Over the last two years, digital payment solutions, including peer-to-peer apps, digital wallets, and contactless payment solutions, have grown in popularity and adoption. With 125 million American mobile payment users predicted by 2025 Commonwealth sought to understand the potential for these...

The Financial Consumer Agency of Canada (FCAC) has published a pilot study on the use and understanding of Buy Now Pay Later (BNPL) services in Canada as part of the Agency’s research on emerging consumers trends. Similar to instalment loans, BNPL services allow consumers to purchase goods and...

Technology can play a key role in addressing some of the financial challenges that Canadians face on a day-to-day basis. Over the last five to ten years we have seen a growing number of companies, called fintechs, that primarily use technology to change and enhance the way we do banking or access...

This reports on research results from an experiment in Malawi that varied the timing of workers' income receipt in two ways. First, payments were made either in weekly installments or as a monthly lump sum, in order to vary the extent to which workers had to save up to make pro table investments....

Mobile payments (m-payments) are an important aspect of mobile banking, which is a form of retail financial services that is growing rapidly around the world. Canadian consumers are increasingly migrating away from branch-based banking towards online and mobile banking. Research suggests that the...

The objective of this article is to study cash use in Canada. The Bank of Canada, as the sole issuer of Canadian bank notes, needs to understand the public’s demand for cash. However, measuring cash use is difficult because it is an anonymous payment method. Given this, cash use is typically...

The 2013 Federal Reserve Payments Study (the 2013 Study) is the fifth in a series of triennial studies conducted since 2001 by the Federal Reserve System to estimate aggregate trends in noncash payments in the United States. Estimates are based on survey data gathered from depository institutions,...

The 2013 Survey of Consumer Payment Choice (SCPC) is the sixth in a series of annual studies conducted by the Federal Reserve Bank of Boston to gain a comprehensive understanding of the cash and noncash payment behaviour of U.S. consumers. This report summarizes data collected in the 2013 SCPC and...

Cornerstone Advisors, in partnership with the Center for Financial Services Innovation (CFSI), produced the following report on strategies for credit unions to attract Gen Y members. The analysis, conducted by Cornerstone Advisors, is based primarily on data from CFSI’s Consumer Financial Health...

The Center for Financial Services Innovation (CFSI) has conducted an investigation into the amounts that prepaid cardholders spend each month to conduct essential financial transactions, and compared that to the amounts that they would spend if they remained underbanked or used checking accounts...

This brief proposes a cohesive strategy to increase bank account ownership among low and moderate-income households: First, and most importantly, Congress should enact a “First Accounts Tax Credit” to financial institutions to develop and deploy electronically- based banking products for...