Inclusion by Design: Crafting a Central Bank Digital Currency to Reach All Americans

By Jesse Leigh Maniff (December 2020)
To reach the unbanked population, a central bank digital currency should be designed with specific needs in mind.

Remote Card Payment Fraud: Trends and Measures Taken in Australia, France, and the United Kingdom

By Fumiko Hayashi (November 2020)
The success of Australia, France, and the United Kingdom in mitigating remote card payment fraud may hold lessons for the United States.

In the Nick of Time: The Rise of Earned Wage Access

By Julian Alcazar and Terri Bradford (September 2020)
Earned wage access programs have gained new popularity during the COVID-19 pandemic, but may involve risks.

Neobanks: Banks by Any Other Name?

By Terri Bradford (August 2020)
Neobanks have the potential to disrupt the traditional banking model by offering innovative features and design within a digital interface.

Motives Matter: Examining Potential Tension in Central Bank Digital Currency Designs

By Jesse Leigh Maniff (June 2020)
A central bank digital currency designed to address one issue, such as financial inclusion, may have difficulty in achieving other goals.

How the COVID-19 Pandemic May Reshape the Digital Payments Landscape

By Ying Lei Toh and Thao Tran (June 2020)
The COVID-19 pandemic may accelerate the adoption of digital payments.

Still on Trial? The Court’s Use of Economic Analysis in the American Express Case

By Jesse Leigh Maniff and Ying Lei Toh (April 2020)
The 2018 Supreme Court ruling that American Express did not violate federal antitrust law has inspired debate among scholars over the court’s economic analysis.

How Did We Get Here? From Observing Private Currencies to Exploring Central Bank Digital Currency

By Jesse Leigh Maniff (February 2020)
The emergence of private digital currencies highlights concerns and opportunities for central banks.

Payments System Research: Our 2020 Vision

By Susan Zubradt (February 2020)
As the retail payments system continues to evolve, the KC Fed’s Payments System Research group looks ahead to new developments.


Developments of QR Code-Based Mobile Payments in East Asia

By Terri Bradford, Fumiko Hayashi and Ying Lei Toh (June 2019)
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.


Managing Fraud in Remote Payments

By Richard J. Sullivan (May 2017)
Following the rollout of new chip cards and ongoing growth in e-commerce, merchants and policymakers are seeking ways to blunt a likely surge in remote payment fraud.

Competition and Coordination: The Card Network Balancing Act

By Jesse Leigh Maniff (March 2017)
As payment card networks seek to balance the benefits of collaboration against allegations of anti-competitive behavior, efforts to improve payments security may be hindered by the threat of legal action.

Banks Re-enter the P2P Payments Fray: With Mobile, Will this Time Be Different?

By Terri Bradford (January 2017)
After coming up short against nonbanks in two previous rounds of the fray over P2P payments, banks appear to be poised to go toe-to-toe this time around.


The Puzzle of Payments Security: Fitting the Pieces Together to Protect the Retail Payments System

By Terri Bradford (October 2015)
This article offers highlights from the Federal Reserve Bank of Kansas City's fifth international payments conference, "The Puzzle of Retail Payments Security: Fitting the Pieces Together to Protect the Retail Payments System," hosted June 25-26, 2015.

Change is Coming: What the EMV Migration May Mean for Payments Innovation

By Terri Bradford and Jesse Leigh Maniff

(April 2015)
This article considers how the upcoming shift from magnetic stripe to chip technology may affect the survival of card-based payment innovations.


Interchange Fees and Network Rules: A Shift from Antitrust Litigation to Regulatory Measures in Various Countries

By Fumiko Hayashi and Jesse Leigh Maniff

(October 2014)
This article summarizes the global trends in public authority involvement in payment card pricing and rules, examines reasons for the shift to regulatory measures, and considers potential implications for the United States.


Fees, Fraud and Regulation: Forces of Change in the Payment Card Industry

By Fumiko Hayashi and Richard J. Sullivan (April 2013)
This article summarizes analysis from three recent Economic Review articles on how changes to card payment technology and debit card regulation will affect the U.S. retail payments system in years to come.


