Externalized cost from issuers onto consumers, retailers, processors. Liability shift when PIN is used.
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Cash retail usage in EU is 79% https://www.ecb.europa.eu/pub/pdf/scpops/ecb.op201.en.pdf … vs 26% in US https://www.frbsf.org/cash/publications/fed-notes/2019/june/2019-findings-from-the-diary-of-consumer-payment-choice/ … But: - 72% of EU buys online https://ec.europa.eu/eurostat/statistics-explained/index.php?title=File:Internet_users_who_bought_or_ordered_goods_or_services_for_private_use_in_the_previous_12_months_by_age_group,_EU-28,_2009-2019_(%25_of_internet_users).png … vs 58% US https://www.oecd.org/going-digital/unpacking-ecommerce.pdf … - 18% of EU sales are online https://ec.europa.eu/eurostat/statistics-explained/pdfscache/14386.pdf … vs 12% US https://census.gov/retail/mrts/www/data/pdf/ec_current.pdf …
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