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ComparisonOfPaymentSystems

The following table compares different payment systems. No comparison can be exhaustive, as payment systems are complex tecnologies whose utility depends on many factors including the individuals using them. You may also read the FAQ section Ripple compared to...

Payment System

Obligation Issuer

Unit of value

Cost

Benefit

Credit Network Type

Direct, no intermediary

Barter

Community members

Only personal goods and services

Can only use with very narrow set of products and partners

Easy, free

No credit needed

Commodity

Community members

Commodity (metal, cigarettes, etc.)

Commodity

Easy, standardized

No credit needed

Centralized: one central intermediay

IOU

Community members

Multiple

Can only be used with very narrow set of products and partners Credit, multiple

Easy, free

PiR

Cash

Typically national government

Typically government currency

Inflation

Anonymous, widely accepted

AiB

Bank transfer

Bank, often backed by government insurance

Typically government currency

Inflation, fees, etc.

Convenient, widely accepted, brick-and-mortar branches

AiB

Credit card

Bank or other company

Credit, typically government currency

Merchant fees, interest, etc.

Convenient, widely accepted

AiB

PayPal-like

Company

Multiple, typically government currency

Merchant fees, inflation

Convenient, widely accepted

PiR

Pecunix-like

Company

Multiple, commodity

Merchant fees, commodity

Convenient, standardized

PiR

Bitcoin-like

Community members

Proof of work

Computation

Anonymous, open, decentralized

PiR

LETS

Community

Arbitrary computation

Computation

Anonymous, open, decentralized

PiR

Network: Chain of intermediaries

Hawala

Multiple

Community-focused, efficient, open, decentralized

PiiR

Ripple

Community members

Multiple

Free

Community-focused, efficient, open, decentralized

PiR
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Page last modified on January 28, 2011, at 09:08 PM