Money, Payment and Technology: The Legal Challenge

Document Type

Article

Publication Date

9-1-2025

Source Publication

European Business Law Review, vol. 36, no. Issue 5, 2025, pp. 667–74, https://doi.org/10.54648/EULR2025045.

Keywords

Money; payment; technology; cheques; payment cards; e-money; credit transfers

Abstract

Having been distinguishable for centuries, money and payment mingled when pay- ment instruments and credit to a bank account became money. This happened in a process governed by the post-medieval law of negotiable instruments. Subsequently, payment of commercial bank money by cheque has evolved to payment by credit, debit and stored-value cards, as well as to e-money and credit transfers. Parallelly, with the emergence of Fintech, the paper banknote is now in the process of evolving into a digital coin. Technology has been a leading force in the evolution of money and payment mechanisms and the emergence of a unified branch of law governing them.

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