Abstract
Reviews the payment environment and “proliferation” of new payment services on the market. Highlights the cost reduction benefits to financial institutions of cash replacement. Defines the scope of digital money as encompassing both electronic purse money and software money. The fundamental differences in basic philosophy, design principles and technical choices of the variety of approaches to electronic cash are evaluated. Three key directions are identified to accelerate the take‐up of digital money. Urges that the regulatory regime necessary to ensure financial integrity of non‐bank issuers is developed without stifling innovation and competition or consumer confidence. EU commission directives and the findings of a multinational alliance of banking institutions are reviewed and recommendations given for new electronic purse products. Pinpoints several useful lessons which have been learnt from electronic purse experiences to date.
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