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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

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

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

Pondering Payments: Challenges of Reaching All Americans

Policy Perspectives

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 ...
Economic Review , Volume v.105 , Issue no.1 , Pages 5

Payments System Research: Our 2020 Vision

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

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

Competition and Coordination: The Card Network Balancing Act

Payments System Research Briefing

Managing Fraud in Remote Payments

Payments System Research 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.
Richmond Fed Economic Brief , Issue Oct


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