There are increasingly many digital alternatives to physical cash as basic means of payment, many of these offered by non-financial private sector actors. While such a trend towards a cashless society brings the convenience of digital payments to users and can encourage innovation in financial...

The revised Payment Services Directive (PSD2) mandated every bank in the European Union (EU) to provide application programming interfaces (APIs) that allow every licensed company (as well as other banks) to access information gathered on customers’ payment accounts and then order payment...

We study how the introduction of a law protecting consumer data privacy affects the cost of credit in the US mortgage market. Our estimates reveal that the California Consumer Protection Act increases loan spreads charged by banks by 8 basis points but that it has no effect on the fixed...

What should be the minimum value of data security or privacy to a customer? We reason that at a minimum this value should be equal to the premium charged by an insurer for cyber insurance that compensates the customer for the claims resulting from the data security and privacy breaches. We...

We study a model of financial intermediation, payment choice, and privacy in the digital economy. Cash preserves anonymity but cannot be used for more efficient online transactions. By contrast, bank deposits can be used online but do not preserve anonymity. Banks use the information contained...

Cashless society, in which paper money and coins are replaced with virtual money, embodied in RFID, NFC and other electronic chips, or located in the ‘cloud', is fiction no more; it is nearby, and in some countries on the verge of full manifestation. Cashless society is marketed and promoted...

We study a model of financial intermediation, payment choice, and privacy in the digital economy. Cash preserves anonymity but cannot be used for more efficient online transactions. By contrast, bank deposits can be used online but do not preserve anonymity. Banks use the information contained...

We study a model of financial intermediation, payment choice, and privacy in the digital economy. Cash preserves anonymity but cannot be used for more efficient online transactions. By contrast, bank deposits can be used online but do not preserve anonymity. Banks use the information contained...

This Article argues for a new regulatory approach that could both increase market efficiency and protect informational privacy in the modern information economy. It explores that approach - information intermediation, or infomediation - in the context of the current debates about re-engineering...

This paper studies how the California Consumer Privacy Act (CCPA), a comprehensive privacy law that grants users control over their data, affects fintech lending. To develop hypotheses we build a parsimonious screening model. Consumers apply for loans with banks and a fintech that has a superior...