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Retail payments at a crossroads: Economics, strategies and future policies

A joint conference by the European Central Bank and the Banque de France

Paris, 21 - 22 October 2013

Conference opening

Christian Noyer (Governor, Banque de France)

Introductory speech: "Retail payments at a crossroads" de . en . es . fr . it . nl

Benoît Coeuré (Member of the Executive Board, European Central Bank)

Theme I: The relevance of retail payments for society and for the financial services industry in particular

Keynote speech: Retail payments’ contribution to the Single Market objective: achievements and challenges (in FRENCH)

Michel Barnier (Commissioner for the Internal Market and Services, European Commission)

Panel discussion: Rediscovering the relevance of retail payments for society

Chair: Benoît Coeuré (Member of the Executive Board, European Central Bank)

  • Malcolm Edey (Assistant Governor, Reserve Bank of Australia)
  • Frank Elderson (Member of the Governing Board, De Nederlandsche Bank)
  • Rogério Lucca (Senior Adviser, Banco Central do Brasil)
  • Gopalaraman Padmanabhan (Executive Director, Reserve Bank of India)

Chair: Thomas Gehrig (Professor, Faculty of Business, Economics and Statistics at the University of Vienna)

Keynote academic speech: Banking, payments and the growth nexus

Iftekhar Hasan (Fordham University, New York and Suomen Pankki — Finlands Bank)

Theme II: Payment behaviour and the choice of payment instruments

Policy session

Chair: Wiebe Ruttenberg (Head of Market Integration Division, European Central Bank)

Policy panel: How do retail payment innovations influence payment behaviour?

  • Jean Clamon (Managing Director, BNP Paribas)
  • Jarl Dahlfors (CEO, Loomis AB)
  • Nicolas Dreyfus (Managing Director, Banque Accord)
  • Jacob de Geer (Founder & CEO, iZettle)
  • Dirk Schrade (Deputy Head of the Payments & Settlement Systems Department, Deutsche Bundesbank)

Academic session

Chair: David Bounie (Professor, Department of Economics and Social Sciences at Télécom ParisTech)

Convergence in European retail payments

  • Emmi Martikainen (University of Turku)
  • Heiko Schmiedel (European Central Bank)
  • Tuomas Takalo (Suomen Pankki – Finlands Bank)

This is what’s in your wallet

  • Tamás Briglevics (Federal Reserve Bank Boston, Boston College)
  • Scott Schuh (Federal Reserve Bank Boston)

Discussant: Santiago Carbo-Valverde (Professor of Economics and Finance, Bangor Business School)

Theme III: Creating a competitive retail payments market

Academic session

Chair: Geoffroy Goffinet (Head of the Non Cash Means of Payment Oversight Division, Banque de France)

The impact of microchips on payment card fraud

Guerino Ardizzi (Banca d’Italia) Paper

The role of risk in e-retailers’ adoption of payment methods: evidence from transition economies

  • Leo Van Hove (Vrije Universiteit Brussel)
  • Farhod P. Karimov (Westminster International University in Tashkent)

Discussant: Nicole Jonker (Senior Economist, De Nederlandsche Bank)

Policy session

Chair: Pierre Petit (Deputy Director General, European Central Bank)

Policy panel: How best to reconcile security and innovation?

  • Pierre Chassigneux (Chief Risk and Audit Officer, Groupement des Cartes Bancaires)
  • Tony Chew (Director – Specialist Advisor, Monetary Authority of Singapore)
  • Jeremy King (Director for Europe, PCI Security Standards Council - PCI SSC)
  • Sophie Nerbonne (Deputy Head of Legal and International Affairs and Assessments, Commission Nationale de l'Informatique et des Libertés)
  • Marcin Skowronek (Head of Payment Fraud Team, Europol)

Theme IV: Competition and charging models in retail payments

Policy session

Chair: Louise L. Roseman (Director, Division of Reserve Bank Operations & Payment Systems, Board of Governors of the Federal Reserve System)

Policy panel: The effect of competitive forces and market dynamics on retail payments pricing

  • Monique Goyens (Director General, BEUC)
  • Frédéric Mazurier (Directeur administratif et financier, Carrefour)
  • Philippe Menier (Deputy Chief Executive, Visa Europe)
  • Javier Perez (President, MasterCard Europe)
  • Irmfried Schwimann (Director for Financial Services, DG Competition, European Commission)
  • Christian Westerhaus (Managing Director, Deutsche Bank)

Academic session

Chair: Sujit ‘Bob’ Chakravorti (Managing Director and Chief Economist, The Clearing House)

Competition in bank-provided payment services

  • Wilko Bolt (De Nederlandsche Bank)
  • David Humphrey (Florida State University)

Paying for payments


Søren Korsgaard (Copenhagen Business School and Danmarks Nationalbank)

Discussant: Thomas Gehrig (Professor, Faculty of Business, Economics and Statistics at the University of Vienna)

Theme V: The future of cash payments and the aim of financial inclusion

Academic session

Chair: Thomas Lammer (Senior Financial Sector Specialist, The World Bank)

Consumer cash usage and management: a cross-country comparison with diary survey data


Kim P. Huynh (Bank of Canada) et al.

Migrants’ choice of remittance channel – Do general payment habits play a role?

  • Anneke Kosse (De Nederlandsche Bank)
  • Robert Vermeulen (De Nederlandsche Bank)

Discussant: Franz Seitz (Professor, Amberg-Weiden University of Applied Sciences)

Policy session

Chair: Gertrude Tumpel-Gugerell (Former Member of the Executive Board, ECB)

Policy panel: Financial inclusion – challenges in developing and industrialised countries

  • Massimo Cirasino (Head of the Payment Systems Development Group, The World Bank)
  • Jan Hillered (Senior Vice President, Europe & CIS Western Union)
  • Kristo Käärmann (Founder & CEO, TransferWise)
  • Jim Murray (President of the European Foundation for Financial Inclusion)
  • Erik Nooteboom (Head of Unit, DG Internal Market, European Commission)

Theme VI: Policy session: Retail payments integration

Panel: A borderless world for retail payments: merely fiction or soon to be a reality?

Chair: Denis Beau (Director General, Banque de France)

  • Marie Gooding (First Vice President and COO, Federal Reserve Bank of Atlanta)
  • Joaquim Kiyoshi Kavakama (CEO, Câmara Interbancária de Pagamentos)
  • Michael Montoya (Head of Cash and Trade Finance, UBS)
  • Javier Santamaria (Chair, European Payments Council)
  • Wim Raymaekers (Head of Banking and Treasury Markets, SWIFT)

Closing remarks

Denis Beau

Call for papers information