Although mobile payments are increasingly used in some countries, they have not been adopted widely in the United States so far, despite their potential to add value for consumers and streamline the payments system. We summarize short-term and long-term benefits from mobile payments, and analyze the economic framework of that market. Both demand-side and supply-side barriers contribute to the lack of adoption of mobile payments. We contrast mobile payments at the retail point of sale in the U.S. with other countries experiences and with examples of successful payment innovations in the U.S. Conditions that have facilitated some success in other countries and in other U.S. innovations are not present in the mobile payments market. On the demand side, consumers and merchants are well served by the current card system and face a low expected benefit-cost ratio, at least in the short run. On the supply side, low market concentration and strong competitive forces of banks and mobile carriers make coordination of standards difficult. Furthermore, mobile payments are characterized by a network effects problem: consumers will not demand them until they know that enough merchants accept them, and merchants will not implement the technology until a critical mass of consumers justifies the cost of doing so. We present some policy recommendations that the Federal Reserve should consider.
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. Major contributions of the survey are that it asks: 1) why payment choices are made; 2) why individual payment behavior has changed; and 3) why individual-specific payment characteristics matter for payment choice. Although the survey is not statistically representative of U.S. consumers, and thus may not provide accurate estimates of aggregate U.S. payment trends, many results are consistent with data from more representative payment surveys. For example, the data show a trend away from checkwriting and toward electronic and emerging payment methods, but the choice of payment method depends on the type of payment, amount of payment, and other complex factors. Also, cost, convenience, and control over timing are the most important characteristics determining respondents' adoption and use of payment methods. We find that payment characteristics vary widely across respondents, partly because of inherent heterogeneity but perhaps also because of measurement error, misperception, or inadequate information (lack of consumer education). Cross-sectional evidence shows that respondents tend to use payment methods in a manner broadly consistent with their reported assessments of the payment characteristics. Terms of use: Documents in JEL Classifications: D12, D14, E41, C81
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. Although mobile payments are increasingly used in some countries, they have not been adopted widely in the United States so far, despite their potential to add value for consumers and streamline the payments system. After describing a few countries' experiences, we analyze the prospects for the U.S. market for mobile payments in retail payments, particularly the use of contactless and near-field communication technologies. We identify conditions that have facilitated some success in other countries and barriers to the adoption of mobile payments in the United States. On the demand side, consumers and merchants are well served by the current card system, and face a low expected benefit-cost ratio, at least in the short run. On the supply side, low market concentration and strong competitive forces of banks and mobile carriers make coordination of standards difficult. Furthermore, mobile payments are characterized by a network effects problem: consumers will not demand them until they know that enough merchants accept them, and merchants will not implement the technology until a critical mass of consumers justifies the cost of doing so. We present some policy recommendations that the Federal Reserve should consider. Terms of use: Documents in
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. The conference brought together a diverse set of participants from the academic, private, and public sectors. This paper provides a summary and overview of the conference. Key conclusions are that the consumer's decision-making process concerning payment choice is quite complex, that standard economic models have difficulty incorporating this complexity, that additional research-especially interdisciplinary research-into consumer choice of payment method is needed, and that this conference was an important step in that direction. Terms of use: Documents in EconStor may JEL Classifications: D11, D12
The Social Work Department of a large Australian health service has led an organisation-wide risk identification reporting system providing oversight of family violence cases. The availability of this data offered a unique opportunity for robust evidence collection of the victim survivor experience, and the clinical response, over an eight-month period during the COVID-19 pandemic in 2020. The audit of family violence notifications and clinical notes (n = 283) identified 36 per cent of cases were impacted by pandemic-related factors. Psychological (69 per cent) and physical abuse (64 per cent) were the most identified forms of family violence. Multiple pandemic-related stressors were evident, including financial stress (38 per cent), housing instability (27 per cent) and unemployment (22 per cent). Telehealth was seen as both an opportunity for further control by perpetrators as well as a strategy to stay connected with at risk and isolated patients. Two focus groups with clinical staff (n = 16) described evidence of an increased shared sense of responsibility amongst multidisciplinary colleagues towards family violence presentations during COVID-19. The findings contribute to emerging knowledge about risks and barriers impacting victim survivors during disasters, such as pandemics, and offer strategies for improving practice. Findings highlight the important role of social workers in data collection and analysis to inform their practice.
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