Abstract
Payors, those that make payments, and payees, those that receive payments, choose among various payment instruments based on their preferences toward convenience, risk, and cost. According to a recent U.S. survey, the usage of payment cards is increasing as a proportion of in-store sales while check usage continues to decrease (American Bankers Association and Dove Consulting 2005). Recently, a cafe in Washington, D.C. stopped accepting cash for purchases primarily because of the cost of safekeeping (National Public Radio 2006). This shift toward electronic payments is occurring because they offer greater benefits to a growing set of consumers and merchants.
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