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Journal Article
Technological Change and Central Banking
Andolfatto, David (2024-01-05)
The decentralized autonomous organization (DAO) represents a radically new way to manage databases. Since money and payments are all about managing databases and since banks play a central role in money and payments, DAO-based money and payments systems are potentially a disruptive force in the banking system—which includes central banks. One would normally expect regulatory frameworks to evolve with a changing technological landscape. However, the decentralized governance structure characteristic of DAOs renders it near impossible to regulate these entities directly—a property that makes ...
Review , Volume 106 , Issue 1 , Pages 1-9

Speech
New perspectives on consumer behavior in credit and payments markets
Harker, Patrick T. (2015-10-02)
Welcome Remarks Before the Eighth Biennial Research Conference Co-organized by the Research Department and Payment Cards Center
Speech , Paper 111

Discussion Paper
Bitcoin Is Not a New Type of Money
Lee, Michael Junho; Martin, Antoine (2020-06-18)
Bitcoin, and more generally, cryptocurrencies, are often described as a new type of money. In this post, we argue that this is a misconception. Bitcoin may be money, but it is not a new type of money. To see what is truly new about Bitcoin, it is useful to make a distinction between “money,” the asset that is being exchanged, and the “exchange mechanism,” that is, the method or process through which the asset is transferred. Doing so reveals that monies with properties similar to Bitcoin have existed for centuries. However, the ability to make electronic exchanges without a trusted ...
Liberty Street Economics , Paper 20200618

Journal Article
Federal Reserve: Bringing Payments into the Fast Lane
Sablik, Timothy (2023-07)
In July, the Fed launched its first new payment service in more than 40 years. FedNow enables money to move instantaneously from sender to recipient 24 hours a day, seven days a week — weekends and holidays included. While there are already mobile payment apps, such as Zelle, Venmo, or Cash App, that appear to instantly transfer funds between users, many of these services still rely behind the scenes on older payment technologies like the Automated Clearing House (ACH) network that can result in some delays. Additionally, these apps are focused on person-to-person payments. In contrast, ...
Econ Focus , Volume 23 , Issue 3Q , Pages 21-24

Working Paper
Chargebacks: another payment card acceptance cost for merchants
Hayashi, Fumiko; Sullivan, Richard J.; Markiewicz, Zach (2016-01-04)
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 ...
Research Working Paper , Paper RWP 16-1

Briefing
Payments System Research: Our 2020 Vision
Zubradt, Susan (2020-02-19)
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.
Payments System Research Briefing

Working Paper
Bank Profitability and Debit Card Interchange Regulation: Bank Responses to the Durbin Amendment
Kay, Benjamin S.; Manuszak, Mark D.; Vojtech, Cindy M. (2014-08-22)
The Durbin Amendment to the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 alters the competitive structure of the debit card payment processing industry and caps debit card interchange fees for banks with over $10 billion in assets. Market participants predicted that debit card issuers would offset the reduction in debit interchange revenue by increases in customer account fees. Some participants also predicted that banks would cut costs in response to the law by reducing staff and shutting down branches. Using a difference-in-differences testing strategy, we show that ...
Finance and Economics Discussion Series , Paper 2014-77

Briefing
How the COVID-19 Pandemic May Reshape the Digital Payments Landscape
Tran, Thao; Toh, Ying Lei (2020-06-24)
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.
Payments System Research Briefing

Journal Article
New perspectives on consumer behavior in credit and payments markets
Berlin, Mitchell (2014)
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.
Business Review , Issue 1 , Pages 25-30

What Types of Customer Data Do Fintech Firms Use?
Stackhouse, Julie L. (2020-04-17)
Beyond cash flow and credit scores, technology-driven lenders have also looked at social media activity and phone ownership.
On the Economy

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