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Welfare Analysis of Debit Card Interchange Fee Regulation

Merchants pay interchange fees to card issuers when they accept credit or debit cards as payment. Many merchants have complained that the fees far exceed issuers' costs for processing such transactions. In response to those complaints, Congress directed the Federal Reserve to impose a cap on debit card interchange fees. The cap lowered interchange fees for most merchants, but it yielded some unintended consequences. An analysis of the payment-card market suggests several factors to consider, in addition to issuer costs, when setting interchange fees to maximize social welfare.
Richmond Fed Economic Brief , Issue Oct

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.
On the Economy

Will Digital Wallets Replace Cash?

Dialogue with the Fed attendees hear about the opportunities and challenges involved with digital wallets like Venmo.
On the Economy

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?
On the Economy

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.
Economic Review , Issue Q III , Pages 51-76

Journal Article
Payment Card Fraud Rates in the United States Relative to Other Countries since Migrating to Chip Cards

The United States has lagged somewhat behind other countries in implementing steps to mitigate payment card fraud, such as chip card technology and personal identification numbers. Small delays in implementing fraud mitigation strategies could translate to large fraud losses relative to other countries. Although comparing fraud rates across countries can be challenging, Fumiko Hayashi examines payment card fraud rates in the United States along with three countries with the best available data?Australia, France, and the United Kingdom?and finds that the United States has the highest overall ...
Economic Review , Issue Q IV , Pages 23-40

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.
Chicago Fed Letter , Issue 437

Discussion Paper
Intraday Liquidity Flows

Transactions denominated in U.S. dollars flow around the clock and around the globe, filling the pipelines that support commerce. On a typical day, more than $14 trillion of dollar-denominated payments is routed through the banking system. Critical to a well-functioning economy are the timing and smooth flow of dollars for large-value transactions and the infrastructure that enables that dollar flow. This financial market infrastructure provides essential economic services??plumbing? for the economy?and is made up of a variety of entities. In this post, we describe this financial market ...
Liberty Street Economics , Paper 20120806

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.
Business Review , Issue 1 , Pages 25-30

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
Speech , Paper 111


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