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E-Money: An Addendum

In: The Future of Financial Markets

Author

Listed:
  • David G. Mayes

    (Bank of Finland
    London South Bank University
    University of Stirling)

  • Iftekhar Hasan
  • Timo Iivarinen
  • Karlo Kauko
  • Kari Kemppainen
  • Tanai Khiaonarong
  • Kari Korhonen
  • Harry Leinonen
  • Markku Malkamäki
  • Alistair Milne
  • Kirsi Ripatti
  • Heiko Schmiedel
  • Oz Shy
  • Juha Tarkka
  • Jukka Topi

Abstract

An area where forecasts made 25 years ago, before European financial integration was firmly on the agenda, are rather surprisingly astray, is e-money. With the rapidly rising use of credit cards at the time and the replacement of paper-based giro by ATMs, in Finland at least (see Chapter 2 on payments), one would have expected that notes and coins would be steadily replaced by electronic cards (purses – see Box for a definition) for low value transactions.1 Trial schemes were already being undertaken and the technology for reliable transactions exists and is in use. As it is, although notes and coins in circulation have fallen substantially in most countries compared to nominal income, this is more a result of the rise in the use of credit and debit cards for larger value transactions and the development of secure interest bearing highly liquid alternatives for cash balances.

Suggested Citation

  • David G. Mayes & Iftekhar Hasan & Timo Iivarinen & Karlo Kauko & Kari Kemppainen & Tanai Khiaonarong & Kari Korhonen & Harry Leinonen & Markku Malkamäki & Alistair Milne & Kirsi Ripatti & Heiko Schmie, 2006. "E-Money: An Addendum," Palgrave Macmillan Books, in: The Future of Financial Markets, chapter 5, pages 146-162, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-21231-2_5
    DOI: 10.1057/9780230212312_5
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