Payments Machines

Digitalization, Disruption and Reform

Nov 16, 2015


This seminar will explore the operational and technical dynamics of payments systems, and their interaction with the monetary and financial system more broadly. Questions to be addressed include:

What are the functions of a payments system? What do payments systems have in common, and how do they differ?

What are the core dynamics of the contemporary global payments system? Who benefits and loses from these dynamics?

What role can digital innovations like cryptocurrency and mobile finance play in promoting equitable development and financial inclusion?


Scott Fullwiler
James A. Leach Chair in Banking and Monetary Economics
Wartburg College
Angela Walch
Assistant Professor of Law
St. Mary's University School of Law
Will Ruddick
Founder and Director
Grassroots Economics Foundation
Brian King
Digital Financial Services Team Leader
USAID Global Development Lab

Core Resources

When One App Rules Them All: The Case Of WeChat And Mobile In China

Chan, Connie When One App Rules Them All: The Case of WeChat and Mobile in China. Andreessen Horowitz, 2015.

 Chan – When One App Rules Them All.pdf

Grassroots Economics – Media & Resources

Economics, Grassroots, and Will Ruddick Grassroots Economics – Media & Resources., 2015.

Virtual Classroom: Mobile Money

Jaisinghani, Priya Virtual Classroom: Mobile Money., 2012.

The Bitcoin Blockchain As Financial Market Infrastructure: A Consideration Of Operational Risk

Walch, Angela. “The Bitcoin Blockchain as Financial Market Infrastructure: A Consideration of Operational Risk.” NYU Journal of Legislation and Public Policy. 18.4 (2015): 837-893.


Setting Interest Rates In The Modern Era

Fullwiler, Scott T.. “Setting Interest Rates in the Modern Era.” Journal of Post-Keynesian Economics. 28 (2004).

 Setting Interest Rates in the Modern Era.pdf

The Bitcoin Protocol As Law, And The Politics Of A Stateless Currency

Jeong, Sarah The Bitcoin Protocol as Law, and the Politics of a Stateless Currency., 2013.

 Bitcoin Protocol as Law.pdf

Strategies For Improving The U.S. Payments System

System, Federal Reserve Strategies for Improving the U.S. Payments System., 2015.

 Federal Reserve – Strategies for Improving the Payments System.pdf

Trust And Spending Of Community Currencies In Kenya

Kenya, Trust and Spendi. Trust and Spending of Community Currencies in Kenya.” 3 rd International Conference on Social and Complementary Currencies . Management School at Federal University of Bahia – Salvador, Brazil 2015.