Where Social Networks, Payments and Banking Intersect

By Terri Bradford (December 2012)
This article explores opportunities and risks emerging from a relatively new phenomenon: The rise of commerce, banking and payments services marketed and offered through social media.

Discounts and Surcharges: Implications for Consumer Payment Choice

By Fumiko Hayashi (June 2012)
This article reviews the current landscape for payment discounts and surcharges, considers whether they influence consumer payment choice, and offers several policy responses.


An Update on Interchange Legislation in the United States

By Christian Hung (December 2009)
This article provides a summary of recent developments in interchange legislation in the United States as well as the recently released Government Accountability Office report detailing its findings on interchange fees.

The Benefits of Collecting and Reporting Payment Fraud Statistics for the United States

By Richard J. Sullivan (October 2009)
This article argues that publication of fraud statistics helps the payment industry to coordinate security efforts, provides useful information for policymakers, and helps to promote consumer confidence in payments. However, while other countries regularly publish such statistics, it is an open question whether they will become available in the United States.

Backward Glance While Looking Forward

By Terri Bradford (April 2009)
This article takes a backward glance at some of the early emerging payments nearly a decade after their introduction and examines their status today and where they may be heading.


International Remittances

By Terri Bradford (December 2008)
This article describes some of the means by which individuals remit funds internationally -- informal networks, money transfer operators, financial institutions and other options -- and discusses some of the factors that may influence the choice of provider.

Developments in Merchant Acquiring

By Terri Bradford and Christian Hung (Sept 2008)
This article discusses the origin and roles of merchant acquiring; the models for acquiring; and relevant developments in legislation, PCI compliance, and the Single Euro Payments Area.

Developments in Interchange Fees in the United States and Abroad

By Terri Bradford and Fumiko Hayashi (May 2008)
This article provides an update on developments in interchange fees in the United States and recent public authority involvement in interchange fees abroad.


The Evolution of the ACH

By Terri Bradford (December 2007)
This article by Terri Bradford summarizes the beginnings of the ACH, exciting changes underway today, and possible further changes in the future.

Complex Landscapes: Mobile Payments in Japan, South Korea, and the United States

By Terri Bradford and Fumiko Hayashi (October 2007)
This article provides and overview of the mobile payments landscape in Japan and South Korea and discusses developments in the United States.

Stored-Value Cards: A Card for Every Reason...

By Terri Bradford (June 2007)
This article discusses the various uses of stored-value cards and the different degrees of their use and acceptance four years after their introduction.


Paper, Plastic......or Phone?

By Terri Bradford (December 2006)
This article examines mobile-phone payment and banking alternatives in the United States. It explores prospects for growth, available technologies, and the outlook for one or more technologies coming to dominate the market.

The U.S. Retail Payments System in Transition: Federal Reserve Initiatives

By Barbara S. Pacheco (August 2006)
This article explores the changing landscape of U.S. retail payments: trends, the Fed's role, and the future of payments.

Payments Fraud: Consumer Considerations

By Terri Bradford and Bruce Cundiff (May 2006)
This article examines the potential for fraud associated with various "traditional" payment methods and the protective measures that consumers should take when using them.


Contactless: The Next Payment Wave?

By Terri Bradford (December 2005)
This article explores the evolution of contactless payments, whose use will likely increase and could have an important impact on the payments landscape.

Who's Processing Your Payments?

By Terri Bradford and Stuart Weiner (August 2005)
This article looks at the many roles nonbanks play in payments activities and the oversight questions that arise as a result.

Early Experience with Check 21

By Larry Taft and Nathan Halmrast (April 2005)
This article looks at some of the early developments since the Check 21 law became effective and some of the remaining barriers to a more efficient and electronic check clearing system.


Payment Types at the Point of Sale: Merchant Considerations

By Terri Bradford (December 2004)
There are various costs associated with accepting alternative payment types. The costs associated with these payment types are a serious merchant consideration.

Payment Services and the Evolution of Internet Banking

By Richard J. Sullivan (August 2004)
A review of bank Web sites conducted by Payments System Research staff shows how essential online banking has become to the payments system.

A New Era

By Stuart E. Weiner (March 2004)
The U.S. Payments System has entered a new era — one that is witnessing a marked decline in the use of paper checks and a sharp increase in the use of electronic payments.