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  1. Cash and COVID-19: the effects of lifting containment measures on cash demand and use
    Autor*in: Chen, Heng; Engert, Walter; Huynh, Kim P.; Nicholls, Gradon; Zhu, Hui
    Erschienen: [2021]
    Verlag:  Bank of Canada, Ottawa, Ontario, Canada

    We conduct a follow-up to Chen et al. (2020) and study demand for and use of cash after the containment measures imposed at the beginning of the COVID-19 pandemic were relaxed during the summer of 2020. We find that bank notes in circulation... mehr

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    We conduct a follow-up to Chen et al. (2020) and study demand for and use of cash after the containment measures imposed at the beginning of the COVID-19 pandemic were relaxed during the summer of 2020. We find that bank notes in circulation continued to rise in July due to ongoing cash withdrawals and decreased cash deposits in the Bank Note Distribution System. The probability of consumers using cash for payments increased in July compared with April 2020. As well, consumer cash holdings, measured as the median value of cash on hand, returned to August 2019 levels.

     
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    hdl: 10419/241095
    Schriftenreihe: Staff discussion paper / Bank of Canada ; 2021, 3
    Schlagworte: Bank notes; Central bank research; Coronavirus disease (COVID-19); Digital currencies and fintech; Econometric and statistical methods
    Umfang: 1 Online-Ressource (circa 20 Seiten), Illustrationen
  2. Cash and COVID-19: the impact of the second wave in Canada
    Autor*in: Chen, Heng; Engert, Walter; Felt, Marie-Hélène; Huynh, Kim P.; Nicholls, Gradon; O'Habib, Daneal; Zhu, Hui
    Erschienen: [2021]
    Verlag:  Bank of Canada, Ottawa, Ontario, Canada

    We use consumer surveys conducted in April, July and November 2020 to study how the COVID-19 pandemic affected the demand for cash and the use of various methods of payment. Continuing from Chen et al. (2020, 2021), we use data from the Bank Note... mehr

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    We use consumer surveys conducted in April, July and November 2020 to study how the COVID-19 pandemic affected the demand for cash and the use of various methods of payment. Continuing from Chen et al. (2020, 2021), we use data from the Bank Note Distribution System (BNDS) to track how the amount of cash in circulation changed throughout 2020. The November 2020 survey included a three-day payment diary. We compare this diary with similar diaries from 2009, 2013 and 2017 to study long-term trends in cash use and payment methods.

     
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    hdl: 10419/251025
    Schriftenreihe: Staff discussion paper / Bank of Canada ; 2021, 12
    Schlagworte: Bank notes; Central bank research; Coronavirus disease (COVID-19); Digital currencies and fintech; Econometric and statistical methods
    Umfang: 1 Online-Ressource (circa 29 Seiten), Illustrationen
  3. Consumer cash withdrawal behaviour
    branch networks and online financial innovation
    Autor*in: Chen, Heng; Strathearn, Matthew; Voia, Marcel-Christian
    Erschienen: [2021]
    Verlag:  Bank of Canada, [Ottawa]

    Constructing a novel micro-geographic individual-level data set, we study the relevance of shoe-leather costs on cash withdrawals. An unexplored issue in the literature is the consistent estimation of the marginal effect of travel distance on... mehr

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    Constructing a novel micro-geographic individual-level data set, we study the relevance of shoe-leather costs on cash withdrawals. An unexplored issue in the literature is the consistent estimation of the marginal effect of travel distance on withdrawals when a fraction of unobserved withdrawals have free/low shoe-leather cost, i.e., consumers withdraw upon conveniently encountering a free/low cost withdrawal opportunity. To overcome this challenge, we propose a classification technique to identify respondents who have incurred these free/low cost withdrawals, and subsequently account for such endogenous selection from the exclusion restriction of the adoption of recent online financial innovations. We find that there exist significant threshold effects of distance on typical monthly withdrawal frequency. For respondents living within 1.56 kilometers of their affiliated financial institution, a one-kilometer reduction in distance is associated with an average marginal increase of 0.31 withdrawals per month. In terms of heterogeneous effects, distance plays a larger role in higher-income and older-age cohorts. These results are robust to various econometric specifications.

