Fumiko Hayashi is a Vice President specializing in payments in the Economic Research Department at the Federal Reserve Bank of Kansas City. Since joining the Federal Reserve in 2001, Ms. Hayashi published studies on the ATM and debit card industry, regulatory developments around interchange fees and card network rules, consumer payment choice, various types of payment methods (including credit, debit, and prepaid cards, mobile and QR code-based payments, instant payments, and central bank digital currency), payment fraud and security, nonbanks and fintechs in the payment system. She is currently conducting research on undeserved consumers in payments, fraud and scams involving instant payments, role of intermediaries in the payment system modernization, among others.
Professional Journals and Books
- "Heterogeneous unbanked households: Which types of households are more (or less) likely to open a bank account?” with Aditi Routh and Ying Lei Toh, Journal of Economics and Business, 2024, 129.
- “Regressive Effects of Payment Card Pricing and Merchant Cost Pass-through in the United States and Canada” with Marie-Hélène Felt, Joanna Stavins, and Angelika Welte, Journal of Banking and Finance, 2023, 154.
- "Delivering Benefits of Faster Payments to the Underserved" with Claire Greene and Joanna Stavins, Consumer & Community Context, 2020, Vol.2, No. 1
- "Innovation, Deregulation and the Life Cycle of a Financial Service Industry" with Bin Li and Zhu Wang on Review of Economic Dynamics, 2017, 26: 180-203.
- "Quantifying the Impacts of Limited Supply: The Case of Nursing Homes" with Andrew Ching and Hui Wang, International Economic Review, 2015, 56: 1291-1322.
- "Payment Card Rewards Programs and Consumer Payment Choice" Journal of Banking and Finance, 2010, 34: 1773-1787
- "Payment Card Interchange Fees and Merchant Service Charges--An International Comparison" Lydian Payments Journal, Vol. 1, Issue 3, January 2010
- "Nonbanks and Risk in Retail Payments: EU and U.S." with Terri Bradford, Christian Hung, Simonetta Rosati, Richard J. Sullivan, Zhu Wang, and Stuart E. Weiner, In: M. Eric Johnson (eds) Managing Information Risk and the Economics of Security, Springer, Boston, MA, 2009.
- "A Puzzle of Card Payment Pricing: Why Are Merchants Still Accepting Card Payments?" Review of Network Economics, Vol. 5, Issue 1 - March 2006
- A Guide to the ATM and Debit Card Industry: 2006 Update with Richard J. Sullivan and Stuart E. Weiner, 2006
- "Technology Adoption and Consumer Payments: Evidence from Survey Data" with Elizabeth Klee, Review of Network Economics, Vol. 2, Issue 2 - June 2003
- A Guide to the ATM and Debit Card Industry with Richard J. Sullivan and Stuart E. Weiner, 2003
Economic Review Articles
- Cash or Debit Cards? Payment Acceptance Costs for Merchants
Third Quarter 2021 - Mobile Banking Use and Consumer Readiness to Benefit from Faster Payments
with Ying Lei Toh, First Quarter 2020 - Payment Card Fraud Rates in the United States Relative to Other Countries since Migrating to Chip Cards
Fourth Quarter 2019 - Who Are the Unbanked? Characteristics Beyond Income
with Sabrina Minhas, Second Quarter 2018 - Access to Electronic Payments Systems by Unbanked Consumers
Third Quarter 2016 - Mobile Payments: Merchants' Perspectives
with Terri Bradford, Second Quarter 2014 - The New Debit Card Regulations: Effects on Merchants, Consumers, and Payments System Efficiency
First Quarter 2013 - The New Debit Card Regulations: Intial Effects on Networks and Banks
Fourth Quarter 2012 - Measuring the Costs of Retail Payments Methods
with William R. Keeton, Second Quarter 2012 - Mobile Payments: What's in It for Consumers?
First Quarter 2012 - Do U.S. Consumers Really Benefit from Payment Card Rewards?
First Quarter 2009 - Interchange Fees in Australia, the UK, and the United States: Matching Theory and Practice
with Stuart E. Weiner, Third Quarter 2006
Other District Publications
- The Role of Core Banking Services Providers in Facilitating Instant Payments
with Julian Alcazar, Sam Baird, Emma Cronenweth, and Ken Isaacson, Payments System Research Briefing, May 2024 - Market Structure of Core Banking Services Providers
with Julian Alcazar, Sam Baird, Emma Cronenweth, and Ken Isaacson, PSR Briefing Briefing, March 2024 - Core Banking Systems and Options for Modernization
with Julian Alcazar, Sam Baird, Emma Cronenweth, and Ken Isaacson, PSR Briefing, February 2024 - Data Aggregators: The Connective Tissue for Open Banking
with Julian Alcazar, PSR Briefing, August 2022 - Assessing the Case for Retail CBDCs: Central Banks’ Considerations
with Ying Lei Toh, PSR Briefing, May 2022 - Digital, Financial, and Health Insurance Exclusion Experienced by Low-Income Households
with Rebecca Ruiz, July 2021 - Remote Card Payment Fraud: Trends and Measures Taken in Australia, France, and the United Kingdom
PSR Briefing, November 2020 - Developments of QR Code-Based Mobile Payments in East Asia
with Ying Lei Toh and Terri Bradford, PSR Briefing, June 2019 - The Economics of Retail Payments Security
with Tyler Moore and Richard J. Sullivan, Proceedings from the Federal Reserve Bank of Kansas City 2015 International Payments Conference, The Puzzle of Payments Security: Fitting the Pieces Together to Protect the Retail Payments System, Kansas City, MO, June 25–26. - Interchange Fees and Network Rules: A Shift from Antitrust Litigation to Regulatory Measures in Various Countries
with Jesse Leigh Maniff, PSR Briefing, October 2014 - Fees, Fraud and Regulation: Forces of Change in the Payment Card Industry
with Richard J. Sullivan, PSR Briefing, April 2013 - Discounts and Surcharges: Implications for Consumer Payment Choice
PSR Briefing, June 2012 - Racking Up Rewards: Do Consumers Really Benefit?
