An account of the theory and practice of large-value payment systems in the banking sector. In particular it explores central banks' roles in payment systems, the risks on which central banks focus in their oversight activities, and the challenges central banks face as the payments and...

Payments technologies pose an economic dilemma: network effects can lead to a small number of dominant platforms, but efforts to increase choice can risk market fragmentation. We examine whether interoperability can help resolve this tension, using data from India's Unified Payments...

Recent works suggest that convenient prices that match monetary denominations exhibit above-average price rigidity and are set up by firms that have incentives to be paid in cash. The relationship between convenient prices and cash usage has however never been explicitly examined. This paper...