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Briefing
Are Contactless Payments Finally Poised for Adoption?
Two types of contactless payments, near-field communication (NFC) and quick response (QR) code, have seen a boost from the COVID-19 pandemic.
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Could Municipal IDs Facilitate Access to Financial Services?
Of the approximately 5.6 million U.S. households that did not have a bank or credit union account in 2023, about 13 percent cited not having the identification (ID) required to open an account as a reason for being unbanked. Municipal ID programs provide a form of local identification and can be designed to facilitate access to banking and financial services, though challenges to achieving this potential remain.
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Who's processing your payments?
This article looks at the many roles nonbanks play in payments activities and the oversight questions that arise as a result.
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The Rise of Buy Now, Pay Later: Bank and Payment Network Perspectives and Regulatory Considerations
Buy now, pay later (BNPL) products offered by fintechs have gained traction among consumers andmerchants in recent years and could compete with credit cards as a payment option. We explore thereactions of banks and payment networks to BNPL products as well as the current regulatory environment.
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Neobanks: Banks by Any Other Name?
Neobanks, or digital banks, are bank-like providers of financial services that operate through apps and aim to appeal to different consumer groups through innovative features and design. Whether or not neobanks evolve into full banks, they have the potential to affect the traditional banking model.
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Backward Glance While Looking Forward
This article takes a backward glance at some of the early emerging payments nearly a decade after their introduction and examines their status today and where they may be heading.
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As Earned Wage Access Grows, Oversight Tries to Catch Up
Earned wage access (EWA) services have grown in popularity as more providers offer them and more businesses and consumers use them. However, the complex fee structures and high costs of EWA, as well as some users’ heavy reliance on these services, have raised concerns. Regulatory and legislative bodies have begun to respond to these concerns, with states taking the lead in proposing or passing EWA legislation.
Briefing
The Puzzle of Payments Security: Fitting the Pieces Together to Protect the Retail Payments System
This article offers highlights from the Federal Reserve Bank of Kansas City's fifth international payments conference, "The Puzzle of Retail Payments Security: Fitting the Pieces Together to Protect the Retail Payments System," hosted June 25-26, 2015.