Scandinavian Working Papers in Economics
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Bank of Finland Research Discussion Papers, Bank of Finland

No 20/2014:
Promoting efficient retail payments in Europe

Iftekhar Hasan (), Emmi Martikainen () and Tuomas Takalo ()

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.

Keywords: retail payment; SEPA; competition; consumer protection; economic performance; (follow links to similar papers)

JEL-Codes: G21; G28; (follow links to similar papers)

21 pages, July 28, 2014

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This paper is published as:
Hasan, Iftekhar, Emmi Martikainen and Tuomas Takalo, (2014), 'Promoting efficient retail payments in Europe', Journal of Payments Strategy & Systems, Vol. 8, No. 4, pages 395-406

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