     
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    hdl: 10419/241251
    Auflage/Ausgabe: Last updated: June 17, 2021
    Schriftenreihe: Staff working paper / Bank of Canada ; 2021, 28
    Schlagworte: Bank notes; Digital currency and fintech
    Umfang: 1 Online-Ressource (circa 54 Seiten), Illustrationen
  4. 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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    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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    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
  5. An exploration of First Nations reserves and access to cash
    Autor*in: Chen, Heng; Engert, Walter; Huynh, Kim P.; O'Habib, Daneal
    Erschienen: [2021]
    Verlag:  Bank of Canada, Ottawa, Ontario, Canada

    Providing bank notes is one of the Bank of Canada’s core functions. The Bank is therefore interested in whether cash is adequately distributed across society, and this also influences the Bank’s thinking on issuing a central bank digital currency. We... mehr

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    Providing bank notes is one of the Bank of Canada’s core functions. The Bank is therefore interested in whether cash is adequately distributed across society, and this also influences the Bank’s thinking on issuing a central bank digital currency. We provide a perspective on these issues by exploring access of First Nations reserves to cash. To do so, we measure the distance between the 637 reserve band offices in Canada and their closest cash sources. In this study, these cash sources are branches of financial institutions (FIs), automated bank machines (ABMs) owned by FIs, and white label ABMs. We measure the distance between band offices and cash sources by geographical distance (“as the crow flies”) and by travel distance (e.g., road routes). We also provide some information on access to financial services more generally and set out questions for future research.

     
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    hdl: 10419/241100
    Schriftenreihe: Staff discussion paper / Bank of Canada ; 2021, 8
    Schlagworte: Bank notes; Digital currencies and fintech; Financial institutions; Financial services; Payment clearing and settlement systems
    Umfang: 1 Online-Ressource (circa 29 Seiten), Illustrationen
  6. An empirical analysis of bill payment choices
    Autor*in: Kosse, Anneke
    Erschienen: [2021]
    Verlag:  Bank of Canada, [Ottawa]

    The aim of this paper is to examine which payment instruments Canadians use for paying bills and to assess the factors driving their bill payment behaviour. I use 2019 survey data collected among over 4,000 Canadians and estimate a set of binomial... mehr

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    The aim of this paper is to examine which payment instruments Canadians use for paying bills and to assess the factors driving their bill payment behaviour. I use 2019 survey data collected among over 4,000 Canadians and estimate a set of binomial and multinomial regressions to assess the factors influencing consumers' use and perception of different bill payment options. I find that there is no single dominant payment method for all consumer groups: demographics, financial situation, new technology adoption and POS payment habits play a significant role in the usage of bill payment methods as well as in consumers' stated reasons and barriers of use. Moreover, I demonstrate that consumers' bill payment behaviour strongly varies by bill type. The conclusions are useful for policy discussions on how to encourage a migration away from paper-based payment methods and how to (re)design a retail payments system to accommodate end-user needs.

     
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    hdl: 10419/241246
    Auflage/Ausgabe: Last updated: May 17, 2021
    Schriftenreihe: Staff working paper / Bank of Canada ; 2021, 23
    Schlagworte: Bank notes; Econometric and statistical methods; Financial services; Payment clearingand settlement systems
    Umfang: 1 Online-Ressource (circa 34 Seiten), Illustrationen
  7. Equilibrium in two-sided markets for payments
    consumer awareness and the welfare cost of the interchange fee
    Autor*in: Huynh, Kim P.; Nicholls, Gradon; Shcherbakov, Oleksandr
    Erschienen: [2022]
    Verlag:  Bank of Canada, [Ottawa]

    The market for payments is an important two-sided one, where consumers benefit from increased merchant acceptance of payment cards and vice versa. The dependence between the decisions that are made on each side of the market results in various... mehr

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    The market for payments is an important two-sided one, where consumers benefit from increased merchant acceptance of payment cards and vice versa. The dependence between the decisions that are made on each side of the market results in various network externalities that are often discussed but rarely quantified. We construct and estimate a structural two-stage model of equilibrium in a market for payments in order to quantify the network externalities and identify the main determinants of consumer and merchant decisions. The estimation results suggest significant heterogeneity in consumer adoption costs and benefits. We discuss the critical characteristics that determine which payment instrument is used at the point of sale. Our counterfactual simulation measures the degree of excessive intermediation by credit card providers.

