Costs Of Retail Payments
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Costs Of Retail Payments
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Author : Kerstin Junius
language : en
Publisher:
Release Date : 2022
Costs Of Retail Payments written by Kerstin Junius and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022 with categories.
The paper provides an overview of studies on the social and private costs of retail payments conducted since 2013 in nine EU countries and collates the results obtained. Social costs of retail payments are the overall costs resulting from providing payment services to society and deriving from the resource costs incurred by all parties along the payment chain. Private costs, in contrast, are the costs incurred by the individual stakeholder only, such as banks and other payment intermediaries. Understanding the social and private costs of retail payments is crucial for assessing the impact of the rapidly changing retail payment landscape, such as the shift to electronic payments, and for designing strategies for moving towards cost efficient retail payments. Despite varying scopes and methodological differences, the analysis reached the following findings: a comparison of results between 2009 and 2016 in Denmark and Italy, between 2015 and 2018 in Poland and between 2009 and 2017 in Portugal, points to decreasing overall social costs for retail payments relative to gross domestic product (GDP). Moreover, the data suggest that changing payment habits - the shift to electronic payments and in particular debit cards - have an impact on unit costs, which represent the costs per transaction. The unit costs of debit card payments have decreased over time and the gap between the unit costs of cash and those for debit cards has narrowed. This suggests that the increasing number of debit card payments, to which high fixed costs are attached, has led to lower unit costs relative to those of cash. The only study on the costs of retail payments in Europe, published as an ECB occasional paper, dates from 2012 and is based on data from 2009.1 Although more recent surveys at national level are available, no single source exists that sheds light on recent information on the costs of retail payments in Europe. Since the national surveys follow different approaches, in terms of both scope and methodology used, for obtaining the costs of retail payments, the results are not easily comparable with each other across countries.
Retail Payments
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Author : Weltbankgruppe
language : en
Publisher:
Release Date : 2016
Retail Payments written by Weltbankgruppe and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016 with categories.
Retail payment systems play an important role in the smooth functioning of an economy and inefficiencies in the retail payments market can have cascading effects throughout the economy. While there are a number of issues that are responsible for the persistence of inefficiencies in retail payment markets, the lack of a coherent, holistic strategy for the development of retail payment systems is among the most common. In order to develop such a strategy, it is important to economically substantiate the migration from less cost-efficient retail payment instruments (typically cash and paper-based instruments) to more cost-efficient ones (typically electronic payments). Overall, establishing a sound economic baseline for national retail payment systems in terms of costs of different payment instruments can better guide system development and enable high-impact changes. This document is designed to serve as a practical guide for central banks and other public or private-sector stakeholders interested in conducting a study on the costs of day-to-day retail payments in their economies. The results of a cost study based on this methodology can help decision makers to agree on the targeted gains in efficiency in their retail payments system, define an implementation plan for achieving a desired future mix of payment instruments, and provide information for all stakeholders involved in the retail payments market.
Retail Payment Costs And Savings In Kosovo
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Author : Central Bank of Kosovo (CBK)
language : en
Publisher:
Release Date : 2022
Retail Payment Costs And Savings In Kosovo written by Central Bank of Kosovo (CBK) and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022 with categories.
This report is based on a study of the costs of retail payments in Kosovo, using a methodology (A Practical Guide for Measuring Retail Payment Costs) developed by the World Bank's Payment System Development Group (PSDG), part of the Finance, Competitiveness, and Innovation Global Practice. The study is based on survey data, with questionnaires administered to a sample of households and businesses on the demand side, as well as to 9 commercial banks operating in Kosovo; the Central Bank of Kosovo (in its role as currency issuer and as the operator of the Automated Clearing House); 4 money transfer operators; and the Post Office on the supply side. The study aims to establish a sound economic baseline for the national retail payments system regarding the costs of different payment instruments to better guide system development and enable high-impact changes. Efficiency gains resulting from migration to lower-cost retail payment instruments and more efficient use of those instruments could have significant benefits for economic development and growth as the transaction costs of exchanging goods and services are reduced. Lower costs of retail payments can also fundamentally extend the access of electronic payment services to lower-income households and further improve the efficiency of the national payments system as access to modern payment instruments is broadened.
The Importance Of The Retail Payment System
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Author : Hal S. Scott
language : en
Publisher:
Release Date : 2014
The Importance Of The Retail Payment System written by Hal S. Scott and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014 with categories.
