IDEAS home Printed from https://ideas.repec.org/a/fip/fedker/y2008iqivp35-63nv.93no.4.html
   My bibliography  Save this article

The Federal Reserve's role in retail payments: adapting to a new environment

Author

Listed:
  • Stuart E. Weiner

Abstract

The U.S. retail payments system is in the midst of a transformation. The shift from paper to electronics, the emergence of new instruments and payments channels, the rise in nonbank participation, the change in risk profiles—all are elements of this new landscape. The Federal Reserve takes as one of its mandates fostering a payments system that is safe, efficient, and accessible. How does the Federal Reserve fulfill this mandate in this new environment? ; Since its beginning, the Federal Reserve has played a crucial role in the U.S. retail payments system. From time to time, that role has been reevaluated The current environment suggests the time may be right for another examination. Other central banks are facing similar issues. ; Weiner reexamines the Federal Reserve’s role in retail payments in light of the evolving payments system. The Federal Reserve will likely continue to play an important role in retail payments. However, given the evolution of the payments system, the role the Federal Reserve plays and the rationale for this role may be different than they have been in the past.

Suggested Citation

  • Stuart E. Weiner, 2008. "The Federal Reserve's role in retail payments: adapting to a new environment," Economic Review, Federal Reserve Bank of Kansas City, issue Q IV, pages 35-63.
  • Handle: RePEc:fip:fedker:y:2008:i:qiv:p:35-63:n:v.93no.4
    as

    Download full text from publisher

    File URL: http://www.kansascityfed.org/Publicat/ECONREV/PDF/4q08weiner.pdf
    Download Restriction: no

    References listed on IDEAS

    as
    1. Stacey L. Schreft, 2007. "Risks of identity theft: Can the market protect the payment system?," Economic Review, Federal Reserve Bank of Kansas City, issue Q IV, pages 5-40.
    2. Geoffrey R. Gerdes & Jack K. Walton, 2002. "The use of checks and other noncash payment instruments in the United States," Federal Reserve Bulletin, Board of Governors of the Federal Reserve System (U.S.), issue Aug, pages 360-374.
    3. Terri Bradford & Fumiko Hayashi, 2007. "Complex landscapes: mobile payments in Japan, South Korea, and the United States," Payments System Research Briefing, Federal Reserve Bank of Kansas City, issue Sep.
    4. Isabelle Huault & V. Perret & S. Charreire-Petit, 2007. "Management," Post-Print halshs-00337676, HAL.
    5. Gary H. Stern, 2005. "Economic research and the role of the Federal Reserve in payments," The Region, Federal Reserve Bank of Minneapolis, issue Dec, pages 2-6.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Alexandrova-Kabadjova, Biliana & Negrín, José Luis, 2009. "What drives the network’s growth? An agent-based study of the payment card market," Working Paper Series 1143, European Central Bank.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:fip:fedker:y:2008:i:qiv:p:35-63:n:v.93no.4. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (LDayrit). General contact details of provider: http://edirc.repec.org/data/frbkcus.html .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.