Search Results
Speech
New perspectives on consumer behavior in credit and payments markets
Welcome Remarks Before the Eighth Biennial Research Conference Co-organized by the Research Department and Payment Cards Center
Working Paper
Chargebacks: another payment card acceptance cost for merchants
Although chargebacks are perceived as one of the major cost components for merchants to accept card payments, little research has been conducted on them. To fill that gap, this paper describes the current chargeback landscape by generating detailed statistics on chargebacks for signature-based transactions. Our data are from merchant processors, which, altogether, processed more than 20 percent of all signature-based transactions in the United States. For Visa and MasterCard transactions, chargebacks merchants receive are, on average, 1.6 basis points (bps) of sales number and 6.5 bps of ...
Briefing
Payments System Research: Our 2020 Vision
In this year’s first Payments System Research Briefing, senior vice president Susan Zubradt reflects on the evolution of retail payments and what lies ahead for the KC Fed’s Payments System Research group.
Briefing
How the COVID-19 Pandemic May Reshape the Digital Payments Landscape
Despite an increase in payments made via online or mobile channels in recent years, many consumers have not yet adopted digital payments. The COVID-19 pandemic may be shifting more consumers toward digital payments, along with industry and legislative initiatives designed to facilitate broader access.
Journal Article
New perspectives on consumer behavior in credit and payments markets
Mitchell Berlin summarizes new research on household finance presented at a joint conference sponsored by the Federal Reserve Bank of Philadelphia's Research Department and Payment Cards Center.
What Types of Customer Data Do Fintech Firms Use?
Beyond cash flow and credit scores, technology-driven lenders have also looked at social media activity and phone ownership.
Briefing
Promoting Payment Inclusion in the United States
In recent decades, entities in both the public and private sectors have worked to promote payment inclusion in the United States, whether by expanding the supply of transaction accounts or boosting consumer demand for them. However, more research and data collection are needed to better define and measure payment inclusion as well as evaluate how effective efforts have been to improve it.
Briefing
Data Aggregators: The Connective Tissue for Open Banking
Open banking, which allows third-party financial apps to access consumer financial data electronically andsecurely, relies on data aggregators to establish connections with consumers’ financial institutions and extract consumer data. Data aggregators are critical to enhancing consumer financial services and increasing competition—both among financial service providers and across payment methods. However, their role raises some concerns related to data security, data privacy, and competition.
Will Digital Wallets Replace Cash?
Dialogue with the Fed attendees hear about the opportunities and challenges involved with digital wallets like Venmo.
Journal Article
Cash or Debit Cards? Payment Acceptance Costs for Merchants
Fumiko Hayashi examines which of two payment methods—cash or debit cards—is more costly for merchants to accept in person in six countries: the United States, Australia, Canada, the Netherlands, Norway, and Sweden. She finds that debit cards have been more costly for merchants to accept than cash in the United States in recent years, while cash has become more costly to accept than debit cards in the other five countries. Two factors explain this difference. First, although interchange fees are just one component of merchants’ debit card acceptance costs, the fees alone are higher than ...