TEN Summer 2009 - Developments in Interchange Fees in the United States and Abroad
with Terri R. Bradford, PSR Briefing May 2008 - Nonbanks and Risk in Retail Payments
with Simonetta Rosati, Terri Bradford, Christian Hung, Richard J. Sullivan, Zhu Wang, and Stuart E. Weiner, Proceedings from the Joint ECB-Bank of England Conference on Payments Systems and Financial Stability, Frankfurt, November 12-13, 2007 - Complex Landscapes: Mobile Payments in Japan, South Korea, and the United States
with Terri R. Bradford, PSR Briefing September 2007 - Nonbanks in the Payments System: European and U.S. Perspectives
with Dieter Reichwein, Simonetta Rosati, Terri Bradford, Nathan Halmrast, Richard J. Sullivan, Zhu Wang, and Stuart E. Weiner, Proceedings from the Federal Reserve Bank of Kansas City 2007 International Payments Conference, Nonbanks in the Payments System: Innovation, Competition, and Risk, Santa Fe, NM, May 2-4, 2007 - A Guide to the ATM and Debit Card Industry: 2006 Update
with Richard J. Sullivan and Stuart E. Weiner, TEN Spring 2007 - Charging Toward Rewards
TEN Fall 2006 - A Guide to the ATM and Debit Card Industry: 2006 Update
with Richard J. Sullivan and Stuart E. Weiner, 2006 - As Payments Go Plastic
TEN Summer 2006 - A Guide to the ATM and Debit Card Industry
with Richard J. Sullivan and Stuart E. Weiner, 2003
Research Working Papers
- Defining Households That Are Underserved in Digital Payment Services
with Claire Greene, Alicia Lloro, Oz Shy, Joanna Stavins, and Ying Lei Toh, RWP 24-09 - Financial Literacy, Risk Tolerance, and Cryptocurrency Ownership in the United States
with Aditi Routh, RWP 24-03 - Which Types of Unbanked Households Are More (or Less) Likely to Open a Bank Account?
with Aditi Routh and Ying Lei Toh, RWP 23-08 - Distributional Effects of Payment Card Pricing and Merchant Cost Pass-through in the United States and Canada
with Marie-Hélène Felt, Joanna Stavins, and Angelika Welte, RWP 20-18 - The Initial Effects of EMV Migration on Chargebacks in the United States
with Zach Markiewicz and Sabrina Minhas, RWP 18-10 - Faster Payments: Market Structure and Policy Consideration
with Aaron Rosenbaum, Garth Baughman, Mark Manuszak, Kylie Stewart, and Joanna Stavins, RWP 17-14 - Chargebacks: Another Payment Card Acceptance Cost for Merchants
with Zach Markiewicz and Richard J. Sullivan, RWP 16-01 - Driver of Choice? The Cost of Financial Products for Unbanked Consumers
with Josh Hanson and Jesse Leigh Maniff, RWP 15-15 - Faster Payments in the United States: How Can Private Sector Systems Achieve Public Policy Goals?
RWP 15-03 - Recurrent Overdrafts: A Deliberate Decision by Some Prepaid Cardholders?
with Emily Cuddy, RWP 14-08 - General Purpose Reloadable Prepaid Cards: Penetration, Use, Fees and Fraud Risks
with Emily Cuddy, RWP 14-01 - Effects of Credit Scores on Consumer Payment Choice
with Joanna Stavins, RWP 12-03 - Product Innovation and Network Survival in the U.S. ATM and Debit Card Industry
with Zhu Wang, December 2008 - The Economics of Payment Card Fee Structure: Policy Considerations of Payment Card Rewards
RWP 08-08 - The Economics of Payment Card Fee Structure: What Drives Payment Card Rewards?
RWP08-07 - The Economics of Payment Card Fee Structure: What is the Optimal Balance Between Merchant Fee and Payment Card Rewards?
RWP 08-06 - Pricing and Welfare Implications of Payment Card Network Competition
2006 - Payment Card Rewards Programs and Consumer Payment Choice
with Andrew Ching, 2006 - Network Competition and Merchant Discount Fee
2005 - Competition and Credit and Debit Card Interchange Fees: A Cross-Country Analysis
with Stuart E. Weiner, 2005 - A Puzzle of Card Payment Pricing: Why Are Merchants Still Accepting Card Payments
2004 - Community Bank Access to Payment Card Networks: Has It Become More Expensive?
2003 - Technology Adoption and Consumer Payments: Evidence from Survey Data
with Elizabeth Klee, 2002