[BUS2 531] - Final Exam Guide - Ultimate 93 pages long Study Guide!

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29 Nov 2016
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This class focuses on how payments are regulated in canada and help students get a global view of the banking and payment industry. The payment and banking industry evolves very fast, sometimes it is hard for regulations to keep up with the evolution. Canada the bill of exchange law is the law on cheques. When a person makes a payment to another party, there are multiple parties involved in the transaction: Here is an overview of the evolution of forms of payment through time: 1300 coins, currency (cash used by consumers to buy consumer goods: made by kings and lords (with power) 19th century cheques were most popular during this period: cheque is an order to pay: bank has your deposit. Before 1937 in canada private banks printed promissory notes. After 1937 in canada central authority/ state controls currency. 1958 credit cards came into the picture with the invention of plastic. 1970s - electronic payments made cheques less relevant.

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