Abstract
A core function of any banking system is the provision of payments. However, a greater number of non-banks are becoming part of the payments landscape. Payments can be made via fiat or crypto currencies, bank credit or deposits, or funds transfers on the books of non-bank payment providers. Most of the focus of this article will be on technologies aimed at improving intermediated retail payment transactions either by increasing their reach, convenience, merchant sales, or decreasing costs for end-users or payment providers. In this article, older payment innovations are compared and contrasted with newer ones. Eight necessary attributes for successful payment innovations are identified and discussed. While there have been extraordinary technological advancements that will lead to significant changes in the way we pay for goods, the basic attributes necessary for successful payment innovations has changed little.
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