Articlegreen2014

The impact of retail payment innovations on cash usage

Ben Siu Cheong Fung · Kim P. Huynh · Leonard Sabetti

45 citations0/0 files storedThe Journal of Financial Market Infrastructures

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Digital Transformation in Financial Services Consumer Market Behavior and Pricing FinTech, Crowdfunding, Digital Finance

Abstract

Many predict that innovations in retail payment may render cash obsolete. We investigate this possibility in the context of recent payment innovations such as contactless-credit and stored-value cards. We apply causal inference methods on the 2009 Bank of Canada Method of Payment survey, a representative sample of adult Canadians’ shopping behaviour for retail consumption over a three-day period. We find that using contactless credit cards and stored-value cards lead to a reduction in average cash usage for transactions both in terms of value and volume. Sensitivity analysis is undertaken and our estimates are robust to hidden bias.

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References

2003Analysis of Panel Data 2008Lending Relationships and Loan Contract Terms 2008Technological change and the households’ demand for currency 2002The Demand for Money, Financial Innovation, and the Welfare Cost of Inflation: An Analysis with Household Data 2007AN EMPIRICAL ANALYSIS OF PAYMENT CARD USAGE*2009Why are (some) consumers (finally) writing fewer checks? The role of payment characteristics 2000Extensive Margins and the Demand for Money at Low Interest Rates 2002Effect of Consumer Characteristics on the Use of Payment Instruments

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2014Currency demand, new technology, and the adoption of electronic money: Micro evidence from Japan 2016Retail Payment Innovations and Cash usage: Accounting for Attrition by using Refreshment Samples 2020Card-sales response to merchant contactless payment acceptance 2020The impact of contactless payment on cash usage at an early stage of diffusion 2021The Bank of Canada’s 2009 Methods-of-Payment Survey: Methodology and Key Results

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