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New Innovations in Payments

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  • Marc Rysman
  • Scott Schuh

Abstract

We discuss prospects for innovation in consumer payment instruments. We discuss recent research into consumer payments and what can be learned about consumer behavior towards new payment options. We consider three new innovations in payments: mobile payments, faster payments and digital currencies. For each, we describe prospects and impediments to adoption.

Suggested Citation

  • Marc Rysman & Scott Schuh, 2016. "New Innovations in Payments," NBER Working Papers 22358, National Bureau of Economic Research, Inc.
  • Handle: RePEc:nbr:nberwo:22358
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    References listed on IDEAS

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    1. Klee, Elizabeth, 2008. "How people pay: Evidence from grocery store data," Journal of Monetary Economics, Elsevier, vol. 55(3), pages 526-541, April.
    2. Jean‐Charles Rochet & Jean Tirole, 2006. "Two‐sided markets: a progress report," RAND Journal of Economics, RAND Corporation, vol. 37(3), pages 645-667, September.
    3. Naoki Wakamori & Angelika Welte, 2017. "Why Do Shoppers Use Cash? Evidence from Shopping Diary Data," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 49(1), pages 115-169, February.
    4. Rysman Marc & Wright Julian, 2014. "The Economics of Payment Cards," Review of Network Economics, De Gruyter, vol. 13(3), pages 303-353, September.
    5. Sergei Koulayev & Marc Rysman & Scott Schuh & Joanna Stavins, 2016. "Explaining adoption and use of payment instruments by US consumers," RAND Journal of Economics, RAND Corporation, vol. 47(2), pages 293-325, May.
    6. Angelique Augereau & Shane Greenstein & Marc Rysman, 2006. "Coordination versus differentiation in a standards war: 56K modems," RAND Journal of Economics, RAND Corporation, vol. 37(4), pages 887-909, December.
    7. Shy, Oz, 2013. "How many cards do you use?," Working Papers 13-13, Federal Reserve Bank of Boston.
    8. Badev, Anton & Chen, Matthew, 2014. "Bitcoin: Technical Background and Data Analysis," Finance and Economics Discussion Series 2014-104, Board of Governors of the Federal Reserve System (U.S.).
    9. Hester, Donald D, 1972. "Monetary Policy in the 'Checkless' Economy," Journal of Finance, American Finance Association, vol. 27(2), pages 279-293, May.
    10. Michael Cohen & Marc Rysman, 2012. "Payment choice with consumer panel data," Working Papers 13, University of Connecticut, Department of Agricultural and Resource Economics, Charles J. Zwick Center for Food and Resource Policy.
    11. Greene, Claire & Rysman, Marc & Schuh, Scott & Shy, Oz, 2014. "Costs and benefits of building faster payment systems: the U.K. experience and implications for the United States," Current Policy Perspectives 14-5, Federal Reserve Bank of Boston.
    12. William Jack & Tavneet Suri & Robert M. Townsend, 2010. "Monetary theory and electronic money : reflections on the Kenyan experience," Economic Quarterly, Federal Reserve Bank of Richmond, issue 1Q, pages 83-122.
    13. repec:rje:randje:v:37:y:2006:i:4:p:887-909 is not listed on IDEAS
    14. Marc Rysman, 2007. "AN EMPIRICAL ANALYSIS OF PAYMENT CARD USAGE -super-," Journal of Industrial Economics, Wiley Blackwell, vol. 55(1), pages 1-36, March.
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    Cited by:

    1. Philippon, Thomas, 2016. "The FinTech Opportunity," CEPR Discussion Papers 11409, C.E.P.R. Discussion Papers.

    More about this item

    JEL classification:

    • L1 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance

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