The Importance Of The Retail Payment System
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The Importance Of The Retail Payment System
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Author : Hal S. Scott
language : en
Publisher:
Release Date : 2014
The Importance Of The Retail Payment System written by Hal S. Scott and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014 with categories.
This article explores the importance of an efficient retail payment system and develops an integrated framework for evaluation of the retail payment system by policy makers. It examines the costs and benefits of the various types of retail payment system, focusing on the seven desirable benefits of the retail payment system: (1) finality and reversibility; (2) universality (ability to use at point of sale and remotely); (3) recordkeeping; (4) liquidity (maximizing interest earning assets); (5) security and safety; (6) financial inclusion and access; and (7) fungibility and ease of use (seven benefits).The article discusses the Coase Theorem, a proposition from transaction cost economics that provides a useful tool for analyzing transaction efficiency. Increased costs are not bad per se since parties are often willing to incur higher costs to achieve their desired results, e.g. higher costs for a more secure form of payment. Indeed, higher costs may often generate higher value to both parties to a transaction. What one wants to reduce are “friction” costs, costs that neither party wants to pay to achieve a desired result, e.g. higher costs produced by lack of information.While each retail payment system provides certain advantages, e.g. cash for small transactions, overall the analysis suggests that debit and credit cards represent the most desirable payment system for achieving the seven benefits set forth above. This is supported by statistics that indicate that retail payments have increasingly moved toward card payments.
Governance Of Retail Payment Systems
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Author : World Bank
language : en
Publisher:
Release Date :
Governance Of Retail Payment Systems written by World Bank and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on with categories.
As innovation in retail payments continues and the systems evolve, effective governance of them becomes more complicated and increases in importance. Retail payment systems are essential for the economy to function efficiently, and more and more, they are something on which all individuals rely on in order to participate in economic life. Effective governance arrangements of retail payment systems are critical not just for the stability, reliability, and efficiency of the financial system but also for its capacity to manage and respond to the changing policy and market environment. Governance calls for focused attention, and retail payment systems deserve and require distinct and specific guidance regarding governance. This is because issues related to retail payment system governance go beyond the typical corporate issues, precisely because of the underlying public interest and the broader public policy objectives of safety and efficiency. This paper provides context and considerations regarding the governance of retail payment systems within this changing environment. It provides examples of approaches specific to the governance of retail payment systems and the different factors that influence and guide them. It refers to related legal frameworks, principles, and reference materials that may be useful in conducting reviews. And it draws on and shares examples of the challenges, frameworks, and arrangements of specific countries and systems. The paper provides specific guidance for practical matters, such as the regular assessment and revision of governance arrangements, the importance of acknowledging public interest, maintaining access rules that are in line with market needs and developments, achieving and maintaining a high degree of transparency regarding governance, and in ensuring that the board and management have the right skills and knowledge. The paper concludes with several themes for consideration that will help authorities and other relevant stakeholders navigate the topic of governance for retail payment systems.
Retail Payments
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Author : Weltbankgruppe
language : en
Publisher:
Release Date : 2016
Retail Payments written by Weltbankgruppe and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016 with categories.
Retail payment systems play an important role in the smooth functioning of an economy and inefficiencies in the retail payments market can have cascading effects throughout the economy. While there are a number of issues that are responsible for the persistence of inefficiencies in retail payment markets, the lack of a coherent, holistic strategy for the development of retail payment systems is among the most common. In order to develop such a strategy, it is important to economically substantiate the migration from less cost-efficient retail payment instruments (typically cash and paper-based instruments) to more cost-efficient ones (typically electronic payments). Overall, establishing a sound economic baseline for national retail payment systems in terms of costs of different payment instruments can better guide system development and enable high-impact changes. This document is designed to serve as a practical guide for central banks and other public or private-sector stakeholders interested in conducting a study on the costs of day-to-day retail payments in their economies. The results of a cost study based on this methodology can help decision makers to agree on the targeted gains in efficiency in their retail payments system, define an implementation plan for achieving a desired future mix of payment instruments, and provide information for all stakeholders involved in the retail payments market.
Payment Systems Monetary Policy And The Role Of The Central Bank
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Author : Mr.Richard K. Abrams
language : en
Publisher: International Monetary Fund
Release Date : 1998-03-18
Payment Systems Monetary Policy And The Role Of The Central Bank written by Mr.Richard K. Abrams and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1998-03-18 with Business & Economics categories.
