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The Federal Reserve and retail payments: a historical review

The Federal Reserve and retail payments: a historical review PurposeThe purpose of this paper is to provide a comprehensive historical review of the role of the Federal Reserve in retail payments in the USA.Design/methodology/approachIt reviews the literature on the role of the Federal Reserve and assessments of its involvement.FindingsIn addition to its oversight and operational role, the Federal Reserve has conducted R&D and facilitated technology adoption. It has provided effective competition to the private sector without subsidies.Research limitations/implicationsThe Federal Reserve has served the public interest and private networks have benefited from the “visible hand” of government.Practical implicationsMigration to electronic payments will likely change its role from an operator to setting standards for safety and security.Originality/valueThe historical review provides context against which the future strategy of the Federal Reserve may be assessed. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Journal of Financial Regulation and Compliance Emerald Publishing

The Federal Reserve and retail payments: a historical review

Journal of Financial Regulation and Compliance , Volume 26 (1): 14 – Feb 12, 2018

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Publisher
Emerald Publishing
Copyright
Copyright © Emerald Group Publishing Limited
ISSN
1358-1988
DOI
10.1108/JFRC-09-2016-0077
Publisher site
See Article on Publisher Site

Abstract

PurposeThe purpose of this paper is to provide a comprehensive historical review of the role of the Federal Reserve in retail payments in the USA.Design/methodology/approachIt reviews the literature on the role of the Federal Reserve and assessments of its involvement.FindingsIn addition to its oversight and operational role, the Federal Reserve has conducted R&D and facilitated technology adoption. It has provided effective competition to the private sector without subsidies.Research limitations/implicationsThe Federal Reserve has served the public interest and private networks have benefited from the “visible hand” of government.Practical implicationsMigration to electronic payments will likely change its role from an operator to setting standards for safety and security.Originality/valueThe historical review provides context against which the future strategy of the Federal Reserve may be assessed.

Journal

Journal of Financial Regulation and ComplianceEmerald Publishing

Published: Feb 12, 2018

References