Payment systems are one of the key Financial Market Infrastructures (FMIs) and have showed remarkable progress over the past two decades. The first half of this chapter focuses on the evolutionary process of payment systems, starting with the Deferred Net Settlement (DNS) system and progressing to the RealTime Gross Settlement (RTGS) system. Subsequently, much more sophisticated payment systems...

Abstract: As moving businesses from face-to-face trading, mail order and telephone order to electronic commerce over open networks such as the Internet, there be an exponentially growth in electronic payment transactions. Therefore, monitoring and evaluating the current electronic payment systems greatly affects the efficiency of money transactions, trades and, finally, the overall economy of t...

This paper addresses the impact of payment systems on the rate of technology adoption. We present a model where technological shift is driven by demand uncertainty, increased patients’ benefit, financial variables, and the reimbursement system to providers. Two payment systems are studied: cost reimbursement and (two variants of) DRG. According to the system considered, adoption occurs either w...

Payment systems are one of the key Financial Market Infrastructures (FMIs) and have showed remarkable progress over the past two decades. The first half of this chapter focuses on the evolutionary process of payment systems, starting with the Deferred Net Settlement (DNS) system and progressing to the RealTime Gross Settlement (RTGS) system. Subsequently, much more sophisticated payment systems...

Mobile financial services has brought a revolution in developing nations. More and more people from the rural areas are now using financial services provided by mobile phones. Though still in its infancy its potential is tremendous. Mobile payment services have made it easy n cost effective to transfer money from one corner of the world to another improving the lives of many underprivileged wor...

In this paper, we propose a micro-payment system that is able to apply to several vendors using only one hash chain. Explicitly, this scheme can be considered as an improvement and extension of PayWord [8] suggested by Rivest and Shamir in 1996. We focus on the scheme that guarantees atomicity and non-repudiation among requirements for payment systems. Atomicity and non-repudiation play an impo...

As an emerging decentralized technology, peerto-peer architecture arises as a new model for distributed computing and transaction, consequently there is a need for a scheme to incorporate payment services in this environment to enable electronic payment via peer-to-peer systems. In this paper, a transferable token is proposed for peer-to-peer payment system, which can float from a peer to anoth...

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Modern financial institutions have cashed in on the electronic business opportunities of the Internet by developing numerous payment systems to meet various payment service requirements. Advanced computer systems and telecommunications technology are being used to offer fast, convenient, and secure ways to conduct financial transactions at service and security levels that are hardly or never ac...