     
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    hdl: 10419/261268
    Auflage/Ausgabe: Last updated: March 22, 2022
    Schriftenreihe: Staff working paper / Bank of Canada ; 2022, 15
    Schlagworte: Bank notes; Digital currencies and fintech; Econometric and statistical methods; Financial services
    Umfang: 1 Online-Ressource (circa 55 Seiten), Illustrationen
  8. Cash and COVID-19
    what happened in 2021
    Autor*in: Chen, Heng; Engert, Walter; Huynh, Kim P.; O'Habib, Daneal; Wu, Joy; Zhu, Hui
    Erschienen: [2022]
    Verlag:  Bank of Canada, Ottawa, Ontario, Canada

    We provide an update on the impact the COVID-19 pandemic on the demand for cash and the use of methods of payment based on data from the Bank Note Distribution System and from consumer surveys conducted in April and August 2021. Our key findings are... mehr

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    We provide an update on the impact the COVID-19 pandemic on the demand for cash and the use of methods of payment based on data from the Bank Note Distribution System and from consumer surveys conducted in April and August 2021. Our key findings are as follows: Cash in circulation remained high throughout 2021, driven mainly by demand for largedenomination notes; Canadians' holdings of cash on hand in April (median $70) and August (median $80) were comparable to results seen in 2020. Other cash holdings reported by Canadians remained elevated, with a median value of $260 in August; In August 2021, 62% of Canadians used cash for payments, and indicators of merchant acceptance of cash improved in both the April and August surveys; A large majority of Canadians (around 80%) in 2021 continued reporting that they have no plans to go cashless in the next five years.

     
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    hdl: 10419/266069
    Schriftenreihe: Staff discussion paper / Bank of Canada ; 2022, 8
    Schlagworte: Bank notes; Central bank research; Coronavirus disease (COVID-19); Digital currencies and fintech; Econometric and statistical methods
    Umfang: 1 Online-Ressource (circa 13 Seiten), Illustrationen
  9. Bitcoin awareness, ownership and use
    2016-20
    Autor*in: Balutel, Daniela; Felt, Marie-Hélène; Nicholls, Gradon; Voia, Marcel-Christian
    Erschienen: [2022]
    Verlag:  Bank of Canada, Ottawa, Ontario, Canada

    Since 2016, the Bank of Canada has conducted annual surveys to monitor awareness, adoption and usage of Bitcoin and other cryptocurrencies (Henry et al. 2018, 2019a, 2019b). This report incorporates results from the 2019 Bitcoin Omnibus Survey and... mehr

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    Since 2016, the Bank of Canada has conducted annual surveys to monitor awareness, adoption and usage of Bitcoin and other cryptocurrencies (Henry et al. 2018, 2019a, 2019b). This report incorporates results from the 2019 Bitcoin Omnibus Survey and the November 2020 Cash Alternative Survey. We find that between 2018 and 2020, the level of Bitcoin awareness and ownership among Canadians remained stable: nearly 90% of the population were aware of Bitcoin, while only 5% owned it. We find that about half of Bitcoin owners stated they usually obtained their bitcoins through mobile or web exchanges, while one-fifth used mining. Bitcoin owners were susceptible to certain risks, as evidenced by the fact that about half of current and past owners stated they had been affected by events such as price crashes, losing access to funds, scams or data breaches. The most commonly cited reasons for owning Bitcoin were related to its use for investment or based on interest in the technology. Bitcoin owners displayed greater knowledge about the Bitcoin network than nonowners, yet they scored lower on questions testing financial literacy.

     
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    hdl: 10419/266071
    Schriftenreihe: Staff discussion paper / Bank of Canada ; 2022, 10
    Schlagworte: Bank notes; Digital currencies and fintech; Econometrics and statistical methods
    Umfang: 1 Online-Ressource (circa 32 Seiten), Illustrationen
  10. Identifying financially remote First Nations reserves
    Autor*in: Chen, Heng; Engert, Walter; Huynh, Kim P.; O'Habib, Daneal
    Erschienen: [2022]
    Verlag:  Bank of Canada, Ottawa, Ontario, Canada

    Chen et al. (2021) show that almost one-third of First Nations band offices in Canada are within 1 kilometre (km) of an automated banking machine (ABM) or financial institution (FI) branch and more than half are within 5 km. Further, over... mehr

