The origins of cryptocurrencies are both political and technological. To understand their purpose and usefulness, we will present these two origins by looking first at their ideological roots, then by briefly describing the cryptographic and information technologies used in rolling out blockchain solutions.
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A large share of Fintech companies are active in the field of payment services. The European Commission has taken note of their expansion, driven both by the immediate interest of consumers in cheaper and more innovative financial services and by the belief that the harmonisation of payment services is a prerequisite to the creation of a digital single market. ...
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Money is a technique and techniques develop, recasting society in the process. As a result, we need to look at the technical nature of money and its long history, in tandem with societal upheaval. Assuming that money is based on trust, and that this trust develops, this paper attempts, by using examples from this long history, to present factual material that provides an understanding of the ...
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Despite the steady increase in the number of card payments and the growing spread of innovative electronic payment solutions (such as contactless, mobile and instant payments), the circulation of paper money continues to rise in most developed countries.
This only seems like a paradox, for numerous studies and estimates show that the proportion of banknotes held for ...
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November 2017 marked the rollout of instant payment. Using instant payment, sums (initially capped at €15,000) can be immediately transferred to and from accounts. The money will be available in the beneficiary’s account in less than ten seconds, and payments can be made 24 hours a day, seven days a week, every day of the year.
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Payment services in the United Kingdom have undergone a thoroughgoing change. British consumers and firms were resigned to antiquated, second-rate payment services, and to waiting at least three days for a payment to be executed. Over the past decade, they have become accustomed to nearly instant bank transfers and to a burgeoning offer of new services. ...
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Sweden is a low cash society on the verge of becoming a very, very low cash society. Decreasing cash usage is, of course, mirrored in increasing use of electronic payments. The Swedish Central Bank managed to construct a scheme where the fast payments are backed by central bank money. Today, over half of the Swedish population have downloaded the fast payments app (Swish) on their smart ...
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Is this the end of cash in France? Only the future will tell us but, for now, one thing is certain: the French have never made wide use of cash to pay their bills. This is not simply due to their dislike of coins and notes but also, and perhaps above all, to the French authorities’ use of regulations to steer payment habits for several decades now.
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There are many ways to design Digital Base Money (DBM) for non-banks. The different options have potential impacts – both positive and negative – that need to be studied and considered carefully. Only when the best way of designing DBM has been identified, can a decision be made as to whether DBM of non-banks should be introduced at all.
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The increasing penetration rate of smartphones changes behaviors based on mobile unique features. Our research provides a first attempt to better understand the adoption of in-store smartphone usage to enhance a brick-and-mortar experience. More particularly, it focuses on proximity mobile payment (p-m-payment), which corresponds to a recent tendency of shoppers to finalize...
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The accelerating digital revolution and the development of new payment instruments represent a major challenge for anti-money laundering and combating the financing of terrorism (AML/CFT). Some of these instruments are definitely risky.
In 2016, due to the terrorist threat, French lawmakers restricted the use of electronic money, especially prepaid cards. ....
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Digital currencies represent a small proportion of transactions and are currently not a danger for monetary policy or financial stability. Nevertheless, they are experiencing a spectacular rise. Combining a new form of currency and a new payment system, these digital currencies could, in the near future, be “disruptive” for the banking system and for central banks. ...
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You usually have to use an implicit or explicit standard, such as a model or average of observed cases, to pinpoint specific characteristics. For money, the standard is so prevalent that it sometime flags up characteristics, that are ultimately fairly normal, as being specificities. These characteristics do however provide an unconventional view of monetary issues. ...
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