This paper deals with optimal payment systems. The issue boils down to how large are the costs of different payment media, which can be interpreted as a question of the efficiency of the means of payment. However, there are other qualifications related to the choice of payment media. Here, at...

This paper examines the role of cash usage in the development of payment media. For that purpose, the basic trends of change in payment media are scrutinized using European data. Although cash still clearly dominates in small retail payments, there has been a definite shift towards electronic...