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The Diffusion of Payment Innovations

In: Banking on Innovation

Author

Listed:
  • Tanai Khiaonarong

    (University of Westminster and Bank of Thailand)

  • Jonathan Liebenau

    (London School of Economics and Political Science)

Abstract

We illustrate the relative use of cash and electronic payments in five Asian countries–Japan, Korea, Singapore, Taiwan, and Thailand-as well as Hong Kong, an important economic zone of China. The purpose is to compare cash and other payment instrument use across these countries, determine the trend in cash use over 1995–2003, and illustrate how the transaction share of electronic payments in non-cash transactions has changed. This can provide a foundation for comparing payment system efficiency and technology adoption among Asian countries. We further note the apparent bank and retailer costs of accepting different payment instruments to get some idea of whether or not replacing cash transactions with electronic payments may lead to social benefits. A logistic projection of the share of electronic transactions in non-cash payments and the intensity of cash use in consumption is then presented.

Suggested Citation

  • Tanai Khiaonarong & Jonathan Liebenau, 2009. "The Diffusion of Payment Innovations," Contributions to Economics, in: Banking on Innovation, chapter 5, pages 101-116, Springer.
    • Handle: RePEc:spr:conchp:978-3-7908-2333-2_5
    DOI: 10.1007/978-3-7908-2333-2_5
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