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Essay / Research Paper Abstract
This 6-page paper discusses electronic payment systems, how they came about, what they are, how they're used, and their future. Bibliography lists 8 sources.
Page Count:
6 pages (~225 words per page)
File: D0_MTespana.rtf
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Unformatted sample text from the term paper:
so-called "cashless" society, thanks to technology. Debit cards allow us to pay for everything from groceries to putting down payments on new cars. And thanks to the Internet, we can
pay almost everything via computer. There could come a time during which paying for something with a dollar bill would be obsolete. In
this paper, well discuss the nature of electronic payment schemes, talk a little about the history of electronic payments and determine what the current trends are. Well also touch a
little about e-payments for the future. What, exactly, are electronic payment systems? Pretty much anything that means exchange of a good or service
by payment through electronic means. This can include bank-to-bank funds transfers, ATM transactions or someone shopping for stuff off the Internet (Cummings, 1997). Basically, movie tickets on demand from home
computers, home banking and even online databases are moving electronic payment systems into more of a mainstream factor (Cummings, 1997). But there is
little new about electronic payment systems. During the early part of the 20th century (in 1918, to be precise), the Fedwire payment system meant all 12 Federal Reserve Banks nationwide
were linked in terms of exchanging money by using leased telegraph wires as well as "inaugurated" electronic settlements for accounts (Allen et al, 2002). This particular tool, as it turns
out, eliminated fluctuating exchange rates that had been common between bank balances due between the banks, as they were located in different regions of the country (Allen et al, 2002).
The telegraph did what coin and currency shipment couldnt - it resolved banking problems quickly and easily. These were known as Interbank payment systems, of which in the United States
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