, causing the velocity of cash to slow down, so that the demand for cash can remain flat despite diminishing cash transactions. …We develop a model to explain a puzzling trend in cash demand in recent years: the value of bank notes in circulation … as a percentage of GDP has remained stable despite decreasing cash usage at points of sale owing to competition from …

. Cash has not disappeared as a payment instrument, especially for low-value transactions. We also find that the use of cash …We measure consumers’ use of cash by harmonizing payment diary surveys from seven countries. The seven diary surveys … United States). Our paper finds cross-country differences - for example, the level of cash usage differs across countries …

questionnaire and a three-day shopping diary. We find that cash is still used intensively at low value transactions due to speed … instrument attributes, and transaction features on the probability of using cash, debit card, or credit card at the point …

Despite various payment innovations, today, cash is still heavily used to pay for low-value purchases. This paper … develops a simulation model to test whether standard implications of the theory on cash management and payment choices can …, Germany and the Netherlands, we test the assumption that cash is still the most efficient payment instrument, and the idea …