Alternative payment systems: Lithuanian outlook

    Research output: Contribution to journalArticle

    Abstract

    The article elaborates on an electronic payment instrument of a new generation – electronic money and preconditions for using this instrument in Lithuania. It discusses the definition of electronic money, analyses requirements defined for electronic money, as well as needs of buyers in the framework of electronic commerce (security, low cost, universal nature, etc.). The article discusses problem issues of double spending of electronic money, issue of electronic money, and establishment of specialised banks in Lithuania. A considerable focus is made on the analysis of the relation between electronic money and payment cards, as well as disadvantages of payment cards against electronic money. The authors also rise a problem of legal regulation of electronic money – the authors believe that electronic money brings in novelties into thus far settled doctrines of settlement regulation, therefore, the current legal regulation must be immediately adjusted to the new reality of electronic money and at the same time avoid restricting implementation and usage of electronic money systems.
    Original languageEnglish
    Pages (from-to)43-51
    JournalIntelektinė ekonomika
    Volume24
    Issue number4
    Publication statusPublished - 2008

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    Keywords

    • Electronic money
    • Electronic payments
    • Electronic commerce

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