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The increased use of checks in nonlocal payments at the end of the nineteenth century presented problems for their clearing and collection. Checks were required to be paid in full (at par) only when presented directly to the drawn-upon bank at its counter. Consequently, many, primarily rural or small-town, banks began to charge remittance fees on checks not presented for collection in person. Such fees and the alleged circuitous routing of checks in the process of collection to avoid them were widely criticized defects of the pre-Federal Reserve payments system. As the new Federal Reserve established its own system for check clearing and collection, it also took as an implicit mandate the promotion of universal par clearing and collection. The result was a bitter struggle with non-par banks, the numbers of which initially shrunk dramatically but then rebounded. A 1923 Supreme Court decision ended the Fed’s active (or coercive) pursuit of universal par clearing, and non-par banking persisted thereafter for decades. Not until the Monetary Control Act of 1980 was universal par clearing and true monetary union, in which standard means of payment are accepted at par everywhere, achieved.

Traditional payment systems based on cash and bank cards are being replaced by new innovative formats. This research analyzes the success factors in the adoption by customers of Bizum, a peer-to-peer (P2P) mobile payment system widely used in Spain. This study proposes a theoretical framework based on the Stimulus–Organism–Response (S-O-R) model and includes the analysis of the moderating effect of perceived risk and the mediating effect of perceived trust.

To achieve the proposed objectives, an online questionnaire was administered to 701 Spanish smartphone users, potential users of the proposed P2P payment systems.

The results show that perceived usefulness is the most important predictor of intention to use. Additionally, a medium predictive relevance performance of the proposed model is found.

This research contributes to a more holistic understanding of the adoption of P2P payment systems and provides new business opportunities that companies can exploit through the use of this technology.

以現金和銀行卡為基礎的傳統支付系統、正被嶄新而又富創意的模式取代。本研究擬分析驅使消費者使用Bizum的成功因素 (Bizum 是一個在西班牙得到廣泛使用的P2P移動支付系統) 。本研究以刺激-有機體-反應模型為基礎, 建議了一個概念框架;研究亦擬分析感知風險的調節作用, 以及感知信任的中介效應。

為達研究目標, 研究人員處理了701名西班牙智慧型手機使用者回答的網上問卷, 這些使用者是本研究提出的P2P支付系統的潛在用戶。

研究結果顯示、感知有用性是消費者會否使用P2P支付系統最重要的預測因素。研究結果亦顯示、本研究建議的概念框架的預測能力水平屬中等。

本研究使我們對驅使消費者使用P2P支付系統的因素更全面地了解;研究也使企業可透過使用這技術, 為自己創造新的商機。

The evolution of technology has become the mainstream of the current technological innovation era. Technological change is organized in its unique pattern and a new approach that takes place in a systematic and selective manner. Such change is generally molded with the amalgamation of various factors, namely, economic, social or scientific and technological. This paper aims to focus on identifying technological trajectories in a technological ecosystem with the case of m-payment technology.

This study constructs a patent citation network for mobile payment service technology through patent citation data and identifies the main evolution process using the main path analysis of the network. The scope of this study focuses on key innovation using social network analysis and patent citation network, validated using the case of a mobile payment system and analyzing its technological trajectory.

Analyzing technology evolution provides a greater insight of the overall technology landscape to the researcher and practitioner. Analyzing the m-payment technology landscape gives three main categories of m-payment systems: the mobile financial transaction system), the payee mobile device payment selection system and e-wallet services.

The novelty of this research lies in the process of identifying technological evolution using social network and patent citation network analysis. The case of m-payment technology ecosystem is studied quantitatively which is not explored by previous researchers. This research provides a way to develop the main path technology of innovative products or services to identify technology evolution using the case of m-payment landscape.

This study contributes to the limited and rather fragmented research on mobile payment (m-payment) within a post-adoption context by identifying individual characteristics (personal innovativeness and m-payment self-efficacy) and m-payment quality characteristics (system quality, information quality and service quality) that can influence expectations about performance and effort of this technology. These two outcome expectations may affect user satisfaction with m-payment, which will in turn influence users' continued intention to use this technology.

A survey was carried out among university students in the United Arab Emirates who have used the m-payment method. Structural equation modeling technique was used to test and analyze both the measurement model and the structural model.

Individual characteristics are important in establishing users' expectations of the ease of use and usefulness of m-payment. However, of the quality characteristics, only system quality significantly affected users' expectations of the ease of use and usefulness of m-payment.

The findings of this study provide unique insights into the individual and quality characteristics that will eventually lead to continued intention to use m-payment. This will help businesses to develop appropriate marketing strategies to increase adoption and use of m-payment.

How do financial innovations form and evolve in Islamic countries? How do nature and the organisation of innovation interact? Focussing on retail payment services, this paper aims to analyse recent developments and displays an overview of the status of financial innovation in Islamic countries.

