Tuesday, November 5 – 15th Class: Payments
Required Readings:
‘The Payment Systems Space’ MIT Cryptocurrency Online Short Course (as adapted, August 2019)
‘The Federal Reserve Payments Study: 2018 Annual Supplement’ Federal Reserve
‘The Rise of Digital Money’ IMF (July 15, 2019)
‘Global Payments Report’ Introduction & Global Payment Trends, pages 5 – 17; Worldpay
(November 2018)
Optional Readings:
‘Delivering Fast Payments for All’ Lael Brainard (August 5, 2019)
‘Remittance Prices Worldwide’ The World Bank (June 2019)
13
‘Cross-border retail payments’ Bank of International Settlements Committee on Payments and
Market Infrastructures (February 2018) (page 6 – 15, sections 2 – 2.3.5 & Box B; & page 39, Annex 3)
Study Questions/Issues to Prepare:
1) What are the major trends – mobile apps, digital wallets, open banking, and enhanced methods
of bank transfers & authentication – in payment systems today?
2) What lessons can be drawn from non-blockchain payment innovations, such as Alipay, WeChat
Pay, M-Pesa, India’s IMPS, and U.S. mobile payment apps?
3) What are the challenges and opportunities in the current payment system architecture?