This report presents the key findings of a study conducted by the European Central Bank (ECB) on the payment attitudes of consumers in the euro area (SPACE) in 2024. It compares these findings with those of the previous SPACE studies (in 2019 and 2022) and, where relevant, with an earlier ECB...

Conventional wisdom has it that network effects are strong in markets for homogenous goods, leading to the dominance of one settlement currency in such markets. The alleged dominance of the dollar in global oil markets is said to epitomize this phenomenon. We question this presumption with...

U.S. consumers' demand for cash is estimated with new panel micro data for 2008-2010 using econometric methodology similar to Mulligan and Sala-i-Martin (2000), Attanasio, Guiso, and Jappelli (2002), and Lippi and Secchi (2009). We extend the Baumol-Tobin model to allow for credit card payments...

We measure consumers' use of cash by harmonizing payment diary surveys from seven countries. The seven diary surveys were conducted in 2009 (Canada), 2010 (Australia), 2011 (Austria, France, Germany and the Netherlands), and 2012 (the United States). Our paper finds cross-country differences -...

Do consumers and merchants use the most efficient payment instruments? I examine how interchange fees, which are fees paid from merchants' banks to consumers' banks when card transactions take place, influence the choice between cash and payment cards. I show that when consumers do not pay...

This brochure presents an overview of the SEPA project. The Eurosystem is responsible for the smooth operation of payment systems in the euro area, and therefore places particular emphasis on the realisation of SEPA in the euro area. This brochure therefore focuses mainly on the euro area.

This brochure presents an overview of the SEPA project. The Eurosystem is responsible for the smooth operation of payment systems in the euro area, and therefore places particular emphasis on the realisation of SEPA in the euro area. This brochure therefore focuses mainly on the euro area.

This report presents a set of recommendations to improve the security of internet payments. These recommendations were developed by the European Forum on the Security of Retail Payments, SecuRe Pay (the "Forum"). The Forum was set up in 2011 as a voluntary cooperative initiative between...

Understanding settlement fails serves the interest of central banks with respect to their oversight competence for payment systems, securities settlement systems (SSSs) and central counterparties (CCPs). This publication draws on Eurosystem expertise on the topic, and on a survey about measures...