As technology evolves at an increasingly rapid pace, it can be difficult to keep up with the varying implications to the financial services and payments industry. Fortunately, the Federal Reserve System offers a wealth of information and resources.
Explore a few recent articles from the Federal Reserve Bank of Atlanta’s Take on Payments blog and the Federal Reserve Bank of Boston below. These pieces highlight trends, examine relevant studies and provide perspectives on how current and emerging technologies may alter the payments landscape.
The Year of the Mobile Payment—Really!
In late 2021, a little over two-thirds of a nationally representative sample of more than 4,600 consumers used their mobile devices for at least one payment in the previous 12 months. Learn more about the upward trend of using mobile devices for payments, and see additional highlights and key findings from the 2021 Federal Reserve Survey and Diary of Consumer Payment Choice (Off-site) in this recent Take On Payments article (Off-site).
What Does Generative AI Mean for Payments?
What is ChatGPT and what does it mean for the payments industry? Another Take On Payments article weighs the opportunities and risks of generative AI and shares tips on preventing fraud in a world of high-tech payments. Read the full article (Off-site).
Boston Fed Asks: Can Faster Access to Their Own Money Benefit Lower-Income Communities?
This article from the Boston Fed discusses the impact of payment speed on lower-income communities and how broader access to faster payments could benefit these consumers by alleviating issues related to fees. Read the full article (Off-site).
Digital Divide Trickles Down to Payment Account Adoption
Conversely to the above article on potential benefits, this article examines the possible roadblocks and inequities surrounding those who do not have easy access to the technology needed for faster payments. Read the full article (Off-site).
What’s Next?
To stay updated on payments trends and the Fed’s continued efforts to advance the U.S. payment system, sign up to join the FedPayments Improvement Community and follow the FedPayments Improvement blog, the Take on Payments blog (Off-site), and the Payments Innovation blog (Off-site).