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1 Introduction 1 Robert E. Litan and Martin Neil Baily 2 Payments in Flux: Megatrends Reshape the Industry 19 Vijay D’Silva 3 Innovation and Evolution of the Payments Industry 36 David S. Evans and Richard Schmalensee 4 Consumer Behavior and the Future of Consumer Payments 77 Drazen Prelec 5 The Future of Consumer Payments: An Insider’s Perspective 102 Kenneth Chenault 6 Competition Policy Issues in the Consumer Payments Industry 113 Nicholas Economides 7 Keeping Electronic Money Valuable: The Future of Payments and the Role of Public Authorities 127 Thomas P. Brown Contributors 141 Index 143 Contents v 00-0277-1 FM:00-0277-1 FM 5/23/12 5:04 PM Page v 00-0277-1 FM:00-0277-1 FM 5/23/12 5:04 PM Page vi ...

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