Overview Payments
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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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- DNBulletin: Cash payments should remain possible in the Netherlands
- Although Dutch consumers increasingly favour card payments, a clear majority (71%) believe it must remain possible to make payments outside the home in cash. This has emerged from a study which DNB commissioned on behalf of the National Forum on the Payment System (NFPS), a platform for various interest groups to discuss the efficiency of the payment system. The NFPS recommends always giving consumers the choice between making payments in cash or by card.
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- DNBulletin: Cash or electronic payments? The influence of socio-psychological factors
- Consumers' payment behaviour is strongly driven by socio-psychological factors. An individual's emotions, attitude and perception of appropriate behaviour determine how they intend to make payments. In addition to intentions, habits also play a significant role in the way consumers actually pay at the till.
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- Target2 imbalances reflect QE and persistent fragmentation within the euro area
- Net payment flows within the European interbank payment system, the so-called Target2 imbalances, have risen significantly for the second time in the past four years. The rising imbalances reflect the liquidity injections under the European Central Bank’s (ECB) quantitative easing program (QE) against the backdrop of persistent fragmentation and risk perceptions within the euro area. This supply-driven development differs from the increase in Target2 imbalances during the European debt crisis, which reflected demand-driven liquidity injections stemming from higher risk perceptions.
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- Milestone: Dutch debit card payments overtake cash
- In 2015 Dutch consumers for the first time made more payments with debit cards than with cash. At stores, petrol stations, bars, restaurants, hotels and other establishments, consumers settled 50% of all payments with debit cards, 49.5% with cash and 0.5% with credit cards. The data was revealed in a joint study by the Dutch Payments Association and De Nederlandsche Bank (DNB) into the use of cash and debit cards in the Netherlands in 2015.
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- DNBulletin: Contactless payment will soon be available everywhere in Europe
- Most Dutch consumers by now have debit cards that enable contactless payments. More and more payment terminals in the Netherlands accept contactless payments, and the number of these payments is growing rapidly. Elsewhere in Europe the use of contactless payment is also growing, but this does not mean that everywhere cross-border contactless payment has already been enabled.
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- DNBulletin: Does cleanliness pay? Banknote quality and counterfeit money
- The cleaner the banknotes, the easier it is for retail cashiers to identify counterfeits. The condition of the banknotes does not affect consumers as they are not more likely to identify counterfeits from a cleaner set of banknotes. This was the conclusion of a study which De Nederlandsche Bank and the Deutsche Bundesbank conducted among 261 cashiers and 250 consumers. On average, cashiers detected approximately 88% of counterfeit banknotes, while consumers detected 79%. After considering the costs and benefits, the study's findings do not give DNB reason to tighten control requirements in this regard. Annually, DNB checks the authenticity and condition of approximately 450 million banknotes.
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- Cash usage continues downtrend
- The number of purchases paid in cash continued to decline in 2014. In this year, Dutch consumers increasingly opted to pay by debit card, also for small amounts. For the first time the number of debit card payments surpassed the number of cash payments in the retail sector. These are the results from the joint study by the Dutch Payments Association and De Nederlandsche Bank into the use of cash and debit cards in the Netherlands in 2014.
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- DNBulletin: Rapid developments in the payments market require flexibility from the supervisory authority
- The payments market may be in for radical change as a result of payment system innovations. Non-banking parties are playing an increasingly important role in these rapid developments. What matters most to DNB, however, is that the payment system is safe, reliable and efficient. Authorisation requirements are being tightened at the European level to ensure this, and DNB has set standards to regulate the availability and safety of the payment system at the national level.
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