Central Banking

Bank of Finland research examines link between retail payments and economic growth


A discussion paper, published by the Bank of Finland on April 23, examines the links between retail payments and economic growth.

The paper's authors, Iftekhar Hasan, Tania De Renzis and Heiko Schmiede, use data from 27 European countries in the period between 1995 and 2009 as the basis for the research.

The discussion paper finds that migration to efficient electronic retail payments systems "stimulates overall economic growth, consumption and trade".

The authors find that the use of cheque

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