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Report
Speed, Security, Efficiency: Improving the U.S. Payment System
As the nation?s central bank, the Federal Reserve has a stake in ensuring that the payment system is functioning at its highest level. This year?s annual report examines a project the Fed is spearheading to improve the payment system. The essay is written by St. Louis Fed First Vice President David Sapenaro, who recently completed his responsibilities as the project?s interim payments strategy director.
Report
Mobile Payments Innovation
Mobile payment technology, or the ability to pay for goods and services via mobile phone, has experienced a rise in adoption and popularity in the past few years. Its rise stems from companies and consumers alike looking for new ways not only to make payments more accessible and convenient, but also to help decrease certain types of fraud.
Discussion Paper
Contactless Payment Cards: Trends and Barriers to Consumer Adoption in the U.S.
Since 2017, the payment cards industry has undertaken a concerted effort to bring contactless “tap-and-pay” credit and debit card products to consumers. Payment networks, card issuers, and banks have worked to ensure that contactless cards, which communicate payment information wirelessly to point-of-sale terminals through Near Field Communication technology, are at the forefront of consumers’ minds when they make a purchase. Missing from the discussion of contactless payments, however, is an understanding of consumer interest in the technology; indeed, the current activities are a ...
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?