Studies about Retail Payments Instruments
retail payments, electronic payment instruments, bibliometric analysis, fast payments, dynamic panel data analysis, logit regression, machine learning.
The thesis is made of four studies about retail payments. With the objective of suggesting a research agenda about retail payments, the thesis also presents a bibliometric analysis of the literature. We analyzed and classified 93 papers published from 1995 to 2021, identified through the keywords "retail payments". A major part of the studies is empirical, quantitative and has determinants of usage or choice of payment instrument, specific attributes of payment instrument or industrial organization as their object. Their scope is mainly only one developed country, their focus is cash and cards and analyze short periods of up to 2 years. They use survey, payment diaries or regulators data, employ statistical, econometric, or multivariate analysis and employ logit and its variations as their technique. There is a lack of studies involving emerging countries or a broader sample of countries, long term analysis, alternative techniques such as the ones of machine learning or simulations, data on real transactions and recent instruments such as mobile or fast payments. Fulfilling some of these gaps, the objective of the second study is to identify determinants of usage of electronic and fast payments, through a dynamic panel data analysis with a wider sample of countries from 2005 to 2020. Countries with a higher proportion of older people in the population tend to use more electronic and fast payments, although the level of past use is the most important determinant of present use. The third study also tries to fulfill some of the gaps, with the objective of identifying determinants of choice of electronic payments employing a multilevel logit regression and machine learning algorithms for prediction, using data form a survey with 1,519 Brazilians in 2019. Results show that male payers, with higher age and income, more educated, living in the Southern and South-eastern regions of Brazil, having current or payment accounts, and with previous experience in mobile purchases, are more likely to choose electronic payment instruments. The probability of choosing these instruments is higher in payments of greater value, made on term or in instalments and for the purchase of durable goods. With regulatory changes related to payments and with the implementation of new payment instruments, these results can be of interest to market participants, subsidizing investment decisions in infrastructure, technology, and marketing necessary to stimulate the use of electronic instruments, and to regulators, subsidizing policies aiming at the electronization or implementation of new instruments.