Walmart Checking and Apple Savings: Different Motivations, Similar Outcomes?
By Terri Bradford
November 2022

With plans to offer traditional financial accounts, Walmart and Apple may drive competition in the financial services industry.

Promoting Payment Inclusion in the United States
By Ying Lei Toh
October 2022

Advancing payment inclusion may allow underserved consumers to participate more fully in the economy.

Data Aggregators: The Connective Tissue for Open Banking
By Julian Alcazar and Fumiko Hayashi
August 2022

Data aggregators play a critical role in financial service apps, generating benefits as well as risks.

The Cryptic Nature of Black Consumer Cryptocurrency Ownership
By Terri Bradford
June 2022

Black consumers increasingly own cryptocurrency due to historical reasons and the forward-looking views of young consumers.

Assessing the Case for Retail CBDCs: Central Banks’ Considerations
By Fumiko Hayashi and Ying Lei Toh
May 2022

Emerging economies have found more compelling reasons to implement a central bank digital currency than advanced economies.


The Rise of Buy Now, Pay Later: Bank and Payment Network Perspectives and Regulatory Considerations
By Julian Alcazar and Terri Bradford
December 2021

Incumbent players in the payments industry have started to respond to the rise of “buy now, pay later” payment options.

When Paying Bills, Low-Income Consumers Incur Higher Costs
By Ying Lei Toh
November 2021

Low-income consumers rely on costlier methods to pay bills, even if they have bank accounts.

The Appeal and Proliferation of Buy Now, Pay Later: Consumer and Merchant Perspectives
By Julian Alcazar and Terri Bradford
November 2021

Buy now, pay later” products offer benefits to consumers and merchants, but not without risk.

Digital, Financial, and Health Insurance Exclusion Experienced by Low-Income Households
By Fumiko Hayashi and Rebecca Ruiz
July 2021

Low-income households are more likely to lack home internet access, bank accounts, and health insurance, especially if they are less-educated and Black or Hispanic.

Déjà Vu All Over Again: What the Return of Private Currencies Could Mean for Central Banks
By Susan Zubradt and Jesse Leigh Maniff
June 2021

Private digital currencies, or “crypto-assets,” present familiar challenges for central banks.

Are Contactless Payments Finally Poised for Adoption?
By Terri Bradford
April 2021

Demand for contactless payments increased during the COVID-19 pandemic.


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.


PDFManaging 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.

PDFCompetition 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.

PDFBanks 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.


PDFThe 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.

PDFChange 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.


PDFInterchange 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.


PDFFees, 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.


PDFWhere 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.

PDFDiscounts 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.


PDFAn 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.

PDFThe 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.

PDFBackward 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.


PDFInternational 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.

PDFDevelopments in Merchant Acquiring
By Terri Bradford and Christian Hung
September 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.

PDFDevelopments 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.


PDFThe 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.

PDFComplex 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.

PDFStored-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.


PDFPaper, 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.

PDFThe 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.

PDFPayments 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.


PDFContactless: 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.

PDFWho'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.

PDFEarly 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.


PDFPayment 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.

PDFPayment 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.

PDFA 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.