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    Chen et al. (2021) show that almost one-third of First Nations band offices in Canada are within 1 kilometre (km) of an automated banking machine (ABM) or financial institution (FI) branch and more than half are within 5 km. Further, over three-quarters of band offices are within 20 km of an ABM or FI branch and almost 90% are within 50 km. We focus on 49 First Nations locations that are more than 100 km away from an ABM or FI branch or do not have an identifiable travel route (by road or boat) to an ABM or FI branch. We refer to these First Nations as financially remote. We show that these locations have small populations and limited access to internet and mobile services. As a result, these First Nations have poor access to cash sources and physical delivery of financial services as well as limited access to digital payments and electronic banking. We also assess the remoteness of these locations according to an alternative method based on measures of agglomeration (community population) and proximity to other communities. We find that, according to this measure, these 49 financially remote First Nations are generally among the most geographically remote communities in Canada. Further, we show that these First Nations are also among the lowest scoring communities in Canada according to a measure of community well-being based on indicators of educational attainment, labour force activity, income and housing. The geographical remoteness of these 49 First Nations, their small populations, limited infrastructure and digital services, and relatively low community well-being all likely contribute to their poor access to cash and financial services.

     
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    hdl: 10419/266072
    Schriftenreihe: Staff discussion paper / Bank of Canada ; 2022, 11
    Schlagworte: Bank notes; Digital currencies and fintech; Financial institutions; Financial services; Payment clearing and settlement systems
    Umfang: 1 Online-Ressource (circa 24 Seiten), Illustrationen
  11. Cash in the pocket, cash in the cloud
    cash holdings of Bitcoin owners
    Autor*in: Balutel, Daniela; Henry, Christopher; Huynh, Kim P.; Voia, Marcel-Christian
    Erschienen: [2022]
    Verlag:  Bank of Canada, [Ottawa]

    We estimate the effect of Bitcoin ownership on the level of cash holdings of Canadian consumers. Bitcoin ownership positively correlates with cash holdings even after accounting for selection into ownership via a control function approach. On... mehr

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    We estimate the effect of Bitcoin ownership on the level of cash holdings of Canadian consumers. Bitcoin ownership positively correlates with cash holdings even after accounting for selection into ownership via a control function approach. On average, Bitcoin owners hold 83 percent (in 2018) to 95 percent (in 2017) more cash than non-owners. Focusing on the quantiles of cash holdings, we find that Bitcoin ownership has a highly nonlinear effect. For example, the difference in cash holdings between Bitcoin owners and non-owners in 2017 varies from 63 percent at the 25th quantile of cash to 176 percent at the 95th quantile of cash. Our results provide some evidence to reject the hypothesis that new digital currencies or technologies, such as Bitcoin, will lead to a decline in cash holdings.

     
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    hdl: 10419/265220
    Auflage/Ausgabe: Last updated: June 15, 2022
    Schriftenreihe: Staff working paper / Bank of Canada ; 2022, 26
    Schlagworte: Bank notes; Digital currencies and fintech; Econometric and statistical methods
    Umfang: 1 Online-Ressource (circa 35 Seiten), Illustrationen
  12. Cash, COVID-19 and the prospects for a Canadian digital dollar
    Autor*in: Engert, Walter; Huynh, Kim P.
    Erschienen: [2022]
    Verlag:  Bank of Canada, Ottawa, Ontario, Canada

    We provide an analysis of cash trends in Canada before and during the COVID-19 pandemic. Focusing on the pandemic period, we explore the implications on demand for, use of and access to cash. We find that cash demand has been strong pre-pandemic and... mehr

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    We provide an analysis of cash trends in Canada before and during the COVID-19 pandemic. Focusing on the pandemic period, we explore the implications on demand for, use of and access to cash. We find that cash demand has been strong pre-pandemic and increased sharply during the pandemic. While cash use fell initially due to the decreased number of in-person shopping opportunities, it recovered as containment measures eased. We explore the potential two scenarios for issuance of central bank digital currency or Canadian digital dollar. We discuss the Canadian experience in maintaining cash as an efficient and accessible method of payment and store of value.

