From SEPA to the digital euro: payments past, present and future

Johannes Asel (), Simone Mingione (), Petia Niederländer () and Georg Nitsche ()
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Johannes Asel: Oesterreichische Nationalbank
Simone Mingione: Oesterreichische Nationalbank
Petia Niederländer: Oesterreichische Nationalbank
Georg Nitsche: Oesterreichische Nationalbank

Monetary Policy & the Economy, 2022, issue Q1-Q2/22, 47-74

Abstract: This paper investigates the increasing importance of electronic retail payments for the euro area economy, including Austria. Looking back 20 years, we address payments-related developments and regulatory aspects and summarize recent studies and empirical data on selected economies that underline the growing importance of electronic retail payments systems for competitiveness and economic growth. Specifically, we analyze changes in payment behavior over time, most recently under pandemic conditions. Furthermore, we discuss the role of European players in the electronic retail payment value chain and outline success factors for electronic payment systems. Against this backdrop, we provide an outlook on the potential developments of electronic retail payments in the euro area, 15–20 years ahead. We present the most likely baseline scenario and an alternative scenario, and discuss related policy implications and possible solutions, such as the introduction of a digital euro. An annex offers a comprehensive overview of key characteristics of retail payments processes and systems.

Keywords: retail payments; payment behavior; electronic payment systems; European payments autonomy (search for similar items in EconPapers)
JEL-codes: G20 (search for similar items in EconPapers)
Date: 2022
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