This paper examines regulator concerns that cash-paying consumers pay higher retail prices due to so-called ‘negative …

This paper provides a new theory for two-sided payment card markets. Adopting payment cards requires consumers and … among heterogeneous consumers and merchants, our theory derives the equilibrium card adoption and usage pattern consistent …

that analyze the impact of such evolution on the demand for cash. Beyond data availability, this research is complicated by … the fact that the debit card provides two services for consumers, cash withdrawal and payment, that have contrasted … effects on cash holdings and cash usage. Using micro-level data, we estimate the impacts of both services on the demand for …