The value chain for network-branded prepaid cards involves more parties than those commonly present in credit- or debit-card issuing arrangements: the merchant acquirer, processors, a payment network, and a card-issuing bank. These additional participants may include a program manager, a...

The U.S. General Services Administration’s SmartPay program is the world’s largest commercial card portfolio. Nearly every state uses payment cards to electronically distribute unemployment insurance, child support, Temporary Assistance to Needy Families, or other funds. Federal, state, and...

Small payments of less than $5 have resisted the wave of electronification that has swept consumer payments in recent years. However, a number of innovations — both new technologies and new ways of doing business — have done much to make such electronic “micropayments” less expensive and...

Over the past several years, the emergence and adoption of electronic payment instruments have acutely affected check usage. This transition has been especially evident at the point of sale as debit and credit cards have become pervasive. Today, the rapid growth of online bill payment looks to...

The U.S. General Services Administration’s SmartPay program is the world’s largest commercial card portfolio. Nearly every state uses payment cards to electronically distribute unemployment insurance, child support, Temporary Assistance to Needy Families, or other funds. Federal, state, and...

On June 15, 2001, the Payment Cards Center of the Federal Reserve Bank of Philadelphia sponsored a workshop on the evolution of the electronic funds transfer (EFT) industry. Paul Tomasofsky and Bruce Sussman of NYCE, the New Jersey-based electronic payments company, led the workshop. Beginning...