Arbeitspapier
Consumer awareness and the use of payment media: evidence from young Finnish consumers
In the market for payment media, some consumers use only one medium when paying for their point-of-sale transactions, while others use many. This pattern reflects the diffusion of new payment media, because a payment method innovation is typically first used simultaneously with the established methods. We study the use of multiple payment media by employing data on young Finnish consumers. We find that the use of multiple payment media is directly related to consumer awareness and that not controlling for the endogeneity of awareness can bias its effect downwards. These results suggest that increasing consumer awareness may have been underlying the rise of debit card use around the world. It could also speed up the adoption of new means of payment, such electronic money and mobile payments. To the extent that antitrust concerns in the market for payment media stem from the lack of information, improving consumer awareness could be a remedy.
- ISBN
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978-952-462-419-0
- Language
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Englisch
- Bibliographic citation
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Series: Bank of Finland Research Discussion Papers ; No. 2/2008
- Classification
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Wirtschaft
Financial Institutions and Services: General
Monetary Policy, Central Banking, and the Supply of Money and Credit: Other
- Subject
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payment media
consumer awareness
adoption of financial technology
- Event
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Geistige Schöpfung
- (who)
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Hyytinen, Ari
Takalo, Tuomas
- Event
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Veröffentlichung
- (who)
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Bank of Finland
- (where)
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Helsinki
- (when)
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2008
- Handle
- Last update
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10.03.2025, 11:44 AM CET
Data provider
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Arbeitspapier
Associated
- Hyytinen, Ari
- Takalo, Tuomas
- Bank of Finland
Time of origin
- 2008
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Systemic risk in the Finnish payment system: An empirical investigation
Competition in Finnish banking: Two tests
A note on Finnish property criminality
The mixed oligopoly of cross-border payment systems
Simulation analyses and stress testing of payment networks
Competition and regulation in European retail payment systems
Re-engineering payment systems for the E-world
Theoretical aspects to the Finnish credit cycle
Assessing effects of price regulation in retail payment systems
Finnish consumers' expectations on developments and changes in payment habits: survey in connection with the research project "Finnish payment habits 2010"
Multihoming in the market for payment media: evidence from young Finnish consumers
Less cash on the counter: forecasting Finnish payment preferences
Systemic risk in the Finnish payment system: An empirical investigation
Competition in Finnish banking: Two tests
A note on Finnish property criminality
The mixed oligopoly of cross-border payment systems
Simulation analyses and stress testing of payment networks
Competition and regulation in European retail payment systems
Re-engineering payment systems for the E-world
Theoretical aspects to the Finnish credit cycle