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Journal Article
Access to Electronic Payments Systems by Unbanked Consumers
Fumiko Hayashi identifies electronic payment products that can mitigate unbanked consumers? problems with the banking system.
Newsletter
What Are the Consequences of Missed Payments on Consumer Debts?
In order to understand better how the unfolding economic crisis is likely to affect U.S. households, this Chicago Fed Letter looks at what happens when borrowers miss debt payments and how long it takes for them to face a severe adverse consequence, such as foreclosure, wage garnishment, or repossession.
Briefing
Developments of QR Code-Based Mobile Payments in East Asia
Initiatives facilitating QR code-based mobile payments in Japan, Singapore, and Hong Kong may address some pain points of banks, nonbanks, and merchants, but whether they address consumers’ depends on factors such as fragmentation and overall digital commerce experience
Faster Payments, More Disruptions
New payment technologies have transformed the banking system by increasing the efficiency and mechanisms to transfer funds. How will these innovations disrupt the banking system?
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.
Working Paper
Payments on Digital Platforms: Resiliency, Interoperability and Welfare
Digital platforms, such as Alibaba and Amazon, operate an online marketplace to facilitate transactions. This paper studies a platform’s business model choice between accepting cash and issuing tokens, as well as the implications for welfare, resiliency, and interoperability. A cash platform free rides on the existing payment infrastructure and profits from collecting transaction fees. A token platform earns seigniorage, albeit bearing the costs of setting up the system and holding reserves to mitigate the cyber risk. Tokens earn consumers a return, insulating transactions from the ...
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
Briefing
Still on Trial? The Court’s Use of Economic Analysis in the American Express Case
In a 2018 antitrust case, the Supreme Court ruled that American Express did not break federal laws in prohibiting merchants from steering consumers to alternative payment methods. However, some antitrust scholars disagree with how the court defined the relevant market and determined anticompetitive effects, and are concerned that the decision will make it more difficult to bring antitrust cases against payment platforms in the future.
Journal Article
Mobile Banking Use and Consumer Readiness to Benefit from Faster Payments
The U.S. payments industry is currently implementing faster payments that will enable consumers and businesses to send and receive payments almost instantly at any time of day, any day of the year. Mobile banking in particular may allow consumers to realize the full benefits of faster payments. As a result, a consumer’s use of mobile banking is a good indicator of their readiness to benefit from faster payments.Fumiko Hayashi and Ying Lei Toh examine which consumer characteristics are associated with mobile banking use as well as what other factors may influence consumer readiness. They ...
Briefing
Are Contactless Payments Finally Poised for Adoption?
Two types of contactless payments, near-field communication (NFC) and quick response (QR) code, have seen a boost from the COVID-19 pandemic.