INTELLECTUAL ECONOMICS 2008, Number 2(4)
Marius Laurinaitis, Darius ŠtitilisALTERNATIVE PAYMENT SYSTEMS: LITHUANIAN OUTLOOK
Mykolas Romeris University Publishing Centre. Vilnius. Lithuania 2008 Nr.2(4), p. 43-51
Abstract
The article elaborates on an electronic payment instrument of a new generation – electronic money
and preconditions for using this instrument in Lithuania. It discusses the definition of electronic money, analyses
requirements defined for electronic money, as well as needs of buyers in the framework of electronic commerce (security,
low cost, universal nature, etc.).
The article discusses problem issues of double spending of electronic money, issue of electronic money, and
establishment of specialised banks in Lithuania. A considerable focus is made on the analysis of the relation between
electronic money and payment cards, as well as disadvantages of payment cards against electronic money. The authors
also rise a problem of legal regulation of electronic money – the authors believe that electronic money brings in novelties
into thus far settled doctrines of settlement regulation, therefore, the current legal regulation must be immediately
adjusted to the new reality of electronic money and at the same time avoid restricting implementation and usage of
electronic money systems.
Keywords:electronic money, electronic payments, electronic commerce.