By David S. Evans
ISBN-10: 0262050625
ISBN-13: 9780262050623
ISBN-10: 0585199655
ISBN-13: 9780585199658
"This very readable booklet will allure not just to coverage makers and enterprise executives, but additionally to the theoretically prone economist. Evans and Schmalensee offer a rigorous research and deep insights in regards to the bank card industry's attention-grabbing institutional positive factors. Paying with Plastic significantly advances the country of our wisdom and is a outstanding achievement." -- Jean Tirole, Institut D'Economie Indutrielle, France Over the process heritage there were 4 significant strategies in how humans pay for issues: steel cash in precedent days, tests within the heart a long time, paper cash nowa days, and now check playing cards. due to the fact Diners membership issued its first credit cards in 1950, fee cards--credit, debit, and cost cards--have revolutionized how and whilst we pay for items and prone. In 1998 U.S. shoppers had greater than 720 million cost playing cards, which they can use to pay for items and prone at greater than four million service provider destinations within the usa and one other eleven million in different nations. David Evans and Richard Schmalensee supply a nontechnical distillation in their years of analysis at the fiscal, technological, and institutional forces that experience formed the cost card undefined. They convey how pageant works in an that doesn't smartly healthy any of the traditional financial types. They describe how the marketers in this solved the chicken-and-egg challenge: retailers won't take playing cards if few shoppers use them, and shoppers won't use playing cards if few retailers take them. in addition they describe how the cost card businesses equivalent to credit card and Visa have constructed advanced platforms for coordinating transactions between their millions of financial institution contributors and hundreds of thousands of cardholders and accepting retailers. Evans and Schmalensee additionally describe fresh advancements within the and look at its most likely evolution.
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Additional resources for Paying With Plastic: The Digital Revolution in Buying and Borrowing
Example text
S. banking. For example, Chase Manhattan Corporation offers consumer banking services only in New York, New Jersey, and Connecticut. BankBoston has branches throughout New England but nowhere else. By contrast, the Bank of Montreal operates throughout Canada, Deutsche Bank throughout Germany, and Sanwa throughout Japan. S. banks is matched by the complex web of laws and regulationsboth state and federalthat restrict their operations. The alphabet soup of federal bank regulatory agencies is impressive enough: FRB (Federal Reserve Board), FDIC (Federal Deposit Insurance Corporation), OCC (Office of the Comptroller of the Currency), OTS (Office of Thrift Supervision), and NCUA (National Credit Union Administration).
Credit and charge cards have led a revolution in money for the past twenty-five years. Most of the focus of this book is on credit and charge cards, since their past and present story provides valuable lessons for the future of all electronic-payment cards. S. Economy Payment Cards Are a Major Means of Exchange Payment cards have become an essential means of exchange in the economy because they provide consumers and merchants considerable advantages over cash and checks. Cash is bulky. The typical credit card purchase is slightly more than $75.
The second development was the creation of a strong central bank, the Federal Reserve System, in 1913. The Federal Reserve Act of 1913 authorized the issuance of Federal Reserve Bank notes. This currency, which was secured by direct obligations of the United States, became the standard. By 1920, 69 percent of money (hand-tohand currency plus cash in bank vaults) consisted of Federal Reserve notes and deposits. S. monetary system was the creation of a national check-clearing system by the Federal Reserve Board.
Paying With Plastic: The Digital Revolution in Buying and Borrowing by David S. Evans
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