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Retail Payment Practices. How They Have Evolved in Recent Times and Where They Might Be Going

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  • Cronin, David

    (Central Bank of Ireland)

  • McGuinness, Anne

    (Central Bank of Ireland)

Abstract

The relative importance of different retail payment media varies across countries. There are, however, some trends in the data that are evident pan-nationally: cash seems to be playing a lesser role in payment activity; among non-cash forms of payment, there has been a substitution away from paper-based to electronic instruments; and debit cards are being more heavily used in recent years. These developments indicate progress towards a more efficient payment system as older, more expensive payment instruments are supplanted by newer, cheaper options. Viewpoints on what the future may hold in store for retail payments, including perspectives on the impact that new electronic technologies designed for making small-value payments may have on cash usage, are considered. It is argued that while its usage may decline over time, cash is unlikely to disappear from the payments landscape soon.

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Bibliographic Info

Article provided by Central Bank of Ireland in its journal Quarterly Bulletin Articles.

Volume (Year): (2010)
Issue (Month): (April)
Pages: 56-82

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Handle: RePEc:cbi:qtbart:y:2010:m:04:p:56-82

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  1. Viren, Matti, 1992. "Financial Innovations and Currency Demand: Some New Evidence," Empirical Economics, Springer, Springer, vol. 17(4), pages 451-61.
  2. David Humphrey & Magnus Willesson & Goran Bergendahl & Ted Lindblom, 2003. "Cost savings from electronic payments and ATMs in Europe," Working Papers 03-16, Federal Reserve Bank of Philadelphia.
  3. Helmut Stix, 2003. "How Do Debit Cards Affect Cash Demand? Survey Data Evidence," Working Papers, Oesterreichische Nationalbank (Austrian Central Bank) 82, Oesterreichische Nationalbank (Austrian Central Bank).
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  5. Snellman, Jussi, 2000. "Evolution of Retail Payments in Finland in the 1990s," Research Discussion Papers, Bank of Finland 19/2000, Bank of Finland.
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  7. Jussi Snellman & Jukka Vesala & David Humphrey, 2001. "Substitution of Noncash Payment Instruments for Cash in Europe," Journal of Financial Services Research, Springer, Springer, vol. 19(2), pages 131-145, April.
  8. James C. McGrath, 2006. "Micropayments: the final frontier for electronic consumer payments," Payment Cards Center Discussion Paper, Federal Reserve Bank of Philadelphia 06-04, Federal Reserve Bank of Philadelphia.
  9. Fischer, Björn & Köhler, Petra & Seitz, Franz, 2004. "The demand for euro area currencies: past, present and future," Working Paper Series, European Central Bank 0330, European Central Bank.
  10. Humphrey, David B & Kim, Moshe & Vale, Bent, 2001. "Realizing the Gains from Electronic Payments: Costs, Pricing, and Payment Choice," Journal of Money, Credit and Banking, Blackwell Publishing, Blackwell Publishing, vol. 33(2), pages 216-34, May.
  11. Sujit Chakravorti, 2000. "Why has stored value not caught on?," Emerging Issues, Federal Reserve Bank of Chicago, Federal Reserve Bank of Chicago, issue May.
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