How currency denomination and the ATM affect the way we pay

Impact of financial technologies on economic development: Theories, methods and analysis

“…In another work mentioned the absence of pre-payment mechanisms and risk pooling combined with dominance of market-based medical operations, which exposes considerable part of population to financial vulnerability, results in catastrophic payments to cover costs (Selvaraj & Subramanian, 2012;Alao & Sorinola, 2015). Along with this risk, increase there is increase in the profitability and financial stability of banks, when the relationship between GDP and financial technologies was mentioned earlier in other studies (Krueger, 2017;Chernis & Sekkel, 2017;Luchko et al, 2019;Shy, 2020).…”

“…Before widespread usage of non-cash payments at the global level, many studies have indicated various hypotheses that increase in the number of transactions in the change to non-cash payments through payment cards would lead to the economy's long-term growth due to the increase in the level of supply and demand. Shy (2020) considered that usage of ATMs depends on the currency value that users have. In this respect, he pointed out that banks intentionally load ATMs in multiples of 5, 10 and 20 US dollars, which stimulates non-cash payments usage, as a majority of the users are not likely to have a lot of small change in their pockets or carry large bills.…”

“…Earlier provided studies assessing the relationship between economic growth and non-cash payments are not instructive as they did not identify the trends of cause-effect relationship in different periods of the system (Krueger, 2017;Chernis & Sekkel, 2017;Shy, 2020). Moreover, the indicator as the population was considered in the form of interpreting the results of a survey of residents of specific settlements, the country, or users of a particular bank.…”