Overview Payments
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- DNBulletin: Contactless payments gaining further ground during the COVID-19 crisis
- In the Netherlands, the initial weeks of the lockdown saw payment transactions plummet in response to the COVID-19 pandemic, in terms of both numbers and value. Consumer payments have meanwhile rebounded in both terms. Supported by measures which Dutch banks have taken, contactless payments have gained further ground at the expense of methods requiring more physical contact, such as debit card and cash payments. This emerges from a study of payment diary data collected among consumers by De Nederlandsche Bank (DNB) and the Dutch Payments Association (Betaalvereniging Nederland). Another finding shows that public confidence in the payment system held up well during these turbulent times.
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- DNBulletin: Digital currency issued by central banks can protect public interests in payment systems
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Central bank digital currency, or CBDC, is an amount in euro which Dutch households and firms hold with De Nederlandsche Bank (DNB) or the European Central Bank (ECB). CBDC can serve as a backup for non-cash payments as well as promote diversity in the payments market, and it could possibly make cross-border payments more efficient. In addition, CBDC can help foster trust in the monetary system in times of uncertainty. However, CBDC can also exacerbate the risk of a bank run. If the Eurosystem should decide to launch an experiment involving CBDC, we are ready to play a leading role. These are the main points of a report we recently issued.
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- DNBulletin: Shift of cash to debit card continues
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Dutch consumers used cash to pay for 32% of their purchases in shops, restaurants and similar establishments in 2019, compared to 37% in 2018. The share of debit card payments amounted to 67%. The share of contactless debit card payments (43%) for the first time surpassed the share of cash payments as well as the share of traditional debit card payments (24%), according to a joint study performed by the Dutch Payments Association and De Nederlandsche Bank (DNB).
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- DNBulletin: A Counterfeit banknote can be recognised in a second
- How much time do you need to recognise a counterfeit banknote and which of the senses are the most effective? DNB research shows that the combination of looking and feeling works best. People can easily distinguish between genuine and counterfeit banknotes even within the space of a single second. If they take more time, the results are even better.
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- DNBulletin: Costs of introducing payment account alias would exceed benefits
- Introducing unique aliases for all payment account numbers in the Netherlands would entail costs that outstrip the benefits. While it would make switching to a different bank easier, its social costs would widely outstrip its benefits. This emerges from a DNB study commissioned by Wopke Hoekstra, the Dutch Minister of Finance. Obstacles to switching banks must be removed, according to a view often heard in society and in the political arena. We believe, however, that introducing aliases is not a suitable method.
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- DNBulletin: Dutch retailers continue to accept cash
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Consumers were able to pay in cash at 97% of all retailers as at mid-2019. This emerged from a DNB-commissioned study into cash acceptance by retailers and their reasons for accepting or refusing cash. Cash is still the most widely accepted means of payment. However, some retailers say they may no longer accept cash in the future for cost and security reasons.
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- DNBulletin: Emergence of global stablecoins calls for proactive approach
- The emergence of global stablecoins provides opportunities for making payments faster and more efficient. Cross-border payments in particular still tend to be too costly and slow. At the same time, public authorities must remain alert and take action where needed, as risks associated with these initiatives must be contained in good time. We believe more information is needed at this point to determine whether current laws and regulations are adequate.
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- DNBulletin: Declining trend in cash use persists
- In 2018, Dutch consumers paid in cash for 37% of their purchases in shops, bars, restaurants, hotels and similar establishments (points of sale, or POS), down from 41% in 2017, while using their debit cards for 63% of their purchases. While consumers made payments to other consumers (peer-to-peer, or P2P) mainly in cash, a shift towards electronic means of payment can be discerned. In 2018, they used cash for 59% of their P2P transactions, against 67% in 2017, according to a joint study performed by the Dutch Payments Association and De Nederlandsche Bank.
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- DNBulletin: BigTech companies increasingly active in European payment markets
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The European payments landscape is changing rapidly, and BigTech companies are increasingly active in the European payment markets. BigTechs can boost innovation and efficiency. On the one hand, they may offer consumers more choices and new products, but on the other they may also bring higher operational complexity and new systemic risks.
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- DNBulletin: PSD2 – fundamental change in banking services
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On 4 December, the Dutch Senate adopted the bill to implement the European Payment Services Directive (PSD2) in the Netherlands. PSD2 promotes competition and innovation in the payment system. Banks must allow new service providers access to their customers' payment accounts, subject to the customers’ consent.
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- DNBulletin: Cash or card? The customer decides
- In the Netherlands, most retailers give their customers a choice in how they pay for their purchases. Consumers pay by debit card more often than with cash, but cash is still the most widely accepted means of payment: 96% of Dutch retailers accept payment in cash, against 82% that accept debit cards. Most retailers expect they will still accept cash payments in 2022. This emerges from a survey held among more than one thousand Dutch retailers commissioned by De Nederlandsche Bank.
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- DNBulletin: Share of POS debit card payments breaks 60% barrier
- In the past six months, consumers paid 61% of their purchases at shops, petrol stations, pubs, restaurants, hotels and other retail outlets by debit card and 39% in cash. It marks the achievement of the 60% debit card/40% cash target that banks and retailers agreed in 2014 when the percentages were still reversed. This emerged from a joint study undertaken by the Dutch Payments Association and De Nederlandsche Bank into consumers' point-of-sale (POS) payment methods. The agreements to promote debit card use were made in the context of the Covenant on the Payment System, with a view to improving the payment system's security and efficiency.
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- DNBulletin: Blockchain technology offers opportunities
- While the use of bitcoin entails risks, the technology underlying the virtual currency offers promising opportunities. That is also the reason why we are experimenting with this distributed ledger technology, the most well-known form of which is blockchain. The use of this technology in the financial world could result in more efficient markets, cost savings, and improved resilience to cyberattacks and operational disruptions.
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- DNBulletin: Survey finds Dutch citizens confident about authenticity of euro banknotes
- Every other year, De Nederlandsche Bank (DNB) commissions a study to assess how the Dutch feel about their euro banknotes. This year’s survey was held among more than a thousand respondents. It shows that 74% of the Dutch appreciate the design of the banknotes, and they are increasingly confident about the authenticity of euro banknotes.
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- Share of cash payments at points of sale drops to 45%
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In 2016, consumers paid 45% of their purchases at shops, petrol stations, restaurants and other retail outlets in cash. This means the use of cash continued to decrease, like in the two preceding years. Since 2015, the number of consumers' debit card payments has outstripped the number of cash pay-ments. Of the total number of payments, 54.5% are now made by debit card. The share of credit card payments has remained stable over the years, at 0.5%. These data were revealed in a joint study un-dertaken by the Dutch Payments Association and De Nederlandsche Bank (DNB) into the use of cash and debit cards in the Netherlands in 2016.
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