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From SEPA to the digital euro: payments past, present and future

Author

Listed:
  • Johannes Asel

    (Oesterreichische Nationalbank)

  • Simone Mingione

    (Oesterreichische Nationalbank)

  • Petia Niederländer

    (Oesterreichische Nationalbank)

  • Georg Nitsche

    (Oesterreichische Nationalbank)

Abstract

This paper investigates the increasing importance of electronic retail payments for the euro area economy, including Austria. Looking back 20 years, we address payments-related developments and regulatory aspects and summarize recent studies and empirical data on selected economies that underline the growing importance of electronic retail payments systems for competitiveness and economic growth. Specifically, we analyze changes in payment behavior over time, most recently under pandemic conditions. Furthermore, we discuss the role of European players in the electronic retail payment value chain and outline success factors for electronic payment systems. Against this backdrop, we provide an outlook on the potential developments of electronic retail payments in the euro area, 15–20 years ahead. We present the most likely baseline scenario and an alternative scenario, and discuss related policy implications and possible solutions, such as the introduction of a digital euro. An annex offers a comprehensive overview of key characteristics of retail payments processes and systems.

Suggested Citation

  • Johannes Asel & Simone Mingione & Petia Niederländer & Georg Nitsche, 2022. "From SEPA to the digital euro: payments past, present and future," Monetary Policy & the Economy, Oesterreichische Nationalbank (Austrian Central Bank), issue Q1-Q2/22, pages 47-74.
    • Handle: RePEc:onb:oenbmp:y:2022:i:q1-q2/22:b:2
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    References listed on IDEAS

    as
    1. Morten Linnemann Bech & Yuuki Shimizu & Paul Wong, 2017. "The quest for speed in payments," BIS Quarterly Review, Bank for International Settlements, March.
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    More about this item

    Keywords

    retail payments; payment behavior; electronic payment systems; European payments autonomy;
    All these keywords.

    JEL classification:

    • G20 - Financial Economics - - Financial Institutions and Services - - - General

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