This study uses six countries as case studies, namely, Egypt, Indonesia, Morocco, Pakistan, Turkey and the UAE. Comparison within and across those cases helps the author provide explanations of how and why such innovations have worked in particular contexts.

While cash remains dominant, the author found rapid growth in retail payments, but no consensus on standardisation. Several digital innovations have been introduced and begun to converge. Finally, there seems to be a disconnection between innovations and inclusions.

This research paper is, among the few, related to innovation in financial services in Islamic countries, and can be used to develop appropriate marketing strategies for capturing value in the market.

Electronic payment (e-payment) systems literature analysis reveals that they are growing in developing countries; however, they are limited in the Arab countries and, more importantly, scarce in Iraq in particular. Therefore, this paper aims to investigate the factors influencing the intention of users to use e-payment systems in Iraq. Additionally, this study proposes an e-payment adoption model based on technology usage models to identify user trends toward e-payment systems.

A quantitative approach is adopted to test the proposed model. The proposed model is based on the Unified Theory of Acceptance and Usage of Technology theory. The proposed model is validated using survey data from 339 e-payment system users. Using Amos software, this study used structural equation modeling (SEM), a statistical technique for analyzing factor relationships.

The findings of the study indicate that performance expectancy, effort expectancy, social influence, facilitating conditions and price saving orientation influence Intention to accept the e-payment system. Similarly, habit, technology security, trust, innovation resistance, psychological empowerment also affect intention to accept an e-payment system. However, hedonic motivation and perceived risk do not affect e-payment system adoption.

The identified factors play a major role in user intentions toward the adoption of e-payment systems for financial transactions and addressing these factors will make e-payment acceptable in the future. The results of this study contribute to assisting governments or e-payment firms and decision-makers in building strategic decisions or policies that will increase the adoption of e-payment by individuals.

The financial turbulence resulting from the global financial crisis sparked the interest in improving understanding of financial risks. The transmission of financial institution failures can be determined from the prevailing network structures between banks. The purpose of this study is to identify relationship between payment system network characteristics and financial system condition.

The characteristics of the interbank network structure in the payment system are identified using a graph theory and the relationship between the network characteristics of interbank transactions in the payment system and financial system stability is examined using a vector auto regression model.

This study shows that the connectedness of large-value payment transaction is more segmented compared to that of retail value payments. A significant relationship is observed between the characteristics of the network and the large-value payment transactions.

This study found the connectedness of large-value transactions is more segmented when compared to retail-value transactions. It also shows a causal effect of the network characteristic on the financial system stability.

Unlike existing studies, this study considers both the connectedness in large-value transactions and retail-value transactions.

The purpose of this study is to propose and test an extended version of technology acceptance model (TAM) to examine consumers’ acceptance of radio frequency identification (RFID) cashless payment systems in the hospitality industry.

A comprehensive structural model was developed by adding two additional constructs to original TAM, namely, self-efficacy and perceived risk. A self-administered online questionnaire was used to collect the data of the study from 305 respondents in the USA. Confirmatory factor analysis was conducted to validate the measurement model and structural equation modeling analysis was performed to test the proposed model.

Study results indicated that self-efficacy was significantly related to perceived ease of use. In addition, perceived risk significantly negatively influenced perceived usefulness and perceived ease of use. Study results further illustrated that perceived ease of use had a significant impact on perceived usefulness and both perceived ease of use and perceived usefulness were significantly associated with intention to use.

Study findings provide significant practical implications for US hospitality operators and technology vendors for identifying factors affecting users’ acceptance of RFID cashless payment systems in the hospitality industry.

By extending TAM, this study is one of the first studies to investigate RFID cashless payment system acceptance in the hospitality industry.

Despite the significance of donations (Sadaqah) via mobile payment in Islamic countries, little is known about the variables influencing continuance intention toward using m-payment for donations (Sadaqah). Based on the stimulus-organism-response (S-O-R) model, this research explores the influence of perceived quality (i.e. system, information, service) as a stimulus on customer satisfaction, engagement and delight as organisms, which then affects continuance intention toward using m-payment for donations (Sadaqah) as a response. Moreover, the study investigates the moderating role of Islamic religiosity.

Using partial least squares structural equation modeling (PLS-SEM), a representative data sample of 419 Egyptian Muslims was analyzed to test hypotheses.

The findings revealed that all perceived quality constructs significantly positively affect customers' satisfaction. Customer satisfaction, in turn, positively affects customer engagement and delight. Moreover, customer engagement, delight and Islamic religiosity significantly positively affect continuance intention toward using m-payment for donations (Sadaqah). The findings also revealed that Islamic religiosity moderates the influence of customer engagement and customer delight on continuance intention toward using m-payment for donations (Sadaqah).

This is the first study to examine using m-payment for donations (Sadaqah) in an Islamic environment based on the S-O-R model.