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Download PDF (884.5 8 Small-Value Transfer Systems jurgen C. Pingitzer and Bruce ] Summers If, as described in Chapter 6, large-value transfer systems are the main arteries of the payment system, then small-value transfer systems can be considered the complex network of veins connecting the entire economy. The efficient operation of a market economy depends on the availability of a smoothly functioning small-value transfer system that connects all economic agents, including individuals and businesses, is low in cost, reliable, and safe. Commer<;ial banks and other specialized businesses provide small-value transfer services to the economy, and these services generally provide a range of choice to users of payment services. Payment services are an essential element of the product mix provided by banks to their clients. Such services, however, are expensive to pro­ duce. Accordingly, there is today a major emphasis on the application of new technologies to the area of small-value transfer systems to increase cost efficiency. Further, as the world's economies become more inte­ grated, compatibility among different small-value transfer systems across borders and currencies is also important. This chapter describes the current status of small-value transfer systems in developed economies and discusses trends that are likely to influence these systems in the years ahead. It defines small-value transfer systems and describes the main types of small-value payment instruments. It iden­ tifies trends that will likely influence the fu ture of such transfer systems. Small-Value Transfer Systems Defined Small-value transfer systems are defined as those systems that meet the payment needs of individuals and businesses for ordinary transactions in the economy. These systems support a variety of transactions, which might be generalized as being of two types-recurring and nonrecurring payments. Recurring payments are those that are made regularly, often for fixed amounts. For example, an individual may regularly make fixed-value pay­ ments to businesses, such as for life insurance premiums, or variable payments, such as for utility bills. Similarly, businesses may regularly make fixed payments to individuals, such as for salaries and pensions. 106 ©International Monetary Fund. Not for Redistribution SMALL-VALUE TRANSFER SYSTEMS 107 Nonrecurring payments are payments for transactions that occur occa­ sionally and for which the value varies from payment to payment. For example, individuals occasionally pay other individuals amounts that do not recur regularly, as in the case of gifts. Individuals also make large numbers of occasional payments in variable amounts to businesses for purchases of goods and services at the point of sale. In turn, businesses are responsible for a large number of intercorporate transactions related to their ongoing operations. In addition, the public sector-for example, local and national govern­ mental entities-makes and receives payments for a variety of both recur­ ring and nonrecurring transactions involving individuals and businesses. One of the largest categories of recurring payments is salaries to public sector workers and the variety of social benefit<; paid by governments to citizens. Like businesses, government entities must also make a large number of nonrecurri ng payments to businesses in support of their regu­ lar operations. A feature that particularly distinguishes small-value transfer systems from large-value transfer systems is their large number. Small-value transfer sys­ tems must be extremely versatile: they must be able to handle payments for a large variety of transactions. They must also have a large processing capacity to support the great volume of transactions that take place in a market economy each day. Unlike large-value transfer �ystems that provide services to a relatively small set of specialized market participants, small­ value transfer systems support virtually every participant in the economy. Accordingly, there is a very large market for small-value transfer services, and product differentiation in a competitive environment has led to banks and others developing a variety of competing systems. Although the average size of a payment processed through a small­ value transfer system is typically quite small, some individual transactions could be substantial in size, since these systems support payments be­ tween corporations. In fact, "small-value" systems routinely handle indi­ vidual transactions valued in the millions of dollars. The total value of all transactions processed through these systems daily, however, is quite small compared with the value processed through large-value transfer systems. Comparative data on the percent of the volume and value of cashless payments handled through small-value transfer systems are shown in Table 1 for japan, Switzerland, and the United States (the three countries whose large-value transfer systems are discussed in Chapter 6). Payment Instruments In analyzing the variety of ways ro make