Federal Reserve Payments System Working Papers
The New Debit Card Regulations: Initial Effects on Networks and Banks
Federal Reserve of Kansas City (Economic Review, Fourth Quarter 2012)
By Fumiko Hayashi, senior economist
Debit Card Interchange Fees and Routing: Proposed Rule
Federal Reserve, December 28, 2011
Debit Card Interchange Fees and Routing Proposed Rule Notice
Federal Reserve, December 16, 2010
Do U.S. Consumers Really Benefit from Payment Card Rewards?
By Fumiko Hayashi; Economic Review, Fourth Quarter 2008
Interchange Fees in Australia, the UK, and the United States: Matching Theory and Practice
Fumiko Hayashi and Stuart E. Weiner, 2006
The Economics of Payment Card Fee Structure: Policy Considerations of Payment Card Rewards
Third in a series of three papers on payment card fees: What public policy options might improve the efficiency and welfare distribution in the U.S. retail payment systems?
The Economics of Payment Card Fee Structure: What Drives Payment Card Rewards?
Second in a series of three papers on payment card fees: What market forces result in cardholder rewards?
The Economics of Payment Card Fee Structure: What Is The Optimal Balance Between Merchant fee and Payment Card Rewards?
First in a series of three papers on payment card fees: What is the optimal balance between merchant fees and cardholder rewards?
Why Do Card Issuers Charge Proportional Fees?
This paper explains why payment card companies charge consumers and merchants fees which are proportional to the transaction values instead of charging a fixed per-transaction fee.
The Economics of Two-Sided Payment Card Markets: Pricing, Adoption and Usage
This paper provides a new theory to explain pricing, adoption and usage in two-sided payment card markets
Network Competition and Merchant Discount Fees
Fumiko Hayashi; March 24, 2006
Competition and Credit and Debit Card Interchange Fees: A Cross-Country Analysis
Fumiko Hayashi and Stuart E. Weiner; November 2005
Interchange Fees in Various Countries: Developments and Determinants
Stuart E. Weiner and Julian Wright; November 2005
A Puzzle of Card Payment Pricing: Why Are Merchants Still Accepting Card Payments?
Fumiko Hayashi; December 2004
Federal Reserve Payments System Research Briefing Papers
Paper, Plastic......or Phone?
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
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.
Contactless: The Next Payment Wave?
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?
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.
Payment Types at the Point of Sale: Merchant Considerations
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.
A New Era
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.
Federal Reserve Payments System Selected Papers
Interchange Fees in Australia, the UK, and the United States: Matching Theory and Practice
How well do existing models of interchange fees for credit and debit cards match up with actual practices in various countries? Hayashi and Weiner present results suggesting that a theory applicable in one country may not apply to another and that similar interchange fee arrangements and regulations may well have different implications in different countries; August 2006
The Interchange Fee Debate: Issues and Economics
James M. Lyon
This article is based on a presentation to the Minneapolis Fed's board of Directors on January 19, 2006
As Payments Go Plastic
Toni Lapp; Summer 2005
Electronic payments continue to skyrocket. Are providers and merchants getting any closer to common ground on interchange fees
Trends in the Use of Payment Instruments in the United States
Spring 2005
A Guide to the ATM and Debit Card Industry: 2006 Update
Federal Reserve Studies Confirm Electronic Payments Exceed Check Payments for the First Time
December 2004
The Use of Checks and Other Noncash Payment Instruments in the United States
August 2002