What the Fed Has to Say About Mobile Payments in the US

PYMNTS.com recently sat down with Marianne Crowe, VP in the Research Department of the Federal Reserve Bank of Boston and Joanna Stavins, Senior Economist and Policy Advisor at the Federal Reserve Bank of Boston, to dive into their research on mobile payments and discuss everything from achieving critical mass to regulatory reform.


Mobile payments can come in all shapes and sizes. For their research, Marianne and Joanna have narrowed their focus to describe the current environment and their take on the future potential for purchases made at the retail point of sale with NFC enabled mobile phones.

What is preventing merchants from adopting this form factor and why might consumers be more willing? Listen to part one of this two part series for more on mobile payments at the retail point of sale.



There has been a lot of buzz around the Durbin Amendment, could this be a blessing in disguise? With limits set on lower dollar purchases and merchants turning to cash payments, you will no longer have the option to buy your $2 cup of coffee with a credit card. Mobile payments might make a surge as a cash alternative.

Listen to part two of this exclusive NEXTcast for more.



Executive Bios

Marianne Crowe is a vice president in the research department of the Federal Reserve Bank of Boston. She serves as the payments liaison and project manager for the Consumer Payments Research Center. Her previous roles at the Boston Fed include assistant vice president of business development, the National Image Archive service, and the Boston check operations. Prior to joining the Fed in 2000, Crowe worked at BankBoston in project and operations management positions. Crowe is a member of the FSTC mobile payments workgroup and the NACHA Internet Council.

Joanna Stavins is a senior economist and policy advisor at the Federal Reserve Bank of Boston,where she focuses on payments issues. She is a member of the Consumer Payments Research Center in the Research Department of the Boston Fed. Her research focuses on understanding how and why consumers pay the way they do, and includes all aspects of consumer payment behavior. She has analyzed the costs of alternative payment instruments and the demand for those instruments, and has estimated social costs and benefits of various payment methods. In addition to payments, Stavins has conducted econometric analyses of pricing and market structure in several industries, including personal computers and airlines. Her publications include articles in the RAND Journal of Economics, The Review of Economics and Statistics, and Journal of Financial Services Research. She has served as an economic advisor to various payments groups, both within and outside the Federal Reserve System. She earned both her B.A. and her Ph.D. in economics from Harvard University. Prior to joining the Bank in 1995, she worked as a senior analyst at National Economic Research Associates.

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