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Introduction

The retail business has undergone a transformation from main street business to on-line business in the last decade due to globalisation, technological developments, application of the Internet and innovative business models. With technological developments and the requirements of global and on-line businesses, innovations in retail payment methods have also progressed. As suggested by Watson, Berthon, Pitt, and Zinkhan (1999), when commerce goes electronic, the means of paying for goods and services must also go electronic. Paper-based payment systems cannot support the speed, security, privacy and internationalisation necessary for electronic commerce.

This chapter is about retail payment innovations, trends and developments in payment instruments, providers and applications. With developments in e-business the need for e-payment systems, a better understanding of payment systems, market developments, payment risks and technological applications to payment methods is required. Recent trends in retail payments are generally common to most countries around the world; however, the discussion in this chapter is generally based on developments in Australia. It is focussed on recent trends in retail payment methods identified by Andrieu (2001), including:


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