Digital/Mobile Payments Innovation & Applied Research
Payment Strategies contributes to the development of innovative technology solutions for mobile and digital payments that are secure, efficient and ubiquitous by leading mobile/digital payment initiatives with the industry. This includes analyzing the emerging payments landscape, conducting primary and secondary research with industry stakeholders and testing solutions to identify barriers to adoption; examining the risks and benefits to consumers and industry stakeholders; and convening stakeholders through the Mobile Payments Industry Workgroup (MPIW) to collaborate on innovative strategies to increase the adoption of mobile payments in the physical and online environments. Payment Strategies also helps to influence payments innovation and ubiquity through outreach, education and participation in open standards efforts.
The Boston Fed conducts a biannual survey of financial institutions in New England and other Federal Reserve districts to assess the state of mobile banking and payment services offered. The survey is primarily focused on mobile financial services, consumer adoption, and market segments.
Payment Strategies participates in standards development efforts for mobile/digital payments and security through participation in workgroups led by ISO (International Standards Organization), ANSI X9 (American National Standards Institute), and WC3 (World Wide Web Consortium).
Payment Strategies conducts applied industry research, analysis and standards development related to mobile payments security, with a focus on tokenization and fraud in the card-not-present (CNP) channel, to educate the industry and identify challenges to be addressed.
A collaborative effort among mobile payments industry stakeholders to inform, discuss and consider potential resolutions for shared issues and the elimination of barriers to commercial adoption of retail mobile and digital payments.
The Consumer Mobile Payments series examines some of the drivers and challenges associated with mobile payments adoption in the United States and abroad through secondary research and local consumer experiences.
Payment Strategies conducts applied industry research and analysis on the evolving mobile/digital wallet market to identify related trends, technology models, benefits such as value-added features, and barriers to adoption, including security and interoperability.
Survey data give insights into how U.S. consumers make payment, spending, and saving decisions, with applications for financial education and consumer protection. Survey reports are available for download.