The 2013 Federal Reserve Payments Study Detailed Report, released today, provides new information on the payments landscape including updated results on the intensity of card use by consumers and businesses; further discussion of previously released information on third-party payments fraud; new estimates of over-the-counter cash withdrawals and deposits at bank branches and wire transfers made by businesses and consumers; and discussion of emerging and alternative payments likely to replace traditional payments such as cash and checks.
Bitcoin is still more of a curiosity than a threat to the banking system but in the long term the crypto-currency could have a pronounced impact on payments, according to a group of advisers to the US Federal Reserve.
While Finextra Future Money delegates debate the future of cash and the UK's Halifax predicts its slow decline, the Federal Reserve Banks release fresh data which shows that US consumers choose to use notes and coins more frequently than any other payment instrument, including debit or credit cards
Card payments have soared in popularity in the US over the last 10 years and now account for more than two thirds of all non-cash payments, according to Federal Reserve figures.
This paper from the Federal Reserve Bank of Richmond uses transaction-level data from a large discount chain together with zip-code-level explanatory variables to learn about consumer payment choices across size of transaction, location, and time.
The use of mobile phones to access a bank account, credit card, or other financial account continued to increase in prevalence among adults in the United States last year, according to the Federal Reserve Board's latest report on the use of mobile financial services.
Mt. Gox has filed for bankruptcy protection, a lawyer for the beleaguered bitcoin exchange told a news conference today. Meanwhile, new Federal Reserve chair Janet Yellen has said that the central bank has no authority to regulate the crypto-currency.
A British man has been charged with hacking into the US Federal Reserve computer servers, stealing the personal information of users and publishing it online.
US banks could follow JP Morgan's lead and get out of the pre-paid card business if proposed new regulatory oversight materialises, leaving the way open for the likes of American Express and Green Dot, predicts Fitch Ratings.
The US Federal Reserve Board is pushing ahead with plans to further the introduction of faster retail payments as part of a broad effort to modernise the country's payments infrastructure.
© Finextra Research 2014