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Payments System Research Briefings Archive

Payments System Research Briefings cover range of payments topics, including types of payment methods, developments in payments networks, and various participants' roles in the payments system.

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59 result(s) found
Article Title Author(s) Date Type

Walmart Checking and Apple Savings: Different Motivations, Similar Outcomes?

Walmart and Apple have announced plans to offer traditional financial accounts. Walmart’s consumer checking account may advance financial inclusion by increasing account access to unbanked and underbanked consumers. Apple’s consumer savings account may change how credit card issuers offer rewards to their customers. Both offerings are likely to increase competition in the financial services industry, though whether they ultimately benefit consumers remains to be seen.

 Terri Bradford Expandable Row
November 30, 2022
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Promoting Payment Inclusion in the United States

In recent decades, entities in both the public and private sectors have worked to promote payment inclusion in the United States, whether by expanding the supply of transaction accounts or boosting consumer demand for them. However, more research and data collection are needed to better define and measure payment inclusion as well as evaluate how effective efforts have been to improve it.

 Ying Lei Toh Expandable Row
October 7, 2022
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Data Aggregators: The Connective Tissue for Open Banking

Open banking, which allows third-party financial apps to access consumer financial data electronically and securely, relies on data aggregators to establish connections with consumers’ financial institutions and extract consumer data. Data aggregators are critical to enhancing consumer financial services and increasing competition—both among financial service providers and across payment methods. However, their role raises some concerns related to data security, data privacy, and competition.

 Julian Alcazar
Fumiko Hayashi Expandable Row
August 24, 2022
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The Cryptic Nature of Black Consumer Cryptocurrency Ownership

Owning cryptocurrency has become especially popular among Black consumers for reasons related to historical context as well as the forward-looking views of young consumers. While cryptocurrencies have the potential to meet Black consumers’ expectations, they also pose risks to privacy and financial security.

 Terri Bradford Expandable Row
June 1, 2022
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Assessing the Case for Retail CBDCs: Central Banks’ Considerations

Many central banks around the world have been researching, experimenting, or developing central bank digital currencies (CBDCs). Although central banks in several emerging markets and developing economies have implemented or plan to implement a general-purpose, or retail, CBDC to promote financial inclusion and improve their payment systems, central banks in many advanced economies have not yet found a compelling case for a retail CBDC.

 Fumiko Hayashi
Ying Lei Toh Expandable Row
May 26, 2022
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The Rise of Buy Now, Pay Later: Bank and Payment Network Perspectives and Regulatory Considerations

Buy now, pay later (BNPL) products offered by fintechs have gained traction among consumers and merchants in recent years and could compete with credit cards as a payment option. We explore the reactions of banks and payment networks to BNPL products as well as the current regulatory environment.

 Julian Alcazar
Terri Bradford Expandable Row
December 1, 2021
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When Paying Bills, Low-Income Consumers Incur Higher Costs

Low-income consumers are more likely to pay bills using costlier payment methods, even when they have access to cheaper bank account-based methods. Digital exclusion, cash flow constraints, and lack of trust in or familiarity with electronic payment methods may explain low-income consumers’ reliance on costlier bill payment methods.

 Ying Lei Toh Expandable Row
November 23, 2021
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The Appeal and Proliferation of Buy Now, Pay Later: Consumer and Merchant Perspectives

Use of buy now, pay later (BNPL) payment products has been growing in the United States. We explore the benefits and risks of BNPL products for consumers and merchants.

 Julian Alcazar
Terri Bradford Expandable Row
November 10, 2021
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Digital, Financial, and Health Insurance Exclusion Experienced by Low-Income Households

Many low-income households are excluded from essential services such as home internet access, bank accounts, and health insurance coverage. We examine to what degree low-income households experience digital, financial, and health insurance exclusion and assess whether education and race are correlated with exclusion. We find that more than 10 percent of low-income households experienced multiple types of exclusion in 2019, with more pronounced results for households with lower educational attainment.

 Fumiko Hayashi
Rebecca Ruiz Expandable Row
July 7, 2021
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Déjà Vu All Over Again: What the Return of Private Currencies Could Mean for Central Banks

Private digital currencies, or “crypto-assets,” have surged in popularity recently, but they are not new to the payments landscape and may present familiar challenges for central banks. Although they have yet to fulfill the main functions of money, crypto-assets still have the potential to affect financial stability and the implementation of monetary policy.

 Susan Zubradt
Jesse Leigh Maniff Expandable Row
June 30, 2021
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