This article explores the importance of an efficient retail payment system and develops an integrated framework for evaluation of the retail payment system by policy makers. It examines the costs and benefits of the various types of retail payment system, focusing on the seven desirable benefits of the retail payment system: (1) finality and reversibility; (2) universality (ability to use at point of sale and remotely); (3) recordkeeping; (4) liquidity (maximizing interest earning assets); (5) security and safety; (6) financial inclusion and access; and (7) fungibility and ease of use (seven benefits).The article discusses the Coase Theorem, a proposition from transaction cost economics that provides a useful tool for analyzing transaction efficiency. Increased costs are not bad per se since parties are often willing to incur higher costs to achieve their desired results, e.g. higher costs for a more secure form of payment. Indeed, higher costs may often generate higher value to both parties to a transaction. What one wants to reduce are “friction” costs, costs that neither party wants to pay to achieve a desired result, e.g. higher costs produced by lack of information.While each retail payment system provides certain advantages, e.g. cash for small transactions, overall the analysis suggests that debit and credit cards represent the most desirable payment system for achieving the seven benefits set forth above. This is supported by statistics that indicate that retail payments have increasingly moved toward card payments.
Retail Payments In Selected Countries
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Author :
language : en
Publisher:
Release Date : 1999
Retail Payments In Selected Countries written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999 with Credit cards categories.
The Retail Payment Costs And Savings In Albania
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Author : Weltbankgruppe
language : en
Publisher:
Release Date : 2018
The Retail Payment Costs And Savings In Albania written by Weltbankgruppe and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018 with categories.
This report is based on a study of the costs and savings of retail payments in Albania using a methodology (A Practical Guide for Measuring Retail Payment Costs) developed by the World Bank's Payment Systems Development Group, part of the Financial Inclusion, Infrastructure, and Access at the Finance, Competitiveness, and Innovation Global Practice. By applying this methodology to Albania, the study aims to establish a sound economic baseline for the national retail payments system in terms of costs of different payment instruments to better guide system development and enable high-impact changes. Moreover, the methodology allows for the development of substitution scenarios (from more costly to less costly retail payment instrument) and the resulting cost savings. It is designed based on four main principles: applicability, comparability, efficiency, and standardization and can be adapted to country-specific circumstances without losing its comparative nature, across time and across countries.
The Retail Payment Costs And Savings In Albania
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Author : World Bank Group
language : en
Publisher:
Release Date : 2018
The Retail Payment Costs And Savings In Albania written by World Bank Group and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018 with categories.
This report is based on a study of the costs and savings of retail payments in Albania using a methodology (A Practical Guide for Measuring Retail Payment Costs) developed by the World Bank's Payment Systems Development Group, part of the Financial Inclusion, Infrastructure, and Access at the Finance, Competitiveness, and Innovation Global Practice. By applying this methodology to Albania, the study aims to establish a sound economic baseline for the national retail payments system in terms of costs of different payment instruments to better guide system development and enable high-impact changes. Moreover, the methodology allows for the development of substitution scenarios (from more costly to less costly retail payment instrument) and the resulting cost savings. It is designed based on four main principles: applicability, comparability, efficiency, and standardization and can be adapted to country-specific circumstances without losing its comparative nature, across time and across countries.
The Social And Private Costs Of Retail Payment Instruments
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Author : Heiko Schmiedel
language : en
Publisher:
Release Date : 2012
The Social And Private Costs Of Retail Payment Instruments written by Heiko Schmiedel and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012 with Banks and banking, Central categories.
Merchant Acceptance Costs And Perceptions Of Retail Payments
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Author : Carlos Arango
language : en
Publisher:
Release Date : 2008
Merchant Acceptance Costs And Perceptions Of Retail Payments written by Carlos Arango and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008 with categories.
A Note On The Price And Cost Structure Of Retail Payment Services In The Swedish Banking Sector 2002
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Author : Gabriela Guibourg
language : en
Publisher:
Release Date : 2006
A Note On The Price And Cost Structure Of Retail Payment Services In The Swedish Banking Sector 2002 written by Gabriela Guibourg and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with categories.
We estimate private costs in the Swedish banking sector for the production of payment services and investigate to what extent the price structure reflects the estimated cost structure. We find that (i) banks tend to use two-part tariffs, but (ii) variable costs are poorly reflected in transaction fees towards both consumers and corporate customers. (iii) There exist large cross subsidies between different payment services, foremost from acquiring card payments to cash distribution to the public, while payment services as a whole is not subsidized.