ABSTRACT

Most anywhere in the developed world, I can walk into a shop and use a small plastic card to pay for goods and services. The merchant and I may speak different languages, and the face of my card may look quite different from those issued locally, but the merchant will still accept it, partly because we both recognize and trust the small logo in the lower-right corner of the card. The merchant’s account and mine might be measured in different currencies, but from our perspectives the transaction is no different than one conducted between locals. Although my bank might be on the opposite side of the world, the merchant can insert my card into a small, relatively inexpensive terminal and in a few seconds receive a confi rmation code that is literally a guarantee of payment.