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Factors impeding the use of electronic payment instruments in emerging economies: The case of Colombia

Author

Listed:
  • Arango-Arango, Carlos A.

    (Principal Researcher and Adviser, Central Bank of Colombia, Colombia)

  • Suárez-Ariza, Nicolás F.

Abstract

Using a novel dataset for the five major cities in Colombia, this paper studies the factors that determine access, usage and acceptance of different payment instruments. It shows that, as may be the case in many emerging economies, the use of electronic payments for day-to-day purchases is low, even with adequate access to transactional financial products and services. This result is largely explained by the costs and the limited levels of acceptance by merchants. Other factors such as income, financial education, trust and informality are also important deterrents to the adoption and usage of electronic payments.

Suggested Citation

  • Arango-Arango, Carlos A. & Suárez-Ariza, Nicolás F., 2017. "Factors impeding the use of electronic payment instruments in emerging economies: The case of Colombia," Journal of Payments Strategy & Systems, Henry Stewart Publications, vol. 10(4), pages 363-382, February.
    • Handle: RePEc:aza:jpss00:y:2017:v:10:i:4:p:363-382
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    Cited by:

    1. Le Thi Thanh Xuan & Tran Tien Khoa & Nguyen Thi Kha, 2019. "Reasons for customers reluctance to use electronic payments – A study in Ho Chi Minh City," HO CHI MINH CITY OPEN UNIVERSITY JOURNAL OF SCIENCE - ECONOMICS AND BUSINESS ADMINISTRATION, HO CHI MINH CITY OPEN UNIVERSITY JOURNAL OF SCIENCE, HO CHI MINH CITY OPEN UNIVERSITY, vol. 9(2), pages 25-43.

    More about this item

    Keywords

    electronic payments; twosided markets; emerging economies; informality; limited acceptance; payment booklets;
    All these keywords.

    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit

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