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  1. Distributional effects of payment card pricing and merchant cost pass-through in Canada and the United States
    Autor*in: Felt, Marie-Hélène; Hayashi, Fumiko; Stavins, Joanna; Welte, Angelika
    Erschienen: [2021]
    Verlag:  Bank of Canada, [Ottawa]

    Using data from Canada and the United States, we quantify consumers' net pecuniary cost of using cash, credit cards, and debit cards for purchases across income cohorts. The net cost includes fees paid to financial institutions, rewards received from... mehr

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 219
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    Using data from Canada and the United States, we quantify consumers' net pecuniary cost of using cash, credit cards, and debit cards for purchases across income cohorts. The net cost includes fees paid to financial institutions, rewards received from credit or debit card issuers, and the merchant cost of accepting payments that is passed on to consumers as higher retail prices. Even though credit cards are more expensive for merchants to accept compared with other payment methods, merchants typically do not differentiate prices at checkout, but instead pass through their costs to all consumers. As a result, credit card transactions are cross-subsidized by cheaper debit and cash payments. Card rewards and consumer fees paid to financial institutions are additional sources of cross-subsidies. We find that consumers in the lowest-income cohort pay the highest net pecuniary cost as a percentage of transaction value, while consumers in the highest-income cohort pay the lowest. This result is robust under various scenarios and assumptions, suggesting payment card pricing and merchant cost pass-through have regressive distributional effects in Canada and the United States.

     
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    Weitere Identifier:
    hdl: 10419/241231
    Auflage/Ausgabe: Last updated: February 5, 2021
    Schriftenreihe: Staff working paper / Bank of Canada ; 2021, 8
    Schlagworte: Bank notes; Financial institutions; Financial services; Market structure and pricing; Payment clearing and settlement systems
    Umfang: 1 Online-Ressource (circa 68 Seiten), Illustrationen
  2. Distributional effects of payment card pricing and merchant cost pass-through in the United States and Canada
    Autor*in: Felt, Marie-Hélène; Hayashi, Fumiko; Stavins, Joanna; Welte, Angelika
    Erschienen: [2020]
    Verlag:  Federal Reserve Bank of Boston, [Boston, MA]

    Using data from the United States and Canada, we quantify consumers’ net pecuniary cost of using cash, credit cards, and debit cards for purchases across income cohorts. The net cost includes fees paid to financial institutions, rewards received from... mehr

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    Using data from the United States and Canada, we quantify consumers’ net pecuniary cost of using cash, credit cards, and debit cards for purchases across income cohorts. The net cost includes fees paid to financial institutions, rewards received from credit or debit card issuers, and the merchant cost of accepting payments that is passed on to consumers as higher retail prices. Even though credit cards are more expensive for merchants to accept compared with other payment methods, merchants typically do not differentiate prices at checkout, but instead pass through their costs to all consumers. As a result, credit card transactions are crosssubsidized by cheaper debit and cash payments. Card rewards and consumer fees paid to financial institutions are additional sources of cross-subsidies. We find that consumers in the lowest-income cohort pay the highest net pecuniary cost as a percentage of transaction value, while consumers in the highest-income cohort pay the lowest. This result is robust under various scenarios and assumptions, suggesting payment card pricing and merchant cost pass-through have regressive distributional effects in the United States and Canada.

     
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    Weitere Identifier:
    hdl: 10419/238075
    Auflage/Ausgabe: This version: December 2020
    Schriftenreihe: Working papers / Federal Reserve Bank of Boston ; no. 20, 13
    Umfang: 1 Online-Ressource (circa 66 Seiten), Illustrationen
  3. Distributional effects of payment card pricing and merchant cost pass-through in the United States and Canada
    Autor*in: Felt, Marie-Hélène; Hayashi, Fumiko; Stavins, Joanna; Welte, Angelika
    Erschienen: 2020
    Verlag:  Federal Research Bank of Kansas City, Kansas City, Mo.

