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Abstract: The Move Toward a Cashless Society: A Closer Look at Payment Instrument Economics
Abstract
The Move Toward a Cashless Society: A Closer Look at Payment Instrument Economics
The Review of Network Economics
Vol. 5, Issue 2 - June 2006, pp 175 - 198
Author
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Daniel D. Garcia-Swartz
LECG
Robert W. Hahn
American Enterprise Institute-Brookings Joint Center for Regulatory Studies
E-mail: [email protected]
Anne Layne-Farrar.
LECG
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Abstract
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Ever since the first general-purpose charge card debuted in the early 1950s, pundits have been predicting the "cashless society". Over fifty years later, we may finally be getting close to that vision. This study is the first to examine empirically the move toward a cashless society using a cost-benefit framework. We find that when all key parties to a transaction are considered and benefits are added, cash and checks are more costly than many earlier studies suggest. In general, the shift toward a cashless society appears to be a beneficial one.
Keywords: payment cards, credit, debit, cash, electronic payments
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