This paper first provides an overview of developments in e-money and e-commerce. It then explores research on the economics of innovation to put these changes into a broader context. Lastly, the paper explores the potential implications of market structure changes in banking and commerce for the...

Significant debate has occurred over the last several decades regarding whether there is adequate competition and innovation in the non-recurring consumer payments segment of the banking industry. For instance, the Department of Justice and some retailers have sued Visa and MasterCard for...

On October 22–23, 2012, the Chicago Fed hosted its 12th annual Payments Symposium, where industry leaders convened to evaluate the implications of recent technological changes for the payments industry, including the attendant rise in customer demand for faster, more convenient payment options...

Why do consumers use electronic bill payment services? what do the differences between nonusers, low users, and high users imply about the potential future market these services? How might public policy evolve in the future? Analyzing a unique consumer survey conducted by the Federal Reserve's...

Significant debate has occurred over the last several decades regarding whether there is adequate competition and innovation in the non-recurring consumer payments segment of the banking industry. The Department of Justice and some retailers have sued Visa and MasterCard for limiting competition...

This paper proposes a framework for describing why consumers use electronic banking products such as electronic bill payment, credit cards, debit cards, stored value, and e-cash. The paper surveys the literature; reports on the results of several studies, and develops a framework for evaluating...