Alternative Monies and the Demand for Media of Exchange
探讨电子货币（如预付卡、智能卡）如何作为替代货币改变价值转移系统，分析其对传统货币和银行体系的影响。
PREPAID CARDS, CASH CARDS, electronic purse, smart cards these are but a few of the elements in the revolution now taking place in monetary systems around the world. At that movement's heart is the emergence of a new value transfer system where alternative monies are offered to consumers through the miracle of electronics. In some cases, the new monies are merely a repackaging of existing media of exchange. For example, stored value cards that have been traditionally available for single vendors now are being offered for multiple merchant use. In other cases, technology and its acceptability are being cross-sold, as with debit cards and the expanded use of ATM cards as point-of-sale vehicles. However, the banking industry is perhaps most enthusiastic about the emerging technology of smart cards chip-in-cards that have been making inroads in Europe. With the expanded capability of a memory chip, alternative monies are seen to have the capability of moving to a new plateau of acceptance. There are many stories in the business press about the general enthusiasm for these new forms of money. For example, Block (1995) and Cutler (1994) herald the new day of electronic money. They forecast the demise of both the greenback and of commercial banks that exploit the float derived from its use. According to the hyperbole from marketing reps from this side of the financial community, currency and demand deposits soon will be endangered species. Consumer acceptance is alleged to be high, and cost efficiency associated with the new technology is expected to be substantial.