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    Research

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    KirosTeklehaimanot

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    Research

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    KirosTeklehaimanot
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    Research

    Uploaded by

    KirosTeklehaimanot

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    of 1

    Efficiency of these payment systems help in financial inclusion and their implementation has

    increased systems’ in efficiency through lowering transaction costs, improving operational efficiency

    of trade and commerce. It is these benefits that the banks should view as incentives and

    incorporate technologies to move to electronically driven payment systems (Blog, 2007).

    Technological change can create the need for regulatory change. And regulatory change can

    stimulate new applications of technology that foster greater efficiency and growth.At times, there is

    a complex interplay between changing technology and regulation. In the payments arena,

    regulators and rule makers need to be aware of how technology is changing the industry and, when

    appropriate to remove artificial barriers to innovation (Kroszner, 2007).

    Establishing effective ground rules for this network economy may require the reduction of

    procedural, juridical and physical constraints that may inhibit it. The new technology and Internet

    provides an unprecedented opportunity to improve the total performance of the supply chain by

    maximizing net added value and improving both speed and certainty of the overall business and

    regulatory process worldwide (Economic and Social Council, 1999).

    But banks and other credit issuers show no indication that they would readily endorse new

    regulatory controls of this type. The entrenched view that credit cards are an indispensable feature

    of modern economies and that their use facilitates economic growth will likely continue to impede

    political action. Indeed, the general tenor of current public discourse does not focus on prudent

    lending practices, but rather suggests that consumers have an individual obligation to exercise

    greater prudence (Cohen, 2007).

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