The Chicago Fed explores why some payment innovations are more successful than others.
The migration to more efficient payment mechanisms is affected by innovations, incentives, and regulation. While advances in technology have yielded numerous payment method alternatives, many have not been widely adopted.
To foster a dialogue on these topics, the Federal Reserve Bank of Chicago hosted its fifth payments industry conference, titled 'Innovations, Incentives, and Regulation: Forces Shaping the Payments Environment' on 18-19 May, 2005.
This Chicago Fed Letter summarises participants’ responses to the following questions:
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- What emerging innovations have the greatest potential to improve the payment system?
- Why have certain payment innovations been more successful than others?
- How does the current legal and regulatory framework affect the adoption of efficient payment mechanisms?