Technological Change of the Innovation Payment System

Jarunee Wonglimpiyarat ()
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Jarunee Wonglimpiyarat: College of Innovation, Thammasat University, Anekprasong 3 Bldg Prachan Rd., Bangkok 10200, Thailand

International Journal of Innovation and Technology Management (IJITM), 2016, vol. 13, issue 04, 1-20

Abstract: This paper explores the process of technological change in the payment system. In particular, the study aims to gain understanding if Bitcoin would bring about a paradigmatic shift toward a cashless society. The analysis is based on the technology S-curve and Schumpeter’s model of economic development. It is interesting to see that the swing of S-curves is not strong enough to cause a paradigm shift according to the Schumpeterian concept of creative destruction. The study also compares Bitcoin with PayPal, a similar digital currency and major online payment system, to gain insights of the new challenge toward a cashless economy. The parallel S-curve trajectories of electronic money innovations signify a move from a cash-based economy toward a less cash society.

Keywords: Bitcoin; payment system; cashless; innovation; technology S-curve (search for similar items in EconPapers)
Date: 2016
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Citations: View citations in EconPapers (1)

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DOI: 10.1142/S0219877016500140

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