
The Internet ◽  
Virtual Office ◽  
New Business ◽  
High Street ◽  
Information And Communication ◽  
On Line ◽  
The Way

It is often claimed that the Internet and associated technologies have paved the way for new types of businesses, new types of consumer behavior, and new types of services (cf. Cameron, 1996; Cronin, 1996; Laudon and Laudon, 1997). The emergence of virtual, office-less organizations, enabled by similar technologies, will—so it is said—profoundly affect both the way we work and the structure and culture of organizations (e.g., Ciborra and Suetens, 1996). Communication technologies and applications have led to the globalization of businesses, opening up new markets as well as new competition, even for small businesses (e.g., Sterne, 1995). The new technologies, brought together under the common denominator of web-enabled technologies (WETs), seem to offer great opportunities for those who recognize them, and severe threats for organizations that have awakened too late. Simultaneously, more deliberate voices call for caution. Anderson (1997, p. 5), for instance, asserts that “few companies are as yet making any money on-line, but plenty are trying.” He points out that this is only one example of the fact that “practically everything that was predicted about electronic commerce three years ago has turned out to be wrong” (ibid., p. 4). According to Anderson, it is a major mistake to equate the market potential of the Internet with its sheer size. Partly because of its size, “today’s Internet is, far from being a perfect market, the high street from hell” (ibid.). Such contradictory signals are bound to puzzle organizations and leave them struggling with questions like: “Could WETs significantly improve our current way of doing business?”; “Could these technologies enable us to define a new business model?” or “Is it just hype and should it better be ignored?” In short, organizations are struggling with questions concerning the usefulness of WETs applied to their own situation. In a sense, this is nothing new since similar questions arise every time a new form of information and communication technology (ICT) is launched. For WETs the need for organizations to address this issue, however, may be more imperative, because their impact on organizations seems to be extremely diverse, highly complex and cannot be compared so easily to that of earlier forms of ICT.

DEVELOPMENT OF ELECTRONIC PAYMENT SYSTEMS IN A PANDEMIC: ANALYSIS OF THE STATE AND FIRECASTING THE CONSEQUENCES

2021 ◽  
Vol 1 (5) ◽  
pp. 112-117
Author(s):  
V. V. TADTAEVA ◽  
◽  
B. E. BAGAEV ◽  
A. A. BESAEVA ◽  
A. E. KALMANOVA ◽  
...  
Keyword(s):  
The State ◽  
Economic Life ◽  
Modern World ◽  
Electronic Payment ◽  
Payment Systems ◽  
Electronic Money

Money is an integral part of the economic life of society. Payments are made both in cash and in non-cash form. During the COVID-19 epidemic, the use of electronic payment systems became the most profitable. The article examines the role of electronic money in the modern world in the context of a pandemic. Is given a rating of e-payment systems in Russia for 9 months. 2020.

The future of the Internet of Things: toward heterarchical ecosystems and service business models

2018 ◽  
Vol 33 (6) ◽  
pp. 749-767 ◽  
Author(s):  
Seppo Leminen ◽  
Mervi Rajahonka ◽  
Mika Westerlund ◽  
Robert Wendelin
Keyword(s):  
Internet Of Things ◽  
Business Model ◽  
Value Chain ◽  
Large Scale ◽  
Business Models ◽  
The Internet ◽  
Content Type ◽  
Industry Collaboration ◽  
New Business ◽  
The Internet Of Things

Purpose This study aims to understand their emergence and types of business models in the Internet of Things (IoT) ecosystems. Design/methodology/approach The paper builds upon a systematic literature review of IoT ecosystems and business models to construct a conceptual framework on IoT business models, and uses qualitative research methods to analyze seven industry cases. Findings The study identifies four types of IoT business models: value chain efficiency, industry collaboration, horizontal market and platform. Moreover, it discusses three evolutionary paths of new business model emergence: opening up the ecosystem for industry collaboration, replicating the solution in multiple services and return to closed ecosystem as technology matures. Research limitations/implications Identifying business models in rapidly evolving fields such as the IoT based on a small number of case studies may result in biased findings compared to large-scale surveys and globally distributed samples. However, it provides more thorough interpretations. Practical implications The study provides a framework for analyzing the types and emergence of IoT business models, and forwards the concept of “value design” as an ecosystem business model. Originality/value This paper identifies four archetypical IoT business models based on a novel framework that is independent of any specific industry, and argues that IoT business models follow an evolutionary path from closed to open, and reversely to closed ecosystems, and the value created in the networks of organizations and things will be shareable value rather than exchange value.

scholarly journals Effect Of Performance Expectancy And Social Influence On Continuance Intention In OVO

2021 ◽  
Vol 25 (1) ◽  
pp. 125
Author(s):  
Zoel Hutabarat, Ian N. Suryawan, Richard Andrew, Februarga P. Akwila
Keyword(s):  
Social Influence ◽  
Payment Systems ◽  
Continuance Intention ◽  
Electronic Money ◽  
In Ovo ◽  
Performance Expectancy ◽  
Long Duration ◽  
Growth System ◽  
System Maintenance ◽  
Facilitating Conditions

