Payment Systems

Payment Systems

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World Bank Technical Paper No. 260. An efficient payment system is a necessary precondition for business development. This study outlines the basic operating principles of a payment system and reviews its benefits, costs, risks, and problems. It examines in detail the systems currently in place in the developed economies of Europe and the United States and draws from the analyses to support recommendations for restructuring those systems in developing countries. The study reviews the various types of payment practices that exist in mature systems including cash, check, GIRO, debit and credit card, direct debit, and large-value wire transfers. A range of short- and long-term improvements in payment systems are recommended for developing countries. There is a special focus on the Russian payment system and the problems it faces in transition from a centrally planned to an market economy.Credit cards represent a way to obtain a preauthorized consumer installment loan from the issuer of the card. ln terms of U.S. ... The high loan losses are the result of poor credit quality controls by the card issuers, allowing cards to be issued toanbsp;...

Title:Payment Systems
Author: David B. Humphrey
Publisher:World Bank Publications - 1995

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