Abstract
This paper discusses the S-curve trajectories of electronic money innovations in today's payment system. It explores the development of ATM/cash cards, credit cards, electronic fund transfer at the point-of-sale (EFTPOS)/debit cards, smart cards and Bitcoin, the latest development of electronic money or digital money. The analysis is based on the technology S-curve and Schumpeter's model of economic development to understand the trajectories from physical money to virtual money—a path towards a cashless society. The results have shown parallel S-curve trajectories of electronic money innovations signifying a move from a cash-based economy towards a less cash society. The study sheds light on the future diffusion and adoption of Bitcoin innovation.
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