Transaction Platforms: Fintech Platforms

Transaction Platforms: Fintech Platforms

DOI: 10.4018/978-1-5225-5457-8.ch005

Abstract

In this chapter the author gets involved with transaction platforms or multi-sided platforms that facilitate transactions between different types of actors. Transaction platforms are usually platform intermediaries. All platforms are digital: they capture, transmit, and monetize data over the internet and other networks, but they may as well have some physical elements included in the product offering. The author provides a platform innovation taxonomy that is a conceptualization and formalization of elements, relationships, vocabulary, and semantics of different dimensions of transaction platform innovations.
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Background

According to OECD (OECD, 2010), and cited by UNESCO (MacKinnon et al., 2015) internet intermediaries bring together or facilitate transactions between third parties on the Internet. They give access to, host, transmit and index content, products and services originated by third parties on the Internet or provide Internet-based services to third parties. They offer access to a host of activities through both wired and wireless technologies. Platform intermediaries can be categorized based on function they fulfill for platform’s users and industries. As it is shown (see Figure 1), platform intermediaries span a wide range of digital business activities (OECD, 2010; UNESCO, 2015).

Some examples of taxonomy platform intermediary entities are listed in Table 1.

Table 1:
Examples of platform intermediaries (Yablonsky, 2014a,b, 2016)
NameSide 1Side 2
Search MSPs
GoogleSearchersAdvertisers (other sides: developers, etc.)
Bing
Baidu (China)
Yandex (Russia)
E-Bank MFPs
Bank of AmericaConsumersMerchants (other sides: government,
UniCreditbankenterprises, mobile providers, etc.)
Citi
Sberbank (Russia)
e-Payment MFPs
PaypalConsumersConsumers (other sides: enterprises,
mobile providers, etc.)
Yandex.Money (Russia)
E-Acquiring MFPs
VISAConsumersMerchants (other sides: enterprises, etc.)
Master Card
American Express
E-Retail MSPs
AmazonConsumers (Buyers)Enterprises (Sellers) (other sides: advertises, consumers (sellers), mobile providers, developers, etc.)
Alibaba (China)
E-Auction MSPs
eBayConsumers (Buyers)Consumers (Sellers) (other sides:
advertises, enterprises, mobile providers, developers, etc.)
E-Recruitment MSPs
MonsterJob seekersRecruiters
LinkedIn
E-Renting MSPs
AirbnbTravelersHosts
Game MSPs
XBoxConsumersGame developers
PlayStation
E-Tourism MSPs
TripAdvisorTouristsEnterprises
Social MSPs
FacebookConsumersConsumers (other sides: advertises,
enterprises, game providers, etc.)
Twitter

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