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A Market for Payments — Payment Choice in the 21st Century Digital Economy

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Transforming Payment Systems in Europe

Abstract

One approach to define what a ‘market’ is was given by Michel Callon, who suggested a difference between a market and a marketplace in English language (1998): ‘While the market denotes the abstract mechanism whereby supply and demand confront each other and adjust in search of a compromise, the marketplace is far closer to the ordinary experience and refers to the place in which exchange occurs.’ The term ‘marketplace’ conjures organised transactions between buyers and sellers like a street market or a shopping mall. The object of those transactions — goods or services — has a price, and this price will be paid at the end of the transaction.

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Authors
  1. Jürgen Bott
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  2. Udo Milkau
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Editor information

Editors and Affiliations

  1. University of Warsaw, Poland

    Jakub Górka

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© 2016 Jürgen Bott and Udo Milkau

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Bott, J., Milkau, U. (2016). A Market for Payments — Payment Choice in the 21st Century Digital Economy. In: Górka, J. (eds) Transforming Payment Systems in Europe. Palgrave Macmillan Studies in Banking and Financial Institutions. Palgrave Macmillan, London. https://doi.org/10.1057/9781137541215_1

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