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Discussion Paper
Mobile payments in the United States at retail point of sale: current market and future prospects
Although mobile payments are increasingly used in some countries, they have not been adopted widely in the United States so far, despite their potential to add value for consumers and streamline the payments system. After describing a few countries? experiences, we analyze the prospects for the U.S. market for mobile payments in retail payments, particularly the use of contactless and near-field communication technologies. We identify conditions that have facilitated some success in other countries and barriers to the adoption of mobile payments in the United States. On the demand side, ...
Discussion Paper
The Boston Fed study of consumer behavior and payment choice: a survey of Federal Reserve System employees
The way people pay for goods and services is changing dramatically, but little data and research on consumer behavior and payment choice are publicly available. This paper describes the results of a survey of payment behavior and attitudes taken by Federal Reserve employees in 2004. Major contributions of the survey are that it asks: 1) why payment choices are made; 2) why individual payment behavior has changed; and 3) why individual-specific payment characteristics matter for payment choice. Although the survey is not statistically representative of U.S. consumers, and thus may not provide ...
Discussion Paper
Consumer behavior and payment choice: a conference summary
The Emerging Payments Research Group (EPRG) at the Federal Reserve Bank of Boston sponsored a new conference, ?Consumer Behavior and Payment Choice: How and Why Do Consumers Choose Their Payment Methods?? on October 27?28, 2005, at the Boston Fed. The conference brought together a diverse set of participants from the academic, private, and public sectors. This paper provides a summary and overview of the conference. Key conclusions are that the consumer?s decision-making process concerning payment choice is quite complex, that standard economic models have difficulty incorporating this ...