An Agenda for EFT Research
Electronic funds transfer (EFT) systems have generated increasing publicity and debate in the United States in the past few years. On the one hand, EFT has been heralded as a promising innovation. Humes,(1) for example, notes that the early advocates of EFT, mainly technologists and financial experts, described a time when all stores, homes, banks, and businesses would be hooked into a massive computer network and money would be transferred electronically from account to account at the push of a button. The home-television screen and the Touch-Tone phone would make armchair shopping and financial dealing a common occurrence. Consumers would be freed from a host of bothersome tasks, the financial system would be more efficient, and when the computers weren’t busy transferring all that money, they would be available for inventory control, cash management, personnel administration, and many other management chores. Mundane tasks would be performed by computer, freeing clerical, retail, and even professional employees for bigger and better things. Jobs would become more satisfying to employees and organizations would become more profitable.
KeywordsMonetary Policy Financial Institution Credit Card Research Issue Payment System
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