BANPBatang Ai National Park (Malaysia)
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In particular, improving both aspects of speed would lead to higher adoption of ACH-based payments, namely OBBP and BANP. Adoption of checks and credit cards was not affected significantly by any form of speed.
Although consumers' security rating of OBBP had a significant influence on their adoption of OBBP, OBBP was rated more secure than BANP. In the use stage, security of personal information had a small effect on the use of payment methods directly linked to bank accounts: checks, OBBP, and BANP.
When experiencing loss, theft, or fraud of any payment instrument variable was included in the regressions, it had a very small negative effect on the use of checks and BANP, and those effects were only weakly statistically significant.
The only exception was a negative and significant effect on the use of BANP from having directly experienced identity theft.
As above, identity theft had almost no significant effect on payment behavior, except for a negative and significant effect on the use of BANP of a respondent's having experienced identity theft directly.
To simulate the improvement in speed of ACH-based payments, we increase every consumer's rating of speed of OBBP and BANP (the two ACH-based payment instruments included in our survey).
The first speed-related strategy on the FRFS proposed list is to "Evolve ACH." We assume that the strategy would lead to faster payment deduction and notification for ACH-based payments, namely, for OBBP and BANP. This simulation also has implications for a potential new payment service, such as the U.K.
We assume that the relative rating of the speed of payment deduction for OBBP and BANP increases by 10% and measure how such a rating increase would change the adoption of those two payment instruments.
The former were estimated to significantly increase the adoption of OBBP and BANP, while the latter were estimated to significantly increase the use of credit and debit cards.