Promoting efficient retail payments in Europe

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Title: Promoting efficient retail payments in Europe
ISBN: 978-952-6699-93-6
Author: Hasan, Iftekhar ; Martikainen, Emmi ; Takalo, Tuomas
Organization: Bank of Finland
Series: Bank of Finland Research Discussion Papers
ISSN: 1456-6184
Series year: 2014
Series number: 20/2014
Year of publication: 2014
Publication date: 25.8.2014
Published in: Published in Journal of Payments Strategy & Systems, Volume 8, Number 4, 2014: 395-406 - Special issue on the future of retail payments in Europe
Pages: 21
Subject (yso): EU-maat
Keywords: maksut; Eurooppa; euroalue; kuluttajansuoja; kilpailu; tehokkuus; maksuvälineet; infrastrukstuuri
Abstract: In this article we first document the evidence showing how an efficient retail payment infrastructure enhances economic performance. We then review the policy tools available to promote efficient retail payments in Europe. We argue that while SEPA is an important policy initiative that harmonizes payment methods across the EU, it alone is not enough. Vigorous competition and consumer protection policies as well as direct interventions discouraging large value cash payments would be particularly attractive policy tools as they would put no strain on stretched government budgets. JEL classification: G21, G28 Keywords: Retail payment, SEPA, competition, consumer protection, economic performance

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