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Clash Of The Titans: Regulating The Competition Between Established And Emerging Electronic Payment Systems, Jane Kaufman Winn Dec 1999

Clash Of The Titans: Regulating The Competition Between Established And Emerging Electronic Payment Systems, Jane Kaufman Winn

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This article equates the providers of traditional electronic payment services with the Titans of Greek mythology, and the providers of new electronic payment technologies with the Olympians. Professor Winn concludes, however, that unlike the Titans of Greek mythology, these modern Titans appear to be winning in their battle with the upstart Olympians. This article describes the fundamental characteristics of payment systems, reviews the applicable law, and describes the new technologies that were, until quite recently, expected to displace older electronic payment systems. Professor Winn finds that consumers and merchants, by and large, are happy with the existing regulatory structure. And, …