Consumer awareness and the use of payment media : evidence from young finnish consumers

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dc.contributor Suomen Pankki Hyytinen, Ari Takalo, Tuomas 2014-09-22T07:59:24Z 2014-09-22T07:59:24Z 2008
dc.identifier.isbn 978-952-462-418-3
dc.identifier.isbn 978-952-462-419-0
dc.identifier.issn 1456-6184
dc.description Ilmestynyt myös Review of Network Economics 2009 ; 8 ; 2.
dc.description.abstract In the market for payment media, some consumers use only one medium when paying for their point-of-sale transactions, while others use many. This pattern reflects the diffusion of new payment media, because a payment method innovation is typically first used simultaneously with the established methods. We study the use of multiple payment media by employing data on young Finnish consumers. We find that the use of multiple payment media is directly related to consumer awareness and that not controlling for the endogeneity of awareness can bias its effect downwards. These results suggest that increasing consumer awareness may have been underlying the rise of debit card use around the world. It could also speed up the adoption of new means of payment, such electronic money and mobile payments. To the extent that antitrust concerns in the market for payment media stem from the lack of information, improving consumer awareness could be a remedy. Keywords: payment media, consumer awareness, adoption of financial technology JEL classification numbers: G200, E590
dc.format.extent 33 s.
dc.language.iso fin
dc.subject Suomi
dc.subject kotitaloudet
dc.subject maksuvälineet
dc.subject informaatio
dc.subject SP
dc.subject RP
dc.subject nuoret kuluttajat
dc.subject tietoisuus
dc.title Consumer awareness and the use of payment media : evidence from young finnish consumers
dc.type Sarjajulkaisu
dc.identifier.urn URN:NBN:fi:bof-20140807189
dc.subject.jel G20
dc.subject.jel E59 Bank of Finland Research Discussion Papers
dc.series.year 2008
dc.series.number 2/2008
dc.series.sortingnumber 0002 5.1.2008
dc.description.publication Published in Review of Network Economics, Volume 8, Issue 2, 2009: 164-188

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