     
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    Schriftenreihe: Staff discussion paper / Bank of Canada ; 2022, 17
    Schlagworte: Bank notes; Central bank research; Coronavirus disease (COVID-19); Digital currenciesand fintech; Econometric and statistical methods
    Umfang: 1 Online-Ressource (circa 28 Seiten), Illustrationen
  13. Private digital cryptoassets as investment?
    Bitcoin ownership and use in Canada, 2016-2021
    Autor*in: Balutel, Daniela; Engert, Walter; Henry, Christopher; Huynh, Kim P.; Voia, Marcel-Christian
    Erschienen: [2022]
    Verlag:  Bank of Canada, [Ottawa]

    This report studies the dynamics of Bitcoin awareness and ownership from 2016 to 2021, using the Bank of Canada's Bitcoin Omnibus Surveys (BTCOS). In 2021, Canadians' awareness of Bitcoin remained stable at about 90%, while ownership increased to 13%... mehr

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    This report studies the dynamics of Bitcoin awareness and ownership from 2016 to 2021, using the Bank of Canada's Bitcoin Omnibus Surveys (BTCOS). In 2021, Canadians' awareness of Bitcoin remained stable at about 90%, while ownership increased to 13% from the 5% observed in 2018-2020. Canadian Bitcoin owners in 2021 were more likely to be male, aged 18 to 34 years old, with a university degree or high income. They largely see Bitcoin as an investment. A new question added to the 2021 BTCOS helps us understand the influx of investors to the Bitcoin market. Responses to this question show that roughly half of current Bitcoin owners invested during the COVID-19 pandemic (2020-2021). These recent owners differ in several ways from long-term owners. Finally, we document the broader economic context of the increase in Bitcoin ownership: widespread increases in savings and wealth by Canadian households during the pandemic, coupled with financial technology (fintech) companies providing accessible and user-friendly platforms for buying Bitcoin.

     
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    hdl: 10419/272988
    Auflage/Ausgabe: Last updated: October 12, 2022
    Schriftenreihe: Staff working paper / Bank of Canada ; 2022, 44
    Schlagworte: Bank notes; Digital currencies and fintech; Econometric and statistical methods
    Umfang: 1 Online-Ressource (circa 59 Seiten), Illustrationen
  14. 2021 Methods-of-Payment Survey report
    Autor*in: Henry, Christopher; Shimoda, Matthew; Zhu, Julia
    Erschienen: [2022]
    Verlag:  Bank of Canada, Ottawa, Ontario, Canada

    We present results from the 2021 Methods-of-Payment (MOP) Survey, including updated payment shares based on a three-day shopping diary. We highlight long-term trends observed across previous MOP surveys from 2009, 2013 and 2017. We also review... mehr

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    We present results from the 2021 Methods-of-Payment (MOP) Survey, including updated payment shares based on a three-day shopping diary. We highlight long-term trends observed across previous MOP surveys from 2009, 2013 and 2017. We also review patterns of the management and use of cash, the adoption and use of payment cards, and the use of alternative payment methods across different demographic groups. Using other survey and data sources, we provide additional context for these results with respect to the COVID-19 pandemic

     
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    Schriftenreihe: Staff discussion paper / Bank of Canada ; 2022, 23
    Schlagworte: Bank notes; Digital currencies and fintech; Financial services; Coronavirus disease (COVID-19)
    Umfang: 1 Online-Ressource (circa 72 Seiten), Illustrationen
  15. 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
  16. Unmet payment needs and a central bank digital currency
    Autor*in: Henry, Christopher S.; Engert, Walter; Sutton-Lalani, Alexandra; Hernandez, Sebastian; McVanel, Darcey; Huynh, Kim P.
    Erschienen: [2023]
    Verlag:  Bank of Canada, [Ottawa]

    We discuss the payment habits of Canadians both in the current payment environment and in a hypothetical cashless environment. We also consider whether a central bank digital currency (CBDC) would address unmet payment needs in a cashless society.... mehr

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    We discuss the payment habits of Canadians both in the current payment environment and in a hypothetical cashless environment. We also consider whether a central bank digital currency (CBDC) would address unmet payment needs in a cashless society. Most adult Canadians do not experience gaps in their access to a range of payment methods, and this would probably continue to be the case in a cashless environment. Some people could, however, face difficulties making payments if merchants no longer generally accepted cash as a method of payment. For a payment-oriented CBDC to successfully address unmet payment needs, the main consumer groups-who already have access to a range of payment options-would have to widely adopt the CBDC and use it at scale. This is necessary to encourage widespread merchant acceptance of CBDC, which would, in turn, encourage further consumer adoption and use. However, most consumers face few payment gaps or frictions and therefore might have relatively weak incentives to adopt and-especially-to use CBDC at scale. If that were the case, widespread merchant acceptance also would be unlikely. This suggests that addressing unmet payment needs for a minority of consumers by issuing a CBDC could be challenging under the conditions explored in this paper. The minority of consumers with unmet payment needs will only be able to benefit from a CBDC if the majority of consumers experience material benefits and therefore drive its use.