The development of online transactions is driving the development of technology in payment systems. One of the most popular electronic money services in Indonesia is OVO. Behind OVO's rapid market share growth, system maintenance problems often arise that often occur without notice and are of long duration. This phenomenon is a doubt of consumers to continue to use OVO in the long term going forward because it does not match expectations and consequently consumers will look for alternative payments. This experience makes consumers unable to feel the price saving program offered and consequently consumers become dissatisfied. This study used a sample of 200 respondents, with a purposive sampling method, and with a questionnaire of 24 indicators. The result found that there is the influence of performance expectancy, social influence on continuance intention. Meanwhile there is no relation to variable effort expectancy, price saving orientation and facilitating conditions to continuance intention.

scholarly journals Some elements of the forensic characterization of bribery

2021 ◽  
Vol 1 (1) ◽  
pp. 240-244
Keyword(s):  
Interest Rates ◽  
Bank Loans ◽  
Payment Systems ◽  
Electronic Money ◽  
Law Enforcement Agencies ◽  
Official Position ◽  
The Subject ◽  
The Relationship ◽  
Investigation Process

In the article, the authors consider the criminalistics aspect of a corruption crime on the example of bribery, the subject of criminal encroachment, the place and time of Commission. The characteristics and features of methods of committing bribery have been given. It has been concluded that the nature of the mechanism in each specific case is directly related to the way the crimes were committed and the personality of the participants, and their interest in concealing the fact of illegal actions and their high official position always serve as a guarantee of the absence of trace information. Bribery has a high latency and has a direct impact on strengthening the attitude of tolerance in society to the manifestation of such behavior, affects the unwillingness of a significant number of citizens to assist law enforcement agencies in identifying, disclosing and investigating corruption crimes. Recently, electronic money has become widespread, which allows offenders to use the various technical capabilities of numerous electronic payment systems and the Internet. The use of electronic money significantly complicates the process of identifying bribe-givers and bribe-takers. The subject of a bribe, together with money and other property, can be property services rendered free of charge, but payable, and certain material benefits, which should be understood, in particular, the underestimation of the value of the transferred property, privatized objects, a decrease in rental payments, interest rates for use of bank loans, etc. The nature of the subject of a bribe may also indicate the nature of the relationship between the subjects of corrupt relations. Nevertheless, the typical characteristics of the personality of the offender, the subject of the bribe, the method of committing the crime and the mechanisms of trace formation, in any case, are the basis for planning and organizing the investigation process of the acts in question.

scholarly journals Analysis of Adi Soemarmo Solo Airport Parking Payment System

2021 ◽  
Vol 2 (1) ◽  
pp. 1-3
Author(s):  
Dwiyana Dwiyana ◽  
Muqorobin Muqorobin
Keyword(s):  
Payment System ◽  
Payment Systems ◽  
Electronic Money ◽  
Application System ◽  
Money Balance ◽  
Final Project ◽  
Cash Payment

The writing of the Semester Final Project with the title Analysis of the Parking Payment System for Adi Soemarmo Airport Solo was compiled based on the results of observations at the exit gate of Adi Soemarmo Airport Solo. Transactions on parking payments often cause problems due to several factors, especially the time or process is quite long because sometimes the money given is too large then the cashier takes too long to give change, besides that sometimes passengers do not prepare the money they want to pay in advance and often passengers pay in a situation of insufficient money and this causes queues or jams at the gate exit. The research objective given by the author later is to provide the best solution for airport parking payment systems. In addition to making it easier for passengers, this will greatly facilitate cashiers when carrying out work operations. This payment application system is called u-nik or electronic money. Where u-nik functions to transfer the money balance data contained in u-nik to a computer using a system called AINO. So that payments occur without spending additional cash. With the existence of non-cash payment transactions using the AINO system, it is hoped that it can facilitate and provide speed in making parking payment transactions without the need to carry cash.

The treasury system of Russia–2021: New development trends amid increasing budgetary constraints

2021 ◽  
Vol 27 (2) ◽  
pp. 244-271
Author(s):  
Ol'ga V. GLUSHAKOVA
Keyword(s):  
Public Finance ◽  
Institutional Environment ◽  
Federal Budget ◽  
Payment System ◽  
Payment Systems ◽  
The Public ◽  
Payment Mechanism ◽  
Power Resources ◽  
Comparison Results ◽  
Regional Budgets

Subject. The article focuses on institutional transformations in bodies of the Federal Treasury in adopting the treasury payment mechanism and treasury service. Objectives. I analyze the performance of the public finance system in Russia during the COVID-19 crisis, and identify steps of the institutional environment emergence so as to adopt the treasury payment system and treasury service. I also evaluate whether it is possible to ensure the balance of the federal budget and regional budgets in Russia by placing temporarily available funds when introducing the treasury payment mechanism and implementing the technology of the single treasury account. Methods. The study is based on the systems and institutional approaches. I also resorted to general methods, such as the analysis, synthesis, comparison. Results. The revenue of the federal budget was found to drop considerably due to the lower business activity in Russia and worldwide and a decrease in the demand and prices for strategic power resources. The article outlines steps of the institutional environment emergence to adopt the treasury payment system and treasury service. Additional income from the placement of temporarily available federal and regional funds was found to be insufficient to ensure the balance of the above budgets. Conclusions and Relevance. Going beyond the structural conservatism of the national economy will lower the public finance sustainability risks amid rapidly changing development challenges, including the COVID-19 that outbroke worldwide in 2020. The findings can be used for practical purposes by the Federal Treasury and other parties to the treasury payment systems so as to improve its performance.

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