Time Efficiency Of Point-Of-Sale Payment Methods: Preliminary Results

Michał Polasik () and Jakub Górka ()
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Michał Polasik: Nicolaus Copernicus University
Jakub Górka: Warsaw University

Journal of Internet Banking and Commerce, 2010, vol. 15, issue 3, 01-11

Abstract: This article presents a wide range of different payment methods used at Point-Of-Sales from traditional cash and standard cards to contactless cards, RFID stickers and mobile payments (NFC and remote). All payment instruments are compared under the criterion of time efficiency that means the duration of a payment transaction. The measurement of payment transactions was undertaken with the help of a novel research technique based on a digital chronography of video material recorded by cameras installed in the biggest chain of convenient stores in Poland. More than 4,000 transactions were gauged. It is empirically proven that cash is still the fastest means of executing transactions at the counter, although new innovative payment methods such as proximity cards and NFC mobile payments may be equally fast and sometimes even faster. There is a potential in accelerating the payment process of those latter. Standard cards together with a remote mobile payments method tested lag behind. Obtained results could be practically used by merchants who want to optimise its payment process at cash registers. Drawn conclusions may also have value for the developers of payment schemes in the world.

Keywords: Retail payments; Cash turnover; Credit & debit cards; Contactless cards; NFC; Mobile payments (search for similar items in EconPapers)
JEL-codes: J33 (search for similar items in EconPapers)
Date: 2010
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