In 2016, the Boston Fed’s Payment Strategies team assembled a cross-functional team of Bank staff who worked to better understand mobile and digital wallets such as Apple Pay, Samsung Pay, and Visa Checkout by looking at their processes, potential risks, and variations.

They found that while merchant and consumer awareness and adoption is growing, there still needs to be education around the process.

Read the paper, “Adapting to Mobile Wallets: The Consumer Experience” or the brief “Boston Fed Team Puts Mobile Payments to the Test” for recommendations on best practices in the market.