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Newsletter
Payments pricing: who bears the cost? - a conference summary
As consumers and merchants increasingly adopt electronic payments, the pricing of these services has generated substantial scrutiny by public authorities around the world. To discuss these developments and related issues, the Federal Reserve Bank of Chicago hosted its ninth annual Payments Conference on May 14?15, 2009.
Newsletter
After the financial crisis: the future of payment innovations
The Federal Reserve Bank of Chicago hosted its tenth annual Payments Conference, Payment Innovations in the Wake of the Financial Crisis, on May 20?21, 2010, to discuss emerging trends within the payments industry and new regulation following the financial crisis.research on health and health care policy.
Newsletter
Exploring the new face of retail payments (special issue)
At the Chicago Fed?s 2011 Payments Conference, held on May 19?20, participants discussed how changes in consumers? behavior in the wake of the financial crisis and recession can translate into opportunities and challenges for both traditional and nascent payment providers. They also focused on the impact of payment innovations and new consumer protection regulations.
Working Paper
Why do banks reward their customers to use their credit cards?
Using a unique administrative level dataset from a large and diverse U.S. financial institution, we test the impact of rewards on credit card spending and debt. Specifically, we study the impact of cash-back rewards on individuals before and during their enrollment in the program. We find that with an average cash-back reward of $25, spending and debt increases by $79 and $191 a month, respectively during the first quarter. Furthermore, we find that cardholders who do not use their card prior to the cash-back program increase their spending and debt more than cardholders with debt prior to ...