Abstract
The aim of this article is to focus on payment systems, define alternative payment systems, summarize the effective regulation in the Czech Republic and then critically evaluate the level of this regulation regarding future technological developments in this area. In the introductory parts of this article the author focuses on the general definition of payment systems, the possibilities of their theoretical division.
The next section describes the payment system with settlement finality as an example of a traditional payment system and then discusses three potential alternatives that could be considered as alternative payment systems. These are mobile payments and mobile wallets related thereto, the system on which digital currencies are based, and finally electronic money systems.
For each of these options, their operation is explained in detail and then the conclusion is made as to whether they can be considered as an alternative payment system. The author concluded that second and third options could be considered alternative payment systems.
In the final part of this master thesis, the legal regulation of alternative payment systems is discussed, whereas since digital currencies are almost not regulated at all in the Czech Republic, the main focus is aimed on issuance of electronic money and rights and obligations related thereto.