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Keywords:payment systems OR Payment systems OR Payment Systems 

Working Paper
Platform competition in two-sided markets: the case of payment networks

In this article, we construct a model to study competing payment networks, where networks offer differentiated products in terms of benefits to consumers and merchants. We study market equilibria for a variety of market structures: duopolistic competition and cartel, symmetric and asymmetric networks, and alternative assumptions about multihoming and consumer preferences. We find that competition unambiguously increases consumer and merchant welfare. We extend this analysis to competition among payment networks providing different payment instruments and find similar results.
Working Paper Series , Paper WP-04-09

Journal Article
Monetary theory and electronic money : reflections on the Kenyan experience

This article uses a class of models of money and the payments system to inform an analysis of "mobile banking" in the context of the rapid expansion of M-PESA, a new technology in Kenya that allows payments via mobile phones (even without any access to a bank account), and currently reaches close to 38 percent of Kenyan adults. The separation of households and firms in space and time suggests, in theory, from various separate models, a number of implications. These include (i) the potential gain, under some circumstances, from allowing net e-money credit creation, (ii) the impact that the ...
Economic Quarterly , Volume 96 , Issue 1Q , Pages 83-122

Journal Article
Provision for enhanced settlement services to depository institutions

Federal Reserve Bulletin , Issue Jan

Conference Paper
Central banking: monetary control act of 1980 and payments system

Proceedings

Journal Article
Recent payment trends in the United States

Federal Reserve Bulletin , Volume 94 , Issue Oct

Conference Paper
Technology and security policy

Proceedings , Paper 748

Conference Paper
Modernizing payments: no pain, no gain

Proceedings – Payments System Research Conferences

Journal Article
Around the Fed : Funny money and phone payments

Related links: https://www.richmondfed.org/-/media/richmondfedorg/publications/research/econ_focus/2010/q3/around_the_fed_weblinks.cfm
Econ Focus , Volume 14 , Issue 3Q , Pages 35

Journal Article
Payments system safety evolved from national banking era lessons

Financial Update , Volume 9 , Issue Apr , Pages 7

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