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    Schriftenreihe: KcFED research working papers ; RWP 20, 18 (December 2020)
    Schlagworte: Regressive effects; rewards; credit cards; interchange fees; pass-through
    Umfang: 1 Online-Ressource (circa 67 Seiten), Illustrationen
  4. The market for acquiring card payments from small and medium-sized Canadian merchants
    Autor*in: Welte, Angelika; Molnár, József
    Erschienen: [2020]
    Verlag:  Bank of Canada, Ottawa, Ontario, Canada

    This note uses industry data and a unique dataset of small and medium-sized merchants to provide insights into the acquirer-merchant market in Canada. Three main findings are presented. First, smaller merchants pay their acquirer more for every... mehr

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    This note uses industry data and a unique dataset of small and medium-sized merchants to provide insights into the acquirer-merchant market in Canada. Three main findings are presented. First, smaller merchants pay their acquirer more for every dollar of card payment than larger merchants. Second, this finding is mainly explained by high fixed costs. Third, the acquiring market in Canada is concentrated and has remained fairly stable since 2010.

     
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    hdl: 10419/227816
    Schriftenreihe: Staff discussion paper / Bank of Canada ; 2020, 5
    Umfang: 1 Online-Ressource (circa 18 Seiten), Illustrationen
  5. COVID-19 hasn't killed merchant acceptance of cash
    results from the 2023 Merchant Acceptance Survey
    Autor*in: Welte, Angelika; Talavera, Katrina; Wang, Liang; Wu, Joy
    Erschienen: [2024]
    Verlag:  Bank of Canada, [Ottawa]

    In recent years, the rise in digital payments has spurred a discussion in Canada and other countries about the future of cash at the point of sale. To better understand trends in payment methods accepted by Canadian businesses, including cash... mehr

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    In recent years, the rise in digital payments has spurred a discussion in Canada and other countries about the future of cash at the point of sale. To better understand trends in payment methods accepted by Canadian businesses, including cash acceptance and the impact of innovations such as mobile payments, the Bank of Canada conducts the Merchant Acceptance Survey, a survey of small and mediumsized businesses. We find that 96% of these businesses in Canada accepted cash in 2023. Acceptance of debit and credit cards has increased since 2021 to 89%, and acceptance of digital payments has increased as well. However, the vast majority of merchants (92%) have no plansto go cashless in the future. Therefore, cash and digital payments continue to coexist at the point of sale, and Canada is far from being a cashless society.

     
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    Schriftenreihe: Staff discussion paper / Bank of Canada ; 2024, 2
    Schlagworte: Bank notes; Digital currencies and fintech; Econometric and statistical methods
    Umfang: 1 Online-Ressource (circa 25 Seiten), Illustrationen
  6. The Bank of Canada's 2009 Methods-of-Payment survey
    methodology and key results
    Autor*in: Arango, Carlos; Welte, Angelika
    Erschienen: 2012
    Verlag:  Bank of Canada, Ottawa

    The authors present the methodology and main findings of the Bank of Canada’s 2009 Methods-of-Payment survey, a detailed investigation of consumer payment behaviour in Canada. The survey targeted the 18- to 75-year-old Canadian resident population.... mehr

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    The authors present the methodology and main findings of the Bank of Canada’s 2009 Methods-of-Payment survey, a detailed investigation of consumer payment behaviour in Canada. The survey targeted the 18- to 75-year-old Canadian resident population. During November 2009, participants answered a questionnaire about their demographics, personal finance, and payment instrument habits and perceptions. Of the 6,868 questionnaire respondents, about half also completed a 3-day shopping diary, recording close to 16,000 shopping transactions. The survey gives a detailed account of Canadians' cash management habits and payment instrument choices and provides important clues into the reasons why Canadians pay the way they do.

