How we handle money is changing and it is crucial to learn the alternatives of making payments in the future

Course 1: The Historical, Economic and Social Importance of Payments looks into the history of different payment methods and their evolution in the financial services industry. 

Discover the evolution of money and payments. From the analysis of the role of money, money supply, and settlements in the modern monetary system, to the rise of digital payments, cryptocurrencies and changing consumer behaviour.

This course is the first of six courses in the Payments in Digital Finance Specialisation, which is designed to help understand the role payments play(ed) in the functioning and development of society.

This course is co-created by:


In United Kingdom and Hungary

Senior Lecturer: Jean-Michel Godeffroy

Learn from

Jean-Michel Godeffroy is an independent consultant based in Paris. In 1998, he became the youngest Director General at the European Central Bank (ECB), in charge of payments and market infrastructure issues, until he retired in 2014 to create his consulting firm. He has an extensive career in payments, with almost 40 years of experience in institutions such as Banque de France, Federal Reserve Bank of New York and Bank for International Settlements. He currently advises central banks all over the world, either directly or through the World Bank and the International Monetary Fund (IMF). He is also a senior advisor to the Arab Monetary Fund and the chairman of the Central Bank Payments Conference. In addition, he also acts as senior advisor to private companies, especially on instant payments and on central bank digital currencies.

Jean-Michel Godeffroy

Senior Lecturer, Payments C1

Global Contributing Experts

Learning Outcomes:

  • Understand that money as we know it today is part of an evolution, and therefore that it may change

  • Understand what are the different means of payments today; understanding the concept of “legal tender”

  • Understand that central bank liquidity is considered as money in the payments context

  • Understand what is financial inclusion in a developing economy; in a developed economy

  • Understand the meaning of digital currency, virtual currency, cryptocurrency and stablecoin

Course Information

Course Curriculum

  • 01

    Course 1 of Payments in Digital Finance specialisation

    • Welcome to The Historical, Economic and Social Importance of Payments

    • Welcome from the Programme Directors!

    • A message from Senior Lecturer - Jean-Michel!

    • Course Handbook | Introduction & Overview

    • Course Handbook | Glossary

    • Interact with CFTE & Payments Learners

    • Join Our Community at CFTE!

    • Preliminary Survey - Getting Started

  • 02

    Chapter 1: A Short History of Money and Payments


    • Course Handbook | Chapter 1

    • 1.1 Definition of Payments and the Link With Money

    • 1.2 Money in History (Until the 1990s): An Ongoing Evolution

    • 1.3 The Lessons of History


    • QUIZ

  • 03

    Chapter 2: Means of Payments Today: An Analysis of the Money Supply


    • Course Handbook | Chapter 2

    • 2.1 An Analysis of the Money Supply

    • 2.2 The Critical Role of Money Creation by Banks: Why Loans Make Deposits

    • 2.3 The Marginal Role of Central Banks in Direct Money Creation

    • 2.4 Electronic Money


    • QUIZ

  • 04

    Chapter 3: Payments and Settlements in the Modern Monetary System


    • Course Handbook | Chapter 3

    • 3.1 The Evolution of the Role of Central Banks

    • 3.2 The Fungibility Between Payments in Public Money and Private Money

    • 3.3 Monetary Policy in a Nutshell



    • QUIZ

  • 05

    Chapter 4: Public Policies Related To Payments


    • Course Handbook | Chapter 4

    • 4.1 Competition vs Cooperation

    • 4.2 Changing Customer Preferences

    • 4.3 Payments and Financial Inclusion

    • 4.4 The Geopolitics of Payments



    • QUIZ

  • 06

    Chapter 5: The Future of Money and Payments


    • Course Handbook | Chapter 5

    • 5.1 Clarifying Definitions

    • 5.2 A Focus on Bitcoins and Libras: Can They Be Considered as Money?

    • 5.3 Central Bank Digital Currencies (CBDC)




    • Quiz

  • 07

    Voice of Customer

    • Voice of Customer Introduction

    • Payments, from a Merchants Point of View

  • 08

    Course Conclusion & Final Assessment

    • Concluding Remarks from Jean-Michel!

    • Final Assessment

  • 09


    • Congratulations!

    • What's Next?

    • Post-survey

    • What's Next on the Payments in Digital Finance Specialisation

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