     
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    Schriftenreihe: Staff discussion paper / Bank of Canada ; 2023, 15
    Schlagworte: Bank notes; Central bank research; Digital currencies and fintech; Financial services
    Umfang: 1 Online-Ressource (circa 19 Seiten), Illustrationen
  17. Redefining financial inclusion for a digital age
    implications for a central bank digital currency
    Autor*in: Sutton-Lalani, Alexandra; Hernandez, Sebastian; Miedema, John; Dai, Jiamin; Omrane, Badr
    Erschienen: [2023]
    Verlag:  Bank of Canada, [Ottawa]

    Digitalization - the use of data, digital platforms and advanced analytics - has quickly become widespread in today's society. This has introduced new opportunities, but it has also created new barriers and exacerbated existing inequities. This is... mehr

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    Digitalization - the use of data, digital platforms and advanced analytics - has quickly become widespread in today's society. This has introduced new opportunities, but it has also created new barriers and exacerbated existing inequities. This is likewise true in the realm of payments, where issues around financial inclusion, digital inclusion and accessibility compound the challenges for users. Our work expands on that of Henry et al. (2023). We base our research on two key premises. First, we apply the social model of disability to the Canadian payments landscape to identify opportunities to remove barriers that marginalize or hinder people. Second, we investigate beyond the standard economic measures and aggregate statistics related to these topics to build a nuanced understanding of the challenges inherent in the current system. Our findings highlight important areas of research and design consideration for new digital payment products and services, specifically for central banks contemplating the introduction of a central bank digital currency. We identify barriers that rural populations, Indigenous communities, Canadians with low incomes and persons with disabilities face in using financial products. We also note a deficiency in the current research and payment offerings for those with cognitive accessibility challenges. With these findings, we aim to build awareness of the inequities and challenges present in the current payments system and motivate existing financial technology providers to move toward offering more-inclusive products and services.

     
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    Schriftenreihe: Staff discussion paper / Bank of Canada ; 2023, 22
    Schlagworte: Bank notes; Central bank research; Digital currencies and fintech; Digitalization; Financial services
    Umfang: 1 Online-Ressource (circa 23 Seiten), Illustrationen
  18. Banknote exchange rates in the antebellum United States
    Erschienen: Sept. 2002
    Verlag:  Federal Reserve Bank of Minneapolis, Research Dep., Minneapolis, MN

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    Schriftenreihe: Working paper / Federal Reserve Bank of Minneapolis, Research Department ; 623
    Schlagworte: Geldgeschichte; Wechselkurs; Bargeld; USA; Bank notes; Currency convertibility; Banks and banking
    Umfang: Online-Ressource, 18, [8] p., text
  19. Banknote prices in the United States prior to 1860
    Erschienen: Oct. 2003
    Verlag:  Federal Reserve Bank of Minneapolis, Research Dep., Minneapolis, MN

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    Auflage/Ausgabe: [Elektronische Ressource]
    Schriftenreihe: Working paper / Federal Reserve Bank of Minneapolis, Research Department ; 629
    Schlagworte: Bargeld; Preis; Papierwährung; Währungswettbewerb; USA; Bank notes; Currency convertibility; Banks and banking
    Umfang: Online-Ressource, 20, [21] p., text, ill
  20. 2022 Methods-of-Payment Survey report
    cash use over 13 years
    Autor*in: Henry, Christopher; Rusu, Doina; Shimoda, Matthew
    Erschienen: [2024]
    Verlag:  Bank of Canada, [Ottawa]

    We present results from the 2022 Methods-of-Payment Survey, including updated payment shares based on a three-day shopping diary. We highlight long-term trends in cash holdings, management and use observed across results from previous surveys in... mehr

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    We present results from the 2022 Methods-of-Payment Survey, including updated payment shares based on a three-day shopping diary. We highlight long-term trends in cash holdings, management and use observed across results from previous surveys in 2009, 2013 and 2017. We also review recent trends relating to the COVID-19 pandemic using data from 2020 and 2021. We assess various factors associated with long-term trends in cash use.