     
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    Format: Online
    Weitere Identifier:
    hdl: 10419/66958
    Schriftenreihe: Discussion paper / Bank of Canada ; 2012-6
    Umfang: Online-Ressource (PDF-Datei: 30 S., 256 KB)
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  7. Adoption costs of financial innovation
    evidence from Italian ATM Cards
    Autor*in: Huynh, Kim P.; Schmidt-Dengler, Philipp; Smith, Gregor W.; Welte, Angelika
    Erschienen: February 2017
    Verlag:  Bank of Canada, [Ottawa]

    The discrete choice to adopt a financial innovation affects a household's exposure to inflation and transactions costs. We model this adoption decision as being subject to an unobserved cost. Estimating the cost requires a dynamic structural model,... mehr

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    The discrete choice to adopt a financial innovation affects a household's exposure to inflation and transactions costs. We model this adoption decision as being subject to an unobserved cost. Estimating the cost requires a dynamic structural model, to which we apply a conditional choice simulation estimator. A novel feature of our method is that preference parameters are estimated separately, from the Euler equations of a shoppingtime model, to aid statistical efficiency. We apply this method to study ATM card adoption in the Bank of Italy's Survey of Household Income and Wealth. There, the implicit adoption cost is too large to be consistent with standard models of rational choice, even when sorted by age, cohort, education or region.

     
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    Weitere Identifier:
    hdl: 10419/171962
    Schriftenreihe: Staff working paper / Bank of Canada ; 2017, 8
    Umfang: 1 Online-Ressource (circa 44 Seiten), Illustrationen
  8. The costs of point-of-sale payments in Canada
    Autor*in: Kosse, Anneke; Chen, Heng; Felt, Marie-Hélène; Jiongo, Valéry Dongmo; Nield, Kerry; Welte, Angelika
    Erschienen: [2017]
    Verlag:  Bank of Canada, [Ottawa, Ontario, Canada]

    This study provides insight into the costs of cash, debit card and credit card payments made at the point of sale in Canada in 2014. For each payment method, it examines the total resource costs, which capture the overall use of resources by society... mehr

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    This study provides insight into the costs of cash, debit card and credit card payments made at the point of sale in Canada in 2014. For each payment method, it examines the total resource costs, which capture the overall use of resources by society as a whole. Using extensive survey data from retailers, financial institutions and cash transportation companies as well as internal and external data sources, the results show that the resource costs of payments in Canada are non-negligible (0.78 per cent of GDP). Credit cards are most costly in terms of resource costs per transaction, while cash carries the highest resource costs per dollar transacted. Debit cards are the least costly, both in terms of costs per transaction and costs per dollar in sales. The study also demonstrates how the costs vary with transaction sizes. Considering the variable resource costs only, cash is found to be cheapest for transactions up to $6, while debit cards are the least costly for transactions larger than $6. The study also looks into the total private costs, which are the costs incurred by each stakeholder, thereby providing insight into how costs are affecting the use and acceptance of payment methods.

     
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    Weitere Identifier:
    hdl: 10419/173379
    Schriftenreihe: Staff discussion paper / Bank of Canada ; 2017, 4 (March 2017)
    Umfang: 1 Online-Ressource (circa 65 Seiten), Illustrationen
  9. Payment habits during COVID-19
    evidence from high-frequency transaction data
    Autor*in: Dahlhaus, Tatjana; Welte, Angelika
    Erschienen: [2021]
    Verlag:  Bank of Canada, [Ottawa]

    We investigate how the COVID-19 pandemic has changed consumers' payments habits in Canada. We rely on high-frequency data on cash withdrawals and debit card transactions from Interac Corp. and Canada's Automated Clearing Settlement System. We... mehr

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    We investigate how the COVID-19 pandemic has changed consumers' payments habits in Canada. We rely on high-frequency data on cash withdrawals and debit card transactions from Interac Corp. and Canada's Automated Clearing Settlement System. We construct daily measures of payment habits reflecting cash usage, average transaction values, and the share of transactions in which the customer or card holder and the acquiring machine (ATM or POS) are of the same bank. Using simple dummy regressions and local projection models, we assess how these indicators of payment habits have changed with the evolution of the COVID-19 pandemic. We find evidence that during the pandemic consumers adjusted their behaviour by avoiding frequent trips for cash withdrawals and point-of-sale purchases and making fewer transactions for higher amounts. They also made smaller-value cash withdrawals compared with the value of card payments, which could reflect a reduced use of cash for point-of-sale transactions. Consumers also made relatively more withdrawals from ATMs that are linked to their financial institution (on-us transactions). Finally, we highlight that estimates of economic activity based on card data alone could be biased if shifts in payment habits are not taken into account. We estimate that debit card payments might have overstated consumer expenditure growth by up to 7 percentage points over the course of the pandemic.

