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Chapter XIII. From Cash to E-Money: Paym... > Retail Payment Innovations

Retail Payment Innovations

New retail payment technology that has emerged over the past few years signifies the potential for developing alternatives to existing instruments and technology. Some involve entirely new instruments such as electronic money; others involve new electronic payment delivery and processing technology.

Electronic money, or e-money, is essentially value stored electronically in a device such as an IC chip or a computer’s hard drive. Stored-value cards rely on tamper-resistant IC chips for storing and transferring value and information securely, while software (or network-based) money depends on encryption technology. Value is transferred electronically from one e-money storage vehicle to another, either at the point of sale or remotely. E-money is designed primarily for individuals to make small value payments. As a retail payment instrument, e-money is easily divisible into smaller units of currency value that are portable and potentially receivable (or deliverable) through different electronic devices. Hybrid products are also emerging that can be used in both card-based and network-based systems (www.apca.com.au).


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