A payment system encompasses a set of instruments and means generally acceptable in making payments; the institutional and organizational framework governing such payments, including prudential regulation; and the operating procedures and communications network used to initiate and transmit payment information from payer to payee and to settle payments. This book, by Omotunde E.G. Johnson, with Richard K. Abrams, Jean-Marc Destresse, Tony Lybek, Nicholas Roberts, and Mark Swinburne, identifies main policy and strategic issues in payment system reform, describes the structure of payment systems in selected countries, highlights areas of consensus, and suggests the direction for future policy analysis.
The Book Of Payments
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Author : Bernardo Batiz-Lazo
language : en
Publisher: Springer
Release Date : 2016-12-04
The Book Of Payments written by Bernardo Batiz-Lazo and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-12-04 with Business & Economics categories.
This book examines the nature of retail financial transaction infrastructures. Contributions assume a long-term outlook in their exploration of the key financial processes and systems that support a global transition to a cashless economy. The volume offers both modern and historic accounts that demonstrate the constantly changing role of payment instruments. It brings together different theoretical approaches to the study, re-examining and forecasting changes in retail payment systems. Chapters explore a global transition to a cashless society and contemplate future alternatives to cash, cheques and plastic, featuring the perspectives of academics from different disciplines in conversation and industry participants from six continents. Readers are invited to discover the innovation in payment systems and how it co-evolves with changes in society and organisations through personal, corporate and governmental processes.
Contactless Retail Payment System Second Edition
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Author : Gerardus Blokdyk
language : en
Publisher: 5starcooks
Release Date : 2018-11-25
Contactless Retail Payment System Second Edition written by Gerardus Blokdyk and has been published by 5starcooks this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-11-25 with categories.
What would be the goal or target for a Contactless Retail Payment System's improvement team? How did the Contactless Retail Payment System manager receive input to the development of a Contactless Retail Payment System improvement plan and the estimated completion dates/times of each activity? What may be the consequences for the performance of an organization if all stakeholders are not consulted regarding Contactless Retail Payment System? What are your current levels and trends in key Contactless Retail Payment System measures or indicators of product and process performance that are important to and directly serve your customers? What threat is Contactless Retail Payment System addressing? Defining, designing, creating, and implementing a process to solve a challenge or meet an objective is the most valuable role... In EVERY group, company, organization and department. Unless you are talking a one-time, single-use project, there should be a process. Whether that process is managed and implemented by humans, AI, or a combination of the two, it needs to be designed by someone with a complex enough perspective to ask the right questions. Someone capable of asking the right questions and step back and say, 'What are we really trying to accomplish here? And is there a different way to look at it?' This Self-Assessment empowers people to do just that - whether their title is entrepreneur, manager, consultant, (Vice-)President, CxO etc... - they are the people who rule the future. They are the person who asks the right questions to make Contactless Retail Payment System investments work better. This Contactless Retail Payment System All-Inclusive Self-Assessment enables You to be that person. All the tools you need to an in-depth Contactless Retail Payment System Self-Assessment. Featuring 703 new and updated case-based questions, organized into seven core areas of process design, this Self-Assessment will help you identify areas in which Contactless Retail Payment System improvements can be made. In using the questions you will be better able to: - diagnose Contactless Retail Payment System projects, initiatives, organizations, businesses and processes using accepted diagnostic standards and practices - implement evidence-based best practice strategies aligned with overall goals - integrate recent advances in Contactless Retail Payment System and process design strategies into practice according to best practice guidelines Using a Self-Assessment tool known as the Contactless Retail Payment System Scorecard, you will develop a clear picture of which Contactless Retail Payment System areas need attention. Your purchase includes access details to the Contactless Retail Payment System self-assessment dashboard download which gives you your dynamically prioritized projects-ready tool and shows your organization exactly what to do next. You will receive the following contents with New and Updated specific criteria: - The latest quick edition of the book in PDF - The latest complete edition of the book in PDF, which criteria correspond to the criteria in... - The Self-Assessment Excel Dashboard, and... - Example pre-filled Self-Assessment Excel Dashboard to get familiar with results generation ...plus an extra, special, resource that helps you with project managing. INCLUDES LIFETIME SELF ASSESSMENT UPDATES Every self assessment comes with Lifetime Updates and Lifetime Free Updated Books. Lifetime Updates is an industry-first feature which allows you to receive verified self assessment updates, ensuring you always have the most accurate information at your fingertips.
E Money Retail Payment Systems And Countries In Transition
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Author : Aleksandar Stojanovic
language : en
Publisher:
Release Date : 2004
E Money Retail Payment Systems And Countries In Transition written by Aleksandar Stojanovic and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004 with categories.
