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A Market for Payments — Payment Choice in the 21st Century Digital Economy

In: Transforming Payment Systems in Europe

Author

Listed:
  • Jürgen Bott
  • Udo Milkau

Abstract

One approach to define what a ‘market’ is was given by Michel Callon, who suggested a difference between a market and a marketplace in English language (1998): ‘While the market denotes the abstract mechanism whereby supply and demand confront each other and adjust in search of a compromise, the marketplace is far closer to the ordinary experience and refers to the place in which exchange occurs.’ The term ‘marketplace’ conjures organised transactions between buyers and sellers like a street market or a shopping mall. The object of those transactions — goods or services — has a price, and this price will be paid at the end of the transaction.

Suggested Citation

  • Jürgen Bott & Udo Milkau, 2016. "A Market for Payments — Payment Choice in the 21st Century Digital Economy," Palgrave Macmillan Studies in Banking and Financial Institutions, in: Jakub Górka (ed.), Transforming Payment Systems in Europe, chapter 1, pages 1-27, Palgrave Macmillan.
    • Handle: RePEc:pal:pmschp:978-1-137-54121-5_1
    DOI: 10.1057/9781137541215_1
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    Cited by:

    1. Xinyu Cai & Marko Milojevic & Denis Syromyatnikov & Anastasia Kurilova & Beata Ślusarczyk, 2021. "Mathematical Interpretation of Global Competition between Payment Systems," Mathematics, MDPI, vol. 9(17), pages 1-18, August.

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