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Chapter XIII. From Cash to E-Money: Paym... > Retail Payment Instruments

Retail Payment Instruments

The following discussion includes a description of some of the retail payment instruments, their applications and related issues.

Cash

Currency continues to be the most convenient and popular form of payment for everyday, low-value transactions. Cash payments are usually associated with face-to-face transactions of low value between individuals or between an individual and a retail firm. In most countries legislation or regulation enables the acceptance of currency for all types of transactions, subject possibly to minimum denomination limits. Cash payment transactions do not usually require further identification. It is an immediate and final transfer of value, and the currency received as payment can be reused by the recipient for further payments (www.rba.com.au). Andrieu (2001) adds that cash is still a popular payment instrument due to familiarity and simplicity and the fact that it can be easily withdrawn from automatic teller machines and is untraceable, satisfying the user’s demand for privacy.


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