The proportion of retail, non-cash payments made electronically in the US grew from 15% in 1979 to 40% in 2000. A recent Chicago Fed conference addressed the important question of whether today's payment networks can adequately support emerging payment technologies.
On May 29–30, 2003, the Federal Reserve Bank of Chicago hosted an industry conference titled 'Can Existing Payment Networks Meet Future Needs?'. The conference brought together appproximately 150 participants, including representatives from financial institutions, payment networks, corporations,
retailers, and government, with the objective of fostering dialogue on the development and adoption of more efficient payment methods.
This document summarises the presentations and views expressed by conference participants, who focused on opportunities to improve the payment system while addressing the challenge of balancing end-users' needs and the profitability goals of payment service providers.
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