Banking on the Net: Extending Bank Regulation to Electronic Money and Beyond
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Authors
Wilson, Catherine Lee
Issue Date
1997
Volume
30
Issue
Type
Journal Article
Language
Keywords
Alternative Title
Abstract
FIRST PARAGRAPH(S)|Among the many challenges these emerging developments create, is determining the appropriate role for government in the new digital world of financial services. |While the entire nation focused on the Olympic competition in Atlanta, Georgia, the financial industry was watching a pilot program, sponsored by Visa and three regional banks, First Union, Nations Bank and Wachovia, to promote the use of Visa International's stored value card, called Visa Cash. In this trial, disposable stored value cards were given to each of the Olympic athletes to purchase goods and services in the Olympic village. In addition, the banks issued reloadable smart cards to customers and connected hundreds of merchants to a payment network. Over the 14 day trial period, Visa Cash cards were used for more than 200,000 transactions totalling $1.1 million. Reports from December, 1996, indicate that consumers valued the convenience of the stored value card and therefore support the continued development of stored value cards by the nation's financial institutions...
Description
Citation
30 Creighton L. Rev. 671 (1996-1997)
Publisher
Creighton University School of Law