Credit where It's Due

Credit where It's Due

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Payment cards and associated networks facilitate efficient retail transactions, providing enormous benefits to both buyers and sellers: Debit cards offer security, convenience, and a ready access to funds that benefits consumers and merchants alike. Credit cards provide all these benefits and more, enabling consumers to spend money they don't currently have in their bank accounts. This in turn enables merchants to sell additional goods and services they wouldn't otherwise sell. By obviating the need for expensive in-house credit operations, credit cards enable small merchants to participate in the modern retail economy. Electronic payments expand small merchants' geographic reach online to a degree unthinkable in the absence of credit and debit cards. Growth in the use of electronic payments has also created more general benefits to society and the economy by increasing efficiency and expanding the availability of credit. One study of European countries estimates that a country may save 1 percent or more of its GDP by switching from all paper to all electronic payments.Payment cards and associated networks facilitate efficient retail transactions, providing enormous benefits to both buyers and sellers: Debit cards offer security, convenience, and a ready access to funds that benefits consumers and ...


Title:Credit where It's Due
Author: Ian Lee, Geoffrey A. Manne, Julian Morris, Todd J. Zywicki, Macdonald-Laurier Institute
Publisher: - 2013
ISBN-13:

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