small-value payments, it is use­ ful to distinguish between transactions made using cash and cashless methods. ©International Monetary Fund. Not for Redistribution 108 Jii.rgen C. Pingitzer and Bruce ). Summers Table 1. Percent of Volume and Value of Cashless Payments Handled by Large- and Small-Value lnterbank Payment Systems, 1992 Large-Value Systems Small-Value Systems Country Volume Value Volume Value Japan 0.1 75.7 99.9 24.3 Switzerland 47.9 99.9 52.1 0.1 United States 0.1 95.0 99.9 5.0 Source: Bank for International Settlements. Cash Payments Even in developed economies, cash (bank notes and coins) remains the most convenient method for making small-value payments, when pay­ ment is made at the point of sale. It is estimated that upward of 80 percent of all retail transactions are paid for in cash, although, of course, in terms of value the proportion is much less. The larger the amount of the transac­ tion, the greater is the tendency to use a noncash or "cashless" instrument to make the payment. Payment system trends in advanced market economies are affecting the use of cash in contradictory ways. On the one hand, the development of convenient, technologically advanced means for transferring money held in current accounts at banks has resulted in more intensive use of cashless payment services. On the other hand, technology has made it increasingly easy to access bank accounts for purposes of cash withdrawals. The use of automated teller machines (ATMs) and cash dispensers is now wide­ spread in a number of countries and supports the use of cash for everyday transactions. Because transactions paid for in cash are not recorded through the banking system, a demand for this payment medium con­ tinues to exist for those transactions occurring in the underground economy. Cashless Payments Cashless payments are made using instruments by which current ac­ count balances held with banks are transferred. Until the last decade or so, legal prohibitions in many countries generally limited the ability of banks to pay explicit interest on current account balances. As a result, banks engaged in nonprice competition for the public's deposits, often by offering payment services below cost, sometimes even free of charge. In the last decade, however, laws have been liberalized, and banks are now ©International Monetary Fund. Not for Redistribution SMAll-VALUE TRANSFER SYSTEMS 109 permitted to pay interest on current accounts in a number of countries, at least on current accounts held by individuals. Concurrently, there has been a trend toward explicit pricing of the payment services provided by banks. This is a rational development that should lead to greater effi­ ciency in the use of bank payment services. Table 2 shows the relative importance of different types of cashless payment instruments in ten industrial countries. These different instru­ ments are briefly discussed below. Check Payments Checks are debit instruments in the form of written orders to pay a specified sum on demand when the instrument is presented to the issuing institution (the payor's bank). As shown in Table 2, the check is the most widely used cashless payment instrument in Canada, France, the United Kingdom, and especially the United States. Nonetheless, over the last decade, the rate of growth of payments by check has generally been slower than that for newer, more technologically advanced instruments. Banks in some countries have increased the acceptability of checks by supplying their creditworthy customers with check guarantee cards. A check guarantee card provides assurance that any check accepted for payment will be honored up to a specified amount. The number of the guarantee card must be written on the reverse side of the check, and the payee has the duty to check the back of the card at the time the check is Table 2. Percent of Volume of Cashless Payments Handled by Type of Instrument, 19921 Credit Direct Payment Country Checks Transfers Debits Cards Belgium 18.8 56.8 8.8 15.6 Canada 62.4 4.4 4.3 28.9 France 50.8 15.4 10.2 15.0 Germany 8.8 49.8 39.3 2.1 Italy 40.0 42.1 4.1 3.7 Netherlands 12.3 61.3 23.8 2.6 8.9 4.6 Sweden 77.7 8.8 Switzerland 4.4 81.3 2.5 11.8 United Kingdom 45.0 21.0 15.0 19.0 United States 80.5 1.8 0.9 16.8 Source: Bank for International Settlements. 1 Some totals do not add to 1 00 percent owing to the existence of other types of instruments not captured in these categories. ©International Monetary Fund. Not for Redistribution 110 Jtirgen C. Pingitzer and Bruce }. Summers accepted for payment. Accordingly, check guarantee cards are useful only at the point of sale. Because checks are debit instruments and take the form of physical documents that take some time to clear, those paying by check enjoy the advantage of float. As discussed in Chapter 10, inefficient handling of debit instruments, such as checks, leads to increased debit float, which rewards the payor with what amounts to an interest-free loan, and tends to impair both the efficiency and safety of the payment system.
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