by Summary:
The U.S. is considered a global leader in payment services. Yet, the U.S. appears to lag some developing countries in adopting the latest mobile payment innovations. We show that previous card payment leaders such as the U.S. naturally tend to fall behind in mobile payment adoption. This can be explained by optimal choices of card payment users in such countries because the incremental improvement introduced by the current mobile payment technology does not justify the costs for them to switch....econintersectWhy Is The U.S. Lagging In Adopting Mobile Payments?Pengfei Han, assistant professor of finance at the Guanghua School of Management, Peking University, and Zhu Wang, vice president for research in financial and payments systems in the Research Department at the Federal Reserve Bank
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The U.S. is considered a global leader in payment services. Yet, the U.S. appears to lag some developing countries in adopting the latest mobile payment innovations. We show that previous card payment leaders such as the U.S. naturally tend to fall behind in mobile payment adoption. This can be explained by optimal choices of card payment users in such countries because the incremental improvement introduced by the current mobile payment technology does not justify the costs for them to switch....econintersectWhy Is The U.S. Lagging In Adopting Mobile Payments?Pengfei Han, assistant professor of finance at the Guanghua School of Management, Peking University, and Zhu Wang, vice president for research in financial and payments systems in the Research Department at the Federal Reserve Bank
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Mike Norman considers the following as important:
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The U.S. is considered a global leader in payment services. Yet, the U.S. appears to lag some developing countries in adopting the latest mobile payment innovations. We show that previous card payment leaders such as the U.S. naturally tend to fall behind in mobile payment adoption. This can be explained by optimal choices of card payment users in such countries because the incremental improvement introduced by the current mobile payment technology does not justify the costs for them to switch....econintersect
Why Is The U.S. Lagging In Adopting Mobile Payments?
Pengfei Han, assistant professor of finance at the Guanghua School of Management, Peking University, and Zhu Wang, vice president for research in financial and payments systems in the Research Department at the Federal Reserve Bank of Richmond
Originally at FRB-Richmond
Also of interest at econintersect
As problems of human and natural ecology mount up, there is growing in mainstream economics the conception of economics for economics sake. The tendency is to see economics as an autonomous discipline isolated from other sciences, and yet dominating all other social sciences. No matter what concerned people within and without the economics profession maintain, the tendency is to neglect those concerns, because mainstream economics has an unstoppable inner force of its own that makes it impossible to change course. This paper assumes that this tendency is due not to the will of any individual economist but to the sheer power of their tools of economic analysis. The action is involuntary. The process is mechanical….
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Central Banks and Digital Currencies
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Central banks can support the development of digital currencies indirectly, by supporting the public provision of safe, privately issued digital currencies, or more directly, by issuing digital currencies themselves, among other possibilities. These approaches are not necessarily mutually exclusive, especially if there are separate reasons to issue a CBDC. In that case, central banks may need to think about how private sector entities could use the CBDC to support the development of their own stablecoins.FRBNY — Liberty Street EconomicsOf course, central banks need not be averse to creating a CBDC that could revolutionize payments. It could empower central banks to better serve the financial system and the public more broadly, including through partnerships with the private sector. Nevertheless, these changes can carry risk and should be considered thoughtfully.
Central Banks and Digital Currencies
Tobias Adrian, financial counsellor and director of the International Monetary Fund’s Monetary and Capital Markets Department; Michael Lee is an economist in the Federal Reserve Bank of New York’s Research and Statistics Group; Tommaso Mancini-Griffoli is a deputy division chief in the Monetary and Capital Markets Department at the International Monetary Fund; Antoine Martin is a senior vice president in the Bank’s Research and Statistics Group.