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Briefing
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.
Blog
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.
Blog
Will Digital Wallets Replace Cash?
Dialogue with the Fed attendees hear about the opportunities and challenges involved with digital wallets like Venmo.
Blog
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
Access to Electronic Payments Systems by Unbanked Consumers
Fumiko Hayashi identifies electronic payment products that can mitigate unbanked consumers? problems with the banking system.
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 ...
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.
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 ...
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.
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