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Discussion Paper
Mobile payments in the United States at retail point of sale: current market and future prospects
Crowe, Marianne; Stavins, Joanna; Rysman, Marc (2010)
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, ...
Public Policy Discussion Paper , Paper 10-2

Working Paper
Has COVID Changed Consumer Payment Behavior?
Greene, Claire; Merry, Ellen A.; Stavins, Joanna (2021-10-01)
The COVID-19 pandemic has caused large changes in consumer spending, including how people make their payments. We use data from a nationally representative survey of U.S. consumers collected before COVID in 2018 and 2019 and during COVID in 2020 to analyze changes in consumer payment behavior during the pandemic. We find that compared with their payment behavior in 2019, consumers had shifted some of their purchases from in person to online by fall 2020, significantly lowered their use of cash for purchases, and shifted their person-to-person (P2P) payments away from paper (cash and checks). ...
Working Papers , Paper 21-12

Working Paper
The Credit Card Spending Channel of Monetary Policy: Micro Evidence from Account-level Data
Bräuning, Falk; Stavins, Joanna (2025-09-01)
Monetary policy impacts consumer spending via the effect of interest rate changes on credit card borrowing. Using supervisory account-level spending and balance data, we estimate that a 1 percentage point increase in the interest rate reduces credit card spending by nearly 9 percent and revolving balances by close to 4 percent. Aggregate results are primarily driven by revolving accounts, while we estimate small and statistically insignificant interest-rate elasticity for transaction accounts. Consistent with financial constraints, low-credit-score accounts tend to adjust spending, while ...
Working Papers , Paper 25-10

Working Paper
Faster Payments: Market Structure and Policy Considerations
Stavins, Joanna; Baughman, Garth; Stewart, Kylie; Rosenbaum, Aaron; Hayashi, Fumiko; Manuszak, Mark D. (2017-11-01)
This paper reports on a research effort by Federal Reserve staff to examine market structure implications in the still?emerging faster payments market. The analysis and conclusions in this paper are those of the authors and do not indicate official positions of the Board of Governors or Federal Reserve System. Although this paper offers several considerations regarding the U.S. faster payments market, it does not make specific policy recommendations or provide a view on the potential roles, including service provider or other roles, that the Federal Reserve may play in this market.2 Given the ...
Research Working Paper , Paper RWP 17-14

Journal Article
ATM fees: does bank size matter?
Stavins, Joanna (2000-01)
ATM networks have allowed banks to charge non-customers for withdrawing money from their ATMs since 1996, but ATM surcharges have been criticized repeatedly by consumer advocates and politicians. Large banks have been especially targeted, because they are more likely to impose the fees and their fees tend to be higher than those charged by small banks. However, surveys comparing ATM fees across financial institutions do not control for differences in quality among banks of various sizes. ; This article analyzes differences in ATM fees among banks in order to test whether large banks impose ...
New England Economic Review , Issue Jan , Pages 13-24

Working Paper
Effects of credit scores on consumer payment choice
Stavins, Joanna; Hayashi, Fumiko (2012)
Anecdotally, a negative relationship between the use of debit cards and credit scores has been reported: Consumers with lower credit scores use debit cards more intensively than those with higher credit scores. However, it is not clear whether credit scores have real effects on consumer payment choice or whether the negative relationship is caused by other factors, such as education or income. ; If credit scores have real effects, a negative relationship between debit card use and credit scores could imply supply-side effects, demand-side effects, or a combination of both. If credit scores ...
Research Working Paper , Paper RWP 12-03

Working Paper
Defining Households That Are Underserved in Digital Payment Services
Greene, Claire; Hayashi, Fumiko; Lloro, Alicia; Shy, Oz; Stavins, Joanna; Toh, Ying Lei (2024-09-01)
US households that lack digital means of making and receiving payments cannot participate fully in an increasingly digitized economy. Assessing the scope of this problem and addressing it requires a definition of households that are underserved in digital payments. Traditional definitions of households underserved in the banking system—those that are unbanked and those that are underbanked—do not account for the ownership of nonbank transaction accounts that can be used to make and receive digital payments. In this paper, we define households underserved in digital payments by considering ...
Working Papers , Paper 24-10

Working Paper
Why are (some) consumers (finally) writing fewer checks?: the role of payment characteristics
Stavins, Joanna; Schuh, Scott (2009)
Since the mid-1990s, the U.S. payment system has been undergoing a transformation featuring a significant decline in the use of paper checks that has been quite uneven across consumers and not well understood. This paper estimates econometric models of consumers? adoption (extensive margin) and use (intensive margin) of checks plus six other common U.S. payment instruments, using a comprehensive new data source on consumer payment choice. We find that payment characteristics are the most important determinants of payment instrument use. Plausible changes in the relative convenience and cost ...
Working Papers , Paper 09-1

Report
The 2011 and 2012 Surveys of Consumer Payment Choice
Stavins, Joanna; Schuh, Scott (2014-09-29)
In 2012, the number of consumer payments did not change significantly from 2010 as the economy settled into steady expansion following the financial crisis and recession. After increasing by 28 percent from 2008 to 2010, cash payments by consumers fell back by 10 percent from 2010 to 2012, while the share of cash payments dropped for a third straight year to 26.8 percent. However, the number and dollar value of cash withdrawals and the dollar value of cash holdings by consumers increased in 2012. Credit and charge card payments by consumers, which declined in 2009, rebounded further, ...
Research Data Report , Paper 14-1

Conference Paper
Are there network externalities in electronic payments?
Stavins, Joanna; Gowrisankaran, Gautam (1999)
Proceedings , Paper 652

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