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Fintech in payment innovations seems promising in revolutionising the way we pay and how money is transferred. The advancement of technological possibilities alone is usually not a sufficient predictor of their disruptive potential.

A forthcoming paper in Law, Innovation and Technology laces payment innovations within a payment system. The payment system comprises the initiation of payments, transfer, as well as clearing and settlement. We argue that existing payment systems are defined by certain institutional tenets that serve commercial objectives, but, more importantly, deliver public goods and public interest objectives for users and policy-makers.

This perspective sets the context for discussing the prospects of competition, and shows that the disruptive potential of modern competitors in payment services should not be overstated. Competition in payment services may address certain aspects for improvement, but its salience may be more nuanced than hyped. In other words, pro-competition in regulatory policy should not be regarded as an unequivocal good.

Three types of payment innovations have been hailed to have disruptive potential in recent developments. First, innovations in retail payment interfaces or options at point of sale, such as mobile or app payments, may displace the use of cash and cards.

Second, virtual currencies, such as Bitcoin, may come to be accepted as legitimate forms of payment by merchants and businesses.

Third, new ledger technologies, such as the distributed ledger or autonomous organisation technologies, may replace existing infrastructure in payment clearing and settlement systems. Section A of my paper discusses the institutionalisation of certain tenets in existing payment systems. I discuss large value transfer systems and retail payment systems separately, as these have fintech and bitcoin a new era of finance in different ways.

We establish the key institutional tenets of payment systems in both large value and retail payment architecture and show that they have evolved to secure efficiency in the discharge of payments for users, but also public policy objectives in safety, confidence, and consumer protection in the commercial conduct of payments.

This discussion is based chiefly on developments in the UK, EU, and US, where institutional maturity has been achieved. Arguably, the same commercial objectives and public policy needs subsist more widely, and large value transfer systems are very similar worldwide. Even in retail payment systems, where certain institutional tenets are not highly fintech and bitcoin a new era of finance in some jurisdictions, our discussion relates to issues of common fintech and bitcoin a new era of finance.

Section B then discusses each of the three types of payment innovation identified in this article. This Section critically discusses whether each type of payment innovation has the potential fintech and bitcoin a new era of finance bring about institutional change.

View the discussion thread. Skip to main content. You are here Blog Home. More from this author. Law and Autonomous Systems Series: So far, however, well-meaning Hostile Takeover Regimes in Asia: A Comparative Approach Umakanth Varottil Wai Yee Wan The market for corporate control operating through hostile takeovers acts as a key corporate governance mechanism to discipline corporate managers.

However, the process and substance of the RPTs may take place on an ad hoc basis, or routinely in a corporate group structure.

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The increase growth in the field of technology has led to a rapid increase in various business platforms. One of the sectors that is a beneficiary of this growth is the area of finance. Information technology has led to the growth of financial technology. Financial technology is a new mode of access to and delivery of financial services as opposed to the traditional methods of banking.

Fintech has taken over the field of finance through the introduction of modern less cumbersome, and exciting services such as the mobile wallets systems, crowdfunding, peer-to-peer lending, mobile banking, commodities exchange, cryptocurrencies, and forex trading with platforms like SpotOption. Financial technology has introduced a new system of access to funds. Peer-to-peer P2P lending is one way in which people borrow and loan money without use of any financial intermediary.

In addition, people are now accessing funds through crowdfunding. Crowdfunding is a method where people raise funds for a particular project through contributions from friends, customers or even investors that might be interested in the idea.

Crowdfunding is being actualized through social media platforms and crowdfunding networks such as Crowdcube, Kickstarter and CircleUp. Currently, the main types of crowdfunding are equity crowdfunding and reward-based funding. Cryptocurrency is a decentralized digital exchange that mainly uses enciphered or coded computing language in order to come up with digital coins that can be independently used for transacting aside from the conventional government currencies.

These digital cash currency that is ever increasing include Bitcoin, Ethereum, Litecoin, Ripple, among others. Transactions in cryptocurrencies are mainly carried out through blockchain technology. The blockchain tech is like a bank where traders of cryptocurrencies are registered.

People are also trading in cryptocurrencies just like traders in the stock and forex markets. Mobile banking is an innovative mode of transaction where individuals and businesses transact through the use of mobile phone applications.

This has been seen through the use of smartphones, tablets and even smartwatches to make payments for goods and services. Fintech has attracted a lot of people both as individuals and also as businesses. The first approach is the B2B where banks are now transacting with other banks and institutions. Different organizations have also subscribed as clients to many Fintech companies. Additionally, Fintech is being used to connect businesses with consumers.

However, the highest number of users are the consumers who transact against each other and continue to enjoy the advantage of direct transactions without any links such as banks. Key players in the Fintech industry. There are many players that are entering the Fintech industry. This is mainly due to the ever changing ever increasing products being availed in the Financial Technology industry.

The current major areas in Fintech industry are the areas of mobile banking, Payment processing, cryptocurrencies, mobile wallets, alternative lending and automated investing services. Companies that are offering these services in the Fintech market have become key players in the financial industries. Such companies include Venmo, PayPal and Apple Pay have become key players in providing suitable and secure payment mechanisms. Fintech Lending is also being enhanced by companies such as Lending Club and Prosper.

In the field of automated investment Betterment and Wealthfront are providing surging services. Other fields such as Insurtech which involves insurance technology are also growing rapidly. Trends in the current market have indicated that the financial technology is disrupting the field of finance.

This growth trend shows higher embrace rate in fintech and hence the future of finance is likely to be defined by Fintech. Your email address will not be published. Understanding the Fintech The increase growth in the field of technology has led to a rapid increase in various business platforms.

New funding methods Financial technology has introduced a new system of access to funds. Cryptocurrency Cryptocurrency is a decentralized digital exchange that mainly uses enciphered or coded computing language in order to come up with digital coins that can be independently used for transacting aside from the conventional government currencies.

Mobile banking Mobile banking is an innovative mode of transaction where individuals and businesses transact through the use of mobile phone applications. Users of Fintech Fintech has attracted a lot of people both as individuals and also as businesses. The future of Fintech industry Trends in the current market have indicated that the financial technology is disrupting the field of finance. Leave a Reply Cancel reply Your email address will not be published.