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Classifying payment instruments: A matryoshka approach

Author

Listed:
  • Valérie-Anne BLEYEN

    (Vrije Universiteit Brussel)

  • Leo VAN HOVE

    (Vrije Universiteit Brussel)

  • Monika HARTMANN

    (European Central Bank)

Abstract

The payments market is a dynamic market. Novel payment instruments are being launched at a fast clip. Unfortunately, a classification that adequately distinguishes all possible payment instruments by their most relevant characteristics is missing in the literature. In this paper a classification system is introduced that – just like a matryoshka doll – consists of multiple nested layers. The classification has five layers, comprising the type of money, the core payment mechanism, the channels and networks involved, the form factor and authentication device used, and, ultimately, seven generic payment methods. The idea is that a specific combination of features from each of the five layers ultimately defines a real-life payment instrument. Besides its comprehensiveness, the added value of the classification is that it reveals the true nature of a payment instrument, which on closer scrutiny may not be all that novel.

Suggested Citation

  • Valérie-Anne BLEYEN & Leo VAN HOVE & Monika HARTMANN, 2010. "Classifying payment instruments: A matryoshka approach," Communications & Strategies, IDATE, Com&Strat dept., vol. 1(79), pages 73-94, 3rd quart.
    • Handle: RePEc:idt:journl:cs7905
    as

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    File URL: http://repec.idate.org/RePEc/idt/journl/CS7905/CS79_VANHOVE_et_al.pdf
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    References listed on IDEAS

    as
    1. Kreyer, Nina & Pousttchi, Key & Turowski, Klaus, 2002. "Characteristics of Mobile Payment Procedures," MPRA Paper 3786, University Library of Munich, Germany.
    2. Stroborn, Karsten & Heitmann, Annika & Leibold, Kay & Frank, Gerda, 2004. "Internet payments in Germany: a classificatory framework and empirical evidence," Journal of Business Research, Elsevier, vol. 57(12), pages 1431-1437, December.
    Full references (including those not matched with items on IDEAS)

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    Cited by:

    1. James ALLEMAN & Paul RAPPOPORT, 2010. "Mobile Money: Implications for Emerging Markets," Communications & Strategies, IDATE, Com&Strat dept., vol. 1(79), pages 15-28, 3rd quart.
    2. Aloys Prinz, 2019. "The microeconomics of mobile payments," Netnomics, Springer, vol. 20(2), pages 129-151, December.
    3. Barbara Gawior & Michal Polasik & Josep Lluís del Olmo, 2022. "Credit Card Use, Hedonic Motivations, and Impulse Buying Behavior in Fast Fashion Physical Stores during COVID-19: The Sustainability Paradox," Sustainability, MDPI, vol. 14(7), pages 1-16, March.

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    More about this item

    Keywords

    Payment instruments; classification; money; technology;
    All these keywords.

    JEL classification:

    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System

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