Forecasting banking system liquidity is crucial for the effective monetary policy implementation. This study investigates the effectiveness of various econometric and machine learning models in predicting the autonomous factors of banking system liquidity. The research compares widely used...

With the rapid digitization of financial transactions, central banks have given considerable focus in recent years to the research and development of central bank digital currencies (CBDCs). While CBDCs could offer several advantages, there are concerns about end-user privacy. Traditional...

Most countries in Latin America and the Caribbean are implementing fast payment systems (FPS), often with the goal of enhancing access to and use of affordable financial services. FPS offer immediate transfer of funds on a 24x7 basis between end users. This paper assesses how FPS can promote...

Convenience and security are the two key attributes that consumers consider when choosing between payment technologies. We examine how consumers react to an exogenous change to the convenience and security of digital payments. We study an increase in the 'tap-and-go' limit for contactless...

Payment costs for consumers are difficult to determine, are not recorded in an internationally harmonized manner and vary significantly from country to country. They are incurred in many forms, for example as fees for account management, for cash withdrawals at ATMs or for payment cards; but...

This paper examines the transition from exclusive card network-acquirer relationships to a multi-acquiring model. Using the case of Uruguay's adoption of multi-acquiring in 2022, as part of a broader financial inclusion program, we document significant market dynamics, including restructured...

This paper presents the findings derived from a comprehensive survey conducted by the Central Bank of Malta, in collaboration with the National Statistics Office, with the aim of analysing payment habits in Malta. The research explores individuals' perspectives on various aspects, including...

Inadequate financial literacy and overconfidence in financial knowledge, coupled with the use of mobile payments (MPs), may contribute to harmful financial behaviors. While the relationship between financial knowledge confidence and financial behaviors is well documented, there is limited...

The pros and cons of CBDCs have been examined in numerous writings but much less research has focused on specific economies or regions. This paper attempts to fill that gap for the Latin American and Caribbean (LAC) economies. It first examines the views of central banks in the region toward...

We field a series of experiments in a population-representative survey of European consumers to examine their attitudes towards the possible introduction of a digital euro. First, we show that a short video explaining the key features of the digital euro is effective in changing consumers'...

Purpose Traditional payment systems based on cash and bank cards are being replaced by new innovative formats. This research analyzes the success factors in the adoption by customers of Bizum, a peer-to-peer (P2P) mobile payment system widely used in Spain. This study proposes a theoretical...

When paying with a payment instrument in fiat currency within the EU, the transaction is covered by the PSD2, which provides prudent protection for payers and their payment instruments. When the transaction is instead executed in bitcoin, an unbacked crypto-asset, the transaction is not covered...

Retail central bank digital currencies (CBDCs) and fast payment systems (FPS) share a number of similarities. Both allow for instant transactions for end users, can rely on underlying infrastructures operated by the central bank and can allow for an important role for private payment service...

This volume provides insights and lessons learned from a range of fast payment systems (FPS). Over 100 jurisdictions worldwide, including 15 jurisdictions in Latin America, have implemented FPS, which are a promising tool to improve people's payment experience, access to financial services and...

This article focuses on the fastest-growing consumer credit segment usually associated with e-commerce, but increasingly offered for brick-and-mortar shopping too. The purpose of the study was to identify how, and the extent to which, specific aspects of consumer behaviour - particularly in...

The report has four main chapters, followed by the conclusion and policy recommendations. Chapter 2, context provides overviews of the three programs, including enrollment, the payment process, and demographic characteristics of the beneficiaries. Chapter 3 explains the payment architecture used...

Late payments are a significant hurdle for the competitiveness of EU companies. Delayed payments affect firms' liquidity, thereby hampering their ability to properly operate and to invest in growth. They also make it difficult for companies to pursue the digital and sustainable transition that...

Late payments are a significant hurdle for the competitiveness of EU companies. Delayed payments affect firms' liquidity, thereby hampering their ability to properly operate and to invest in growth. They also make it difficult for companies to pursue the digital and sustainable transition that...

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...

Money and payments are central to modern economies and societies, yet there are increasing concerns over the environmental impacts of various payment services, particularly from a climate perspective. This report examines the climate impact of retail payments in Sweden in 2021, including cash,...

Purpose: This study aims to propose a potential tax model for taxing e-commerce transactions in Malaysia. Design/methodology/approach: A qualitative approach was employed in this study to unravel methods for taxing e-commerce transactions in Malaysia by interviewing key policymakers, tax...

Any sale of goods or services is accompanied by an invoice of some form. Through the invoice, a seller and buyer exchange information on the quantity, nature, price and (often) payment due date for the goods or services sold. Invoices therefore play a crucial role in facilitating the sale and...

Any sale of goods or services is accompanied by an invoice of some form. Through the invoice, a seller and buyer exchange information on the quantity, nature, price and (often) payment due date for the goods or services sold. Invoices therefore play a crucial role in facilitating the sale and...

The European Payment Observatory of commercial transactions (EU Payment Observatory) was set up in 2023 at the initiative of the European Commission to monitor trends and developments on payment performance and behaviour in commercial transactions in the EU to combat late payments. Late payments...

We present key results from the 2023 Methods-of-Payment (MOP) Survey, including updated payment shares based on a three-day shopping diary. Results show that measures of cash management and use have remained fairly stable since 2020, along with the estimated share of payments made online. In...

This paper presents OVer, a framework designed to automatically analyze the behaviour of decentralized finance (DeFi) protocols when subjected to a "skewed" oracle input. OVer firstly performs a symbolic analysis on the given contract and constructs a model of constraints. Then, the framework...

A well-functioning monetary system is characterized by public and private forms of money that exchange at par as value flows freely between them. This is essential for efficient transacting and contracting in a market economy. A relevant retail public money - whether in the form of cash, a...