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

David Cronin and Anne McGuinness
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David Cronin: Central Bank of Ireland

Quarterly Bulletin Articles, 2010, 56-82

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.

Date: 2010-04
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