Re: Update: Five Attributes of Payment

Sorry for being silent in the past couple of months as I was extremely busy in working on my lecturing and consulting business in mobile payment for Chinese banks and mainland Chinese postgraduate students of HK University.  

After reading the thread of messages in the charter, I found that quite a few innovations mentioned are already realized and being used in China on daily basis.  If you have read King's Bank 3.0, you may agree very much with him on the trends his mentioned. However, he overlooked the potentials of the crouching tiger in the East although he covered the bank business in Hong Kong and Singapore and Alipay of Alibaba that will probably be one of the largest IPOs in US.  The most significant omission is Tencent's Wechat which is not only a messaging system but also a social network platform initially.  Under a careful plan of migrating their old QQ customers on to Wechat and linked the mobile account with bank account early this year, they are the 2nd largest mobile payment platform in China only second to Alipay these days.  They have already realized quite a few O2O projects with seamless payment experience.  
I am writing to the group as I think it will be a pity if the future payment practice ended up like the current internet world - Internet and the Chinese Walled Internet.  
What are your thoughts?

I am happy to share my experience about of Chinese mobile payment development to the group if you are interested. 

Sent from my iPhone 5s 
Cheers:)
Emil Chan

> On 1 Sep, 2014, at 1:36, Melvin Carvalho <melvincarvalho@gmail.com> wrote:
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>> On 31 August 2014 19:15, Joseph Potvin <jpotvin@opman.ca> wrote:
>> Comment invited... 
>> 
>> My paper to the April workshop in Paris focused on three attributes of payment. http://www.w3.org/2013/10/payments/papers/
>> 
>> Further discussion and research on this topic (including research in economics and law towards my doctoral dissertation at U Quebec), as well as consideration of various ideas raised on these lists, has led me to include five attributes. 
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>> Below is a concise (draft) statement of the scope of my dissertation which lists five attributes of payment that are subject to determination either by the payees and payers themselves, or by payments intermediaties and law-makers. The issues raised here are equally relevant to the scope of a W3C payments specification as they are to the model I'm in the process of developing as a free/libre/open extension to MASON > Lagom > regiO [1]. The dissertation work (incl the excerpt below) is licenesed CC-BY 4.0, and all related software components and dependencies are under various free/libre/open works (FLOW) licenses.  (What I'm posting here is also dual-licensed now under the W3C Community Contributor License Agreement.)
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>> I share this for consideration towards the emerging web payments specification, and of course I invite any feedback, advice and collaboration towards the development of the modeling extensions, which can be a useful platform for web payment specification scenarios testing well beyond the particular questions I am focusing on.
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> Thanks for sharing.  I'll give my understanding of the answers to your questions, but it's just my opinions ...
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>> ***
>> "The present research is concerned with the following compound question in the realm of payments:
>> Are fair and efficient market operations, and open market system integrity, enhanced or eroded when project managers are free to exercise choice in specifying through their contracts, all attributes of payment?
>> The scope of this research project is to develop an analytical structure and some extensions to a formal model to test this question in relation to five attributes of payment. Each of the five are identified (underline) and illustrated with sample considerations as follows:
>> Scalar quantity (e.g. 10.99; 0.0001099—Can the parties specify micro payments to their chosen number of decimal places?) Can contracting parties to implement algorithmic pricing to their chosen specifications? ;
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> Yes.  xsd decimal is arbitrary precision
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> http://www.datypic.com/sc/xsd/t-xsd_decimal.html
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>> Unit-of-account (e.g. $ £ € ¥ etc.—Are contracting parties free to price and pay in their units of choice? Can the unit of payment be one that is self-defined by the contracting parties, and/or can it be from a non-traditional provider?);
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> Yes currency is anyURI or a 3 letter ISO code.
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>> Value-in-exchange benchmark (e.g. WM Reuters Spot Exchange Index; Purchasing Power Parity Index; Commodity Index; Earth Reserve Index, etc.—Can contracting parties benchmark the scalar quantity of payment to any market factors they deem to be relevant to the duration and object of the contract?);
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> If someone can create a URI out if it then sure.  Indexes are not always 100% accurate tho.
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>> Transaction depositories (eg physical wallet; digital wallet; digital bank account, etc.—Do contracting parties have the ability to decide upon and control the origin and destination nodes for their payments?); and,
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> Source and origin are again anyURI so it can be anything.
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>> Medium-of-exchange (e.g. debit card, credit card, giro, cash, etc.—Are media-of-exchange options documented effectively to enable informed user choice? Do contracting parties have practical access to choice amongst media-of-exchange?)"
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>> Source: Potvin, J. 2014 (Draft, unpub.) Free/Libre/Open World Market Payment: Project Arrangements and Their Emergent Effects. Draft doctoral disseration, Département des sciences administratives, Université du Québec. Email: academic—potj09@uqo.ca; professional—jpotvin@opman.ca 
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>> [1]
>> MASON http://cs.gmu.edu/~eclab/projects/mason/manual.pdf
>> Lagom http://diva-model.net/fileadmin/ecf-documents/publications/ecf-working-papers/mandel-fuerst-lass-meissner-jaeger__ecf-working-paper_2009-01.pdf
>> regiO http://www.sciencedirect.com/science/article/pii/S1364815213000029
>> 
>> 
>> -- 
>> Joseph Potvin
>> Operations Manager | Gestionnaire des opérations
>> The Opman Company | La compagnie Opman
>> jpotvin@opman.ca
>> Mobile: 819-593-5983
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