Earned wage access programs have gained new popularity during the COVID-19 pandemic, but may involve risks.
A central bank digital currency designed to address one issue, such as financial inclusion, may have difficulty in achieving other goals.
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.
The emergence of private digital currencies highlights concerns and opportunities for central banks.
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.
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.
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.
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.
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.
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 CountriesBy Fumiko Hayashi and Jesse Leigh Maniff
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.