     
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    Schriftenreihe: Staff discussion paper / Bank of Canada ; 2024, 1
    Schlagworte: Bank notes; Coronavirus disease (COVID-19); Digital currencies and fintech; Financial services
    Umfang: 1 Online-Ressource (circa 48 Seiten), Illustrationen
  21. Costly banknote issuance and interest rates under the US national banking system
    Autor*in: Martin, Antoine; Monnet, Cyril; Weber, Warren E.
    Erschienen: 2000

    "The behavior of interest rates under the U.S. National Banking System is puzzling because of the apparent presence of persistent and large unexploited arbitrage opportunities for note issuing banks. Previous attempts to explain interest rate... mehr

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    "The behavior of interest rates under the U.S. National Banking System is puzzling because of the apparent presence of persistent and large unexploited arbitrage opportunities for note issuing banks. Previous attempts to explain interest rate behavior have relied on the cost or the inelasticity of note issue. These attempts are not entirely satisfactory. Here we propose a new rationale to solve the puzzle. Inelastic note issuance arises endogenously because the marginal cost of issuing notes is an increasing function of circulation. We build a spatial separation model where some fraction of agents must move each period. Banknotes can be carried between locations; deposits cannot. Taking the model to the data on national banks, we find it matches the movements in long-term interest rates well. It also predicts movements in deposit rates during panics. However, the model displays more inelasticity of notes issuance than is in the data"--Federal Reserve Bank of Minneapolis web site

     
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    Schriftenreihe: Working paper / Federal Reserve Bank of Minneapolis, Research Department ; 601
    Schlagworte: Zins; Bargeld; Kosten; Staatspapier; Geldgeschichte; USA; Bank notes; Interest rates; Banks and banking, American
    Umfang: 39, [10] S, graph. Darst
  22. 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
  23. Were US state banknotes priced as securities?
    Autor*in: Weber, Warren E.
    Erschienen: 2004
    Verlag:  Federal Reserve Bank, Research Dep., Minneapolis

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    Schriftenreihe: Staff report / Federal Reserve Bank of Minneapolis, Research Department ; 344
    Schlagworte: Geldgeschichte; Bargeld; Finanzanalyse; USA; Bank notes
    Umfang: 34, [2] S, graph. Darst
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  24. Papiergeld-Spezialkatalog Deutschland
    1874 bis heute - mit 700 Abbildungen die Noten der Bundesrepublik und der DDR in Farbe
    Erschienen: 1991
    Verlag:  Battenberg, Augsburg

    Standort:
    Universität der Bundeswehr München, Universitätsbibliothek
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    Sprache: Deutsch
    Medientyp: Buch (Monographie)
    ISBN: 3894410108
    Auflage/Ausgabe: 2., aktual. u. erw. Aufl.
    Schlagworte: Bank notes; Paper money; Bildaufbau; Motiv
    Umfang: 415 S., überw. Ill.
  25. Cryptoasset ownership and use in Canada
    an update for 2022
    Autor*in: Balutel, Daniela; Henry, Christopher S.; Rusu, Doina
    Erschienen: [2023]
    Verlag:  Bank of Canada, [Ottawa]

    This paper provides an update on cryptoasset ownership in Canada using data from two Bank of Canada surveys conducted in 2022. We find that Bitcoin ownership declined from 13% in 2021 to 10% in 2022, and ownership of other cryptoassets also fell.... mehr

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    This paper provides an update on cryptoasset ownership in Canada using data from two Bank of Canada surveys conducted in 2022. We find that Bitcoin ownership declined from 13% in 2021 to 10% in 2022, and ownership of other cryptoassets also fell. These drops occurred against a background of steep price declines and an increasingly tight regulatory atmosphere for cryptoassets.

     
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    Schriftenreihe: Staff discussion paper / Bank of Canada ; 2023, 14
    Schlagworte: Bank notes; Digital currencies and fintech; Econometric and statistical methods
    Umfang: 1 Online-Ressource (circa 39 Seiten), Illustrationen