     
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    hdl: 10419/247423
    Auflage/Ausgabe: Last updated: September 9, 2021
    Schriftenreihe: Staff working paper / Bank of Canada ; 2021, 43
    Schlagworte: Coronavirus disease (COVID-19); Payment clearing and settlement systems; Recenteconomic and financial developments; Domestic demand and components
    Umfang: 1 Online-Ressource (circa 35 Seiten), Illustrationen
  10. The 2021-22 Merchant Acceptance Survey pilot study
    Autor*in: Welte, Angelika; Wu, Joy
    Erschienen: [2023]
    Verlag:  Bank of Canada, Ottawa, Ontario, Canada

    In recent years, the rise in digital payment innovations such as contactless cards and Interac e-Transfer has spurred a discussion about the future of cash at the point of sale. The COVID19 pandemic has also contributed to this discussion: While... mehr

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    In recent years, the rise in digital payment innovations such as contactless cards and Interac e-Transfer has spurred a discussion about the future of cash at the point of sale. The COVID19 pandemic has also contributed to this discussion: While consumers reported that some merchants started to refuse cash early in the pandemic, such reported refusals dropped as the pandemic progressed. The Bank of Canada's most recent Merchant Acceptance Survey (MAS) took place in 2018, prompting a need for updated data to study merchant cash acceptance, payment trends and conditions for the potential issuance of a central bank digital currency (Lane 2020, 2021a). Against this background, the Bank conducted the 2021-22 MAS Pilot Study to monitor payment methods accepted by small and medium-sized businesses (SMBs). Survey data was collected from merchants in two batches, in late 2021 and early 2022. Our results show that 97% of SMBs in Canada accepted cash in 2021-22 and only 3% have plans to stop accepting cash. For cards and digital payments, merchant acceptance has increased since 2018. Additionally, the acceptance of different payment methods varies by the size of the merchant, industry and region.

     
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    Schriftenreihe: Staff discussion paper / Bank of Canada ; 2023, 1
    Schlagworte: Bank notes; Digital currencies and fintech; Econometric and statistical methods
    Umfang: 1 Online-Ressource (circa 23 Seiten), Illustrationen
  11. 2017 Methods-of-Payment survey report
    Autor*in: Henry, Christopher S.; Huynh, Kim P.; Welte, Angelika
    Erschienen: [2018]
    Verlag:  Bank of Canada, [Ottawa, Ontario, Canada]

    As the sole issuer of bank notes, the Bank of Canada conducts Methods-of-Payment (MOP) surveys to obtain a detailed and representative snapshot of Canadian payment choices, with a focus on cash usage. The 2017 MOP Survey is the third iteration. This... mehr

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    As the sole issuer of bank notes, the Bank of Canada conducts Methods-of-Payment (MOP) surveys to obtain a detailed and representative snapshot of Canadian payment choices, with a focus on cash usage. The 2017 MOP Survey is the third iteration. This paper finds that the overall cash volume and value shares are 33 per cent and 15 per cent, respectively. These results highlight the ongoing decrease of cash usage in terms of volume and value compared with 2009 (54 per cent and 23 per cent, respectively) and 2013 (44 per cent and 23 per cent, respectively). Consumers still rate cash as an easy-to-use, low-cost, secure and widely accepted payment method, and it is commonly used among respondents who are aged 55 and above, have an income of less than $45,000, have only a high school education, or have a low rate of financial literacy. The paper also provides comprehensive details on Canadians' adoption and use of payment innovations such as contactless credit and debit cards, as well as mobile and online payments.

     
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    Weitere Identifier:
    hdl: 10419/200470
    Schriftenreihe: Staff discussion paper / Bank of Canada ; 2018, 17 (December 2018)
    Umfang: 1 Online-Ressource (circa 67 Seiten), Illustrationen
  12. Why do shoppers use cash?
    evidence from shopping diary data
    Autor*in: Wakamori, Naoki; Welte, Angelika
    Erschienen: 2013
    Verlag:  Sonderforschungsbereich/Transregio 15, Mannheim [u.a.]

