Abstract
One of the strategic objectives of the European Union is a reduction in greenhouse gas emissions and improvement of energy efficiency by at least 32.5% in different areas of the economy by 2030. However, little is known about the impact of payment in retail on energy consumption. The purpose of this paper is to assess the chain of losses of time and energy, and therefore financial losses, that occur due to the imperfection of payment infrastructure and instruments using data of cashiers’ working time. The research is based on a regression analysis method, where the energy cost per payment transaction is considered in this study as a function of the number of customers per hour and the energy cost. The results of the panel models highlight that the number of customers per hour has a negative impact on the cost of energy per payment transaction. Furthermore, modern means and methods of payment, including cryptocurrencies, do not solve the problem of the excessive time that it takes to service payments, which entails a waste of energy and money. The empirical results give valuable insights into how to best organise payment in retail to achieve lower energy costs and improve energy efficiency in payment infrastructure.
Highlights
According to the panel model, the number of customers per hour has a negative impact on the cost of energy per payment transaction
An increase in the customers per hour indicator leads to a reduction in the energy cost per transaction of EUR 0.0084, and this effect is statistically significant at 0%
The results suggest that the number of customers per hour and the energy cost have a negative impact on the cost of energy per payment transaction
Summary
Other climate and energy targets that should be reached by 2030 include at least a 32% share of renewable energy in energy consumption and an improvement of energy efficiency by at least 32.5% [1] To achieve this objective, investment in energy efficiency and renewable energy sources to the tune of EUR 275 billion per year is needed in the period 2021–2030 [2]. Investment in energy efficiency and renewable energy sources to the tune of EUR 275 billion per year is needed in the period 2021–2030 [2] It is important, to note that “energy efficiency is the most cost effective way to reduce emissions, improve energy security, enhance competitiveness and make energy consumption more affordable for all consumers” [3] in each economic sector. Energy consumption in other sectors of the EU economy is significant and they should be taken into account in achieving the targets of a climate-neutral economy by 2050 and the sustainable development of society [5,6,7,8,9,10]
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