Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. iii Terms of use: Documents in AbstractWe measure consumers' use of cash by harmonizing payment diary surveys from seven countries. The seven diary surveys were conducted in 2009 (Canada), 2010 (Australia), 2011 (Austria, France, Germany and the Netherlands), and 2012 (the United States). Our paper finds cross-country differences -for example, the level of cash usage differs across countries. Cash has not disappeared as a payment instrument, especially for low-value transactions. We also find that the use of cash is strongly correlated with transaction size, demographics, and point-of-sale characteristics such as merchant card acceptance and venue.
Due to the financial crisis, an increasing number of households face financial problems. This may lead to an increasing need for monitoring spending and budgets. We demonstrate that both cash and the debit card are perceived as helpful in this respect. We show that, on average, consumers responsible for financial decision making within a household find cash and the debit card equally helpful for monitoring their household finances. Individuals differ in major respects, however. In particular, low earners and the liquidity-constrained prefer cash as a budgeting tool. Finally, we present evidence that at an aggregated level, such preferences strongly affect consumer payment behavior. These findings suggest that the substitution of cash by cards may slow down because of the financial crisis.
Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. Retail payments at a crossroads: economics, strategies and future policies This paper was submitted and accepted for the bi-annual retail payments conference titled "Retail payments at a crossroads: economics, strategies and future policies" organised by the European Central Bank (ECB) and the Banque de France (BdF), on 21 and 22 October 2013 in Paris. The aim of the conference was to bring together academics, regulators and market participants to discuss possible developments and dynamics that will shape the future retail payments landscape. Terms of use: Documents in EconStor mayRetail payments provide a very important, yet not the most visible, infrastructure for the operation of the real economy. The way economic actors pay is not only important from a theoretical point of view but also from a policy perspective as the costs for providing payment services are substantial in most countries. As we are witnessing a transformation in these markets from traditional paper-based payment instruments towards electronic means of payments, the interaction between market forces and regulatory initiatives continues to be a determining factor for the future. This interaction, and the possible policy conclusions stemming from it, was the main theme of this conference.The selection and refereeing process of this paper has been carried out by the conference organisational team composed of experts from both organising institutions. As the conference was organised with a focus on the key issues above, papers were selected not only based on their standalone quality but also considering the relevance of the research subject to the themes of the event. Following the conference the selected papers have been asked to be revised according to the discussants assigned to the respective paper.The paper is released in order to make the working papers and accompanying research submitted to the conference publicly available. Non-technical summaryThis paper studies the determinants in migrants' choice of payment channel when sending money to relatives abroad. Migrant remittances are an important source of external finance for many countries.In 2012, globally-recorded remittance flows to developing countries reached USD 400 billion (World Bank, 2012). However, the actual amount of remittances sent is probably significantly larger, as a large but unknown share of remittances are transferred through unrecorded informal channels, such as money brought home on return and transfers throu...
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