This paper analyzes general public policy issues, and opportunities and threats for Countries in Transition (CIT) in particular, brought about by the electronic money and other electronic retail payments systems developments. The strengths and weaknesses of CIT financial systems, with regard to the new payment technologies, are also assessed. The study looks at retail payment systems and importance of cash in CIT, and identifies general business and public policy implications of e-money. It is argued that the new payment instruments, and e-money in particular, can contribute to cash substitution and development of more efficient payment and banking systems practice in CIT, and inspire competition among financial intermediaries.
From Remittances To M Payments
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Author : Weltbank
language : en
Publisher:
Release Date : 2012
From Remittances To M Payments written by Weltbank and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012 with categories.
Retail payment systems play an important role in the smooth functioning of any economy, and thus any inefficiency in the retail payments market can send negative effects cascading throughout the financial realm. The World Bank Global Payment Systems Survey 2010 has shown that inefficiencies persist in the payment systems of many middle-income and low-income countries, with cash continuing to be the most widely used instrument for small-value payments. A number of issues are responsible for this pattern, and the lack of a coherent, holistic strategy for the development of retail payment systems is among the most common. The lessons learned during more than a decade of World Bank Group technical assistance, along with the research findings of other international and national agencies, have been merged into a comprehensive package for the development and reform of the national retail payments system: a) developing a comprehensive national retail payments strategy aims to provide public authorities and market participants with detailed guidance on how to develop and implement a comprehensive, strategic retail payments reform ; b) a practical guide for retail payments stocktaking identifies a methodology for undertaking a detailed stocktaking of a countrys retail payments landscape; c) from remittances to m-payments: Understanding alternative means of payment within the common framework of retail payments system regulation explores the development of a normative framework to underpin an efficient retail payments industry, including the so-called innovative payment mechanisms; and d) innovations in retail payments worldwide: a snapshot: outcomes of the global survey on innovations in retail payments instruments and methods 2010 presents the results of the first World Bank survey among central banks that collected information on innovative retail payment products and programs.
The U S Payment System Efficiency Risk And The Role Of The Federal Reserve
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Author : David B. Humphrey
language : en
Publisher: Springer Science & Business Media
Release Date : 2012-12-06
The U S Payment System Efficiency Risk And The Role Of The Federal Reserve written by David B. Humphrey and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-12-06 with Business & Economics categories.
The U.S. payment system is in the midst of a significant transition. Some of the changes to our payment system, involving its efficiency, the risks inherent in the payment process, and the role of the private and public sectors in the payment mechanism, are the subject of considerable debate and controversy. In recent years, the Federal Reserve Bank of Richmond has played an active part in the development and implementation of policies to improve the payment process. The Bank's operations staff has represented the Federal Reserve System in work with the banking industry to help shape and implement programs to increase efficiency and reduce payment risk. Further, our Research Department has made payment system research an important part of its agenda. The mix of practical experience and research has resulted in a unique perspective on payment system issues that led us to organize a symposium on the U.S. payment system, held on May 25-26, 1988, in Williamsburg, Virginia. Reflecting our belief in the importance of combining both practical experience and theory in addressing payment issues, we invited practi tioners, scholars, and policymakers to share their ideas. The symposium provided an opportunity for those researchers who are studying p- xi PREFACE xii ment issues to present their ideas and to have these ideas evaluated by experienced practitioners.
The Puzzle Of Payments Security
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Author : Tyler Moore
language : en
Publisher:
Release Date : 2016-03-29
The Puzzle Of Payments Security written by Tyler Moore and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-03-29 with categories.
Payments security is a forefront issue today: incessant cyber-attacks, large-scale data breaches that expose millions of consumers? sensitive information and billions of dollars of fraudulent payment transactions in a year. On June 25-26, 2015, the Federal Reserve Bank of Kansas City hosted its fifth international payments policy conference, ?The Puzzle of Payments Security: Fitting the Pieces Together to Protect the Retail Payments System.? More than 120 payments system participants and observers met to exchange their thoughts and views on payments security and fraud as matters of importance for preserving public confidence in worldwide retail payment systems. Some of the questions that were addressed included: What economic principles underlie the determinants of payments security? What options are available to better align incentives of payments stakeholders? How best are resources allocated between preventing, detecting, and responding to payments security threats? How should the changing threat landscape affect the ways in which sensitive information is secured and used for retail payments? What roles should private players and public authorities play to solve the puzzle of retail payments security?