    Recent studies find that cash remains a dominant payment choice for small-value transactions despite the prevalence of alternative methods of payment such as debit and credit cards. For policy makers an important question is whether consumers truly... mehr

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    Recent studies find that cash remains a dominant payment choice for small-value transactions despite the prevalence of alternative methods of payment such as debit and credit cards. For policy makers an important question is whether consumers truly prefer using cash or merchants restrict card usage. Using unique shopping diary data, we estimate a payment choice model with individual unobserved heterogeneity (demandside factors) while controlling for merchants' acceptance of cards (supply-side factors). Based on a policy simulation where we impose universal card acceptance among merchants, we find that overall cash usage would decrease by only 7.7 percentage points, implying that cash usage in small-value transactions is driven mainly by consumers' preferences.

     
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    hdl: 10419/94095
    Schriftenreihe: Discussion paper / Governance and the Efficiency of Economic Systems ; 431
    Umfang: Online-Ressource (39 S.), graph. Darst.
  13. Why do shoppers use cash?
    evidence from shopping diary data
    Autor*in: Wakamori, Naoki; Welte, Angelika
    Erschienen: 2012
    Verlag:  Bank of Canada, Ottawa

    Recent studies find that cash remains a dominant payment choice for small-value transactions despite the prevalence of alternative means of payment such as debit and credit cards. For policy makers an important question is whether consumers truly... mehr

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    Recent studies find that cash remains a dominant payment choice for small-value transactions despite the prevalence of alternative means of payment such as debit and credit cards. For policy makers an important question is whether consumers truly prefer using cash or merchants restrict card usage. Using the Bank of Canada's 2009 Method of Payment Survey, we estimate a generalized multinomial logit model of payment choices to extract individual heterogeneity (demand-side factors) while controlling for merchants' acceptance of cards (supply-side factors). Based on a counterfactual exercise where we assume universal card acceptance among merchants, we find that some consumers would decrease their cash usage but the magnitude of this decrease is small. Our results imply that the use of cash in small-value transactions is driven mainly by consumers' preferences.

     
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    hdl: 10419/80760
    Schriftenreihe: Working paper / Bank of Canada ; 2012-24
    Umfang: Online-Ressource (PDF-Datei: III, 38 S., 464,91 KB), graph. Darst.
  14. Wait a minute
    the efficacy of discounting versus non-pecuniary payment steering
    Autor*in: Welte, Angelika
    Erschienen: February 2016
    Verlag:  Bank of Canada, [Ottawa]

    Merchants who accept credit cards face payment processing fees. In most countries, the no-surcharge rule prohibits them from using surcharges to pass these fees on to customers. However, merchants are allowed to steer consumers toward less costly... mehr

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    Merchants who accept credit cards face payment processing fees. In most countries, the no-surcharge rule prohibits them from using surcharges to pass these fees on to customers. However, merchants are allowed to steer consumers toward less costly payment methods by offering discounts or using non-pecuniary incentives such as convenience and speed. Drawing upon micro data from a survey of Canadian households, I estimate a discrete choice model of consumers' payment methods to establish merchant costs for both of these strategies. I find that, while discounts are unprofitable because they subsidize a large portion of consumers who are already using cash and debit cards, non-pecuniary steering can be an effective strategy for transactions above $25.

     
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    hdl: 10419/148115
    Schriftenreihe: Staff working paper / Bank of Canada ; 2016-8
    Umfang: 1 Online-Ressource (circa 14 Seiten), Illustrationen
  15. The Bank of Canada 2015 retailer survey on the cost of payment methods
    sampling
    Autor*in: Welte, Angelika
    Erschienen: March 2017
    Verlag:  Bank of Canada, Ottawa, Ontario

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    Format: Online
    Schriftenreihe: Technical report / Bank of Canada ; no. 108
    Umfang: 1 Online-Ressource (circa 29 Seiten), Illustrationen