A Market for Payments — Payment Choice in the 21st Century Digital Economy

Jürgen Bott and Udo Milkau

Chapter 1 in Transforming Payment Systems in Europe, 2016, pp 1-27 from Palgrave Macmillan

Abstract: Abstract One approach to define what a ‘market’ is was given by Michel Callon, who suggested a difference between a market and a marketplace in English language (1998): ‘While the market denotes the abstract mechanism whereby supply and demand confront each other and adjust in search of a compromise, the marketplace is far closer to the ordinary experience and refers to the place in which exchange occurs.’ The term ‘marketplace’ conjures organised transactions between buyers and sellers like a street market or a shopping mall. The object of those transactions — goods or services — has a price, and this price will be paid at the end of the transaction.

Keywords: Payment System; European Central Bank; Business Model Innovation; Financial Service Authority; Payment Instrument (search for similar items in EconPapers)
Date: 2016
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Persistent link: https://EconPapers.repec.org/RePEc:pal:pmschp:978-1-137-54121-5_1

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DOI: 10.1057/9781137541215_1

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