monash_6862.pdf (687.45 kB)
Stored Value: An Analysis of its Institutional and Economic Implications
journal contribution
posted on 2017-06-08, 01:52 authored by Crowley, Michael JohnIncreasingly public attention and the media is focusing on the advent of Smartcards and the move towards the concept of a cashless society. Email cash and other means of transactions through the Internet are also gaining media attention; often reflecting a lack of understanding of the institutional arrangements governing the nature of the monetary system and its foundations. This paper using the concept of stored value as a generic term for money accessible and exchangeable through electronic media, inclusive of but not exclusive to Smartcard technology, attempts to remedy this by providing a clear conceptual understanding of what is involved. In doing so the paper focuses on a number of important issues. In particular, the implications for seigniorage, wealth transfer, and the potential for a less than socially optimal allocation of resources if the incentive to provide a new and innovative retail payment system is not carefully monitored and understood.
History
Year of first publication
1996Series
School of Business and Electronic Commerce.Usage metrics
Categories
No categories selectedKeywords
Licence
Exports
RefWorks
BibTeX
Ref. manager
Endnote
DataCite
NLM
DC