New Innovations in Payments
We discuss prospects for innovation in consumer payment instruments. We discuss recent research into consumer payments and what can be learned about consumer behavior towards new payment options. We consider three new innovations in payments: mobile payments, faster payments and digital currencies. For each, we describe prospects and impediments to adoption.
We thank Shane Greenstein, Josh Lerner, Yasin Ozcan and Scott Stern for encouragement and valuable comments. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.