Angelika Welte

Senior Economist

Angelika holds a PhD in Mathematics and a MA in Economics. In her work, she uses empirical microeconomics to understand why and how consumers and firms choose payment methods.  This year, Angelika is working on a project that will provide insights in the merchant acquiring industry in Canada.  Merchant acquirers have a central role in card payment system as they connect card accepting businesses to the payment networks, authorize and process card transactions and may also provide point-of-sale equipment to merchants. The goal of this project is to better understand the structure of the acquiring market and how it relates to payment efficiency.


Angelika Welte

Senior Economist
Economic Research and Analysis

Bank of Canada
234 Wellington Street
Ottawa, ON, K1A 0G9


Merchant Acceptance of Cash and Credit Cards at the Point of Sale

Staff Analytical Note 2018-1 Ben Fung, Kim Huynh, Kerry Nield, Angelika Welte
Recent data show that the use of credit cards in Canada has been increasing, while the use of cash has been declining. At the same time, only two-thirds of small or medium-sized businesses accept credit cards.

The Bank of Canada 2015 Retailer Survey on the Cost of Payment Methods: Sampling

Technical Report No. 108 Angelika Welte
In 2015, the Bank of Canada undertook the large-scale Retailer Survey on the Cost of Payment Methods.

The Costs of Point-of-Sale Payments in Canada

Using data from our 2014 cost-of-payments survey, we calculate resource costs for cash, debit cards and credit cards. For each payment method, we examine the total cost incurred by consumers, retailers, financial institutions and infrastructures, the Royal Canadian Mint and the Bank of Canada.

Adoption Costs of Financial Innovation: Evidence from Italian ATM Cards

The discrete choice to adopt a financial innovation affects a household’s exposure to inflation and transactions costs. We model this adoption decision as being subject to an unobserved cost.

Wait a Minute: The Efficacy of Discounting versus Non-Pecuniary Payment Steering

Staff Working Paper 2016-8 Angelika Welte
Merchants who accept credit cards face payment processing fees. In most countries, the no-surcharge rule prohibits them from using surcharges to pass these fees on to customers.

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Other Publications

Research Interests

  • Econometrics
  • Industrial organization
  • Monetary policy
  • Non-associative rings and algebras.


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