Yet over the past 10 years, there has also been a good deal of growth in the use of electronic payments both as a share of non-cash payments and on a per capita basis. For example, we initiate more than 30 billion electronic payments over credit and debit card systems and the ACH.
Recent research conducted at the ECB4 reaches the same conclusion for Europe. The authors find that in Europe mark-ups have decreased if anything and market concentration has been stable over the last decade. Therefore, increasing market power cannot be the reason behind the decline in the labour share in Europe.