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- Title
Technological Change of the Innovation Payment System.
- Authors
Wonglimpiyarat, Jarunee
- 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.
- Subjects
TECHNOLOGICAL innovations; PAYMENT systems; BITCOIN; ECONOMIC development; PAYPAL (Web resource)
- Publication
International Journal of Innovation & Technology Management, 2016, Vol 13, Issue 4, p-1
- ISSN
0219-8770
- Publication type
Article
- DOI
10.1142/S0219877016500140