Abstract

In this chapter, we describe the financial context within which the dematerialization of the means of payment takes place. First, the classical forms of money are introduced, and their evolution is shown in several industrialized countries based on comparative data collated by the Bank for International Settlements (BIS). When the focus is on the United States, data from the Federal Reserve will also be used. Next, emerging monies in either electronic or virtual forms are presented. The clearance and settlement systems are discussed, using examples from the United States, the United Kingdom, and France. Finally, the main drivers for innovations in banking and payment systems are highlighted.