In addition, such a technological advance may not really be a one-time event but may be based on a continuing series of innovations. In any case, such innovations are likely to result in higher growth over a number of years. The effects of higher business costs associated with security are (we can hope) a one-time decline in the level of productivity.
3  Schmiedel, H., Kostova, G. and Ruttenberg, W. “The Social and Private Costs of Retail Payment Instruments – A European Perspective”. ECB Occasional Paper No 137, September 2012. BIS central bankers’ speeches  1  personalised, simple and secure payment services and applications offered by the information and consumption channels they increasingly (and in some cases even exclusively) use, i.e.