Paying with Plastic: The Digital Revolution in Buying and Borrowing Book + PRICE WATCH * Amazon pricing is not included in price watch

Paying with Plastic: The Digital Revolution in Buying and Borrowing Book

For better or worse, most of us have at least one of the 720 million little plastic cards that are used each year to complete $860 billion worth of purchases at 15 million incredibly varied merchant locations throughout the world. This is a far cry from the humble beginnings of these myriad credit, debit, and charge cards, which just a few decades ago were generally a perk offered only to elite customers for the acquisition of fine meals, hotel rooms, department-store goods, and oil-company products. They are now so common and such an integral part of our economy, in fact, that few pay them much mind--a situation that makes David Evans and Richard Schmalensee's Paying with Plastic all the more interesting. Evans, senior vice president of National Economics Research Associates, and Schmalensee, dean of MIT's Sloan School of Management, meticulously trace the history of these cards from both the consumer and merchant perspectives in this surprisingly appealing volume, which will prove enlightening to anyone who ever wondered how plastic money works. --Howard RothmanRead More

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  • Product Description

    Since Diners Club issued its first charge cards in 1950, payment cards--credit, debit, and charge cards--have revolutionized how and when we pay for goods and services. In Paying with Plastic, David Evans and Richard Schmalensee provide a nontechnical distillation of their years of research on the economic, technological, and institutional forces that have shaped the payment card industry. They show how competition works in an industry that does not neatly fit any of the standard economic models. They describe how the payment card companies such as MasterCard and Visa have developed complex systems for coordinating transactions among their thousands of bank members and millions of cardholders and accepting merchants. Evans and Schmalensee also describe recent developments in the industry and consider its likely evolution.

  • 0262550377
  • 9780262550376
  • David Evans, Richard L. Schmalensee
  • 11 October 2000
  • MIT Press
  • Paperback (Book)
  • 392
  • New edition
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