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Federal Reserve Bank of Kansas City
Economic Review
New person-to-person payment methods: have checks met their match?
Terri Bradford
William R. Keeton

The last decade has seen a surge in new methods for making person-to-person (P2P) payments. Despite the surge, studies show that U.S. consumers still prefer to make P2P payments with checks and cash. In fact, P2P payments by check are the only method of payment that is still increasing. ; Bradford and Keeton provide a detailed analysis of how each of the new P2P payment methods works and evaluate the extent to which they meet consumers’ needs in terms of speed, payer control, security and universality. The authors then provide a summary of the gaps that remain in P2P payments services and discuss the role the Federal Reserve could play in facilitating innovation in this area.

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Terri Bradford & William R. Keeton, "New person-to-person payment methods: have checks met their match?" , Federal Reserve Bank of Kansas City, Economic Review, issue Q III, 2012.
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