Some of the products are ingenious new ways to make payments over the internet. Others aim to automate older payments mechanisms, such as projects to convert checks to electronic payments at the point of sale. The competition among all the different actors has intensified, as they jockey for competitive position in the marketplace.
1  Singh M (2011), “Velocity of Pledged Collateral: Analysis and Implications”, IMF Working Paper WP/11/256; Singh M and J Aitken (2010), “The (Sizable) Role of Rehypothecation in the Shadow Banking System”, IMF Working Paper WP/10/172; Pozsar Z and M Singh (2011), “The Nonbank-Bank Nexus and the Shadow Banking System”, IMF Working Paper WP/11/289.