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Payment Systems: An Innovation Perspective

In: Banking on Innovation

Author

Listed:
  • Tanai Khiaonarong

    (University of Westminster and Bank of Thailand)

  • Jonathan Liebenau

    (London School of Economics and Political Science)

Abstract

Innovation concepts underpin the growth and development strategies of the European Union and have been adapted to drive the integration of the Lisbon Strategy with the Financial Services Action Plan. They are at the core of practices to introduce measures promoting the efficiency, stability and reliability of payment systems. European financial integration, particularly the integration of payment clearing and settlement systems, can be seen as a sub-set of Europe’s broader national system of innovation, which is based on a system of social and institutional factors influencing innovation and interactive learning processes. In this chapter we link these goals with the study of innovation beyond technology embodied in products and processes. We show that in studying firm capabilities, competencies, and the distinct resources that contribute towards innovation, we can extend the approach to study new ways of doing things in the services industry. We link this to the ability of firms and industries to increase their competitiveness and to promoting national economic development. As part of this, in this chapter we show how different innovation models contribute to our understanding of these innovation processes.

Suggested Citation

  • Tanai Khiaonarong & Jonathan Liebenau, 2009. "Payment Systems: An Innovation Perspective," Contributions to Economics, in: Banking on Innovation, chapter 2, pages 7-27, Springer.
    • Handle: RePEc:spr:conchp:978-3-7908-2333-2_2
    DOI: 10.1007/978-3-7908-2333-2_2
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