مقاله سال ۲۰۱۶

 مجله مدیریت مالی چند ملیتی – Journal of Multinational Financial Management

This paper explores the S-curve trajectories of electronic money innovations in attempts to understand if the global payment system is ready for a cashless society. Given that limited research has been carried out in respect of the service innovation (Miles, 1993, 1994, 2003, 2005), this study thus attempts to fill this research gap by focusing on the financial innovations and in particular the electronic money innovations. The paper explores the development of the global payment system from cash, notes and cheques to electronic money or digital money like 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 that has been pushed by countries around the world in attempts to be a cashless society.

ound the world in attempts to be a cashless society. The structure of the paper is as follows. Section 2 reviews the theoretical framework on service innovation and systemic innovation, technology S-curve and innovation diffusion, and Schumpeter’s model of economic development. Section 3 describes the research design and methodology. Section 4 analyzes the landscape of the global payment system development. Section 5 explores the S-curve trajectories of the electronic money innovations. Section 6 concludes the paper and provides useful implications on the trends of global payment systems.