Fumiko Hayashi
Payments Policy Advisor and Economist
Federal Reserve Bank of Kansas City
1 Memorial Drive
Kansas City, Missouri
Biography
Fumiko Hayashi is a Payments Policy Advisor and Economist in the Payments System Research Department at the Federal Reserve Bank of Kansas City. Since joining the Federal Reserve in 2001, Ms. Hayashi published studies on the ATM and debit card industry, regulatory developments around interchange fees and card network rules, consumer payment choice, mobile payments, and nonbanks in the payments system. She is currently conducting research on the use of general purpose reloadable prepaid cards, implications of recent regulations and litigations in the payment card industry for industry participants and end users, and the security of the payments system.
Prior to joining the Federal Reserve Bank of Kansas City, Ms. Hayashi conducted research examining consumer savings and long-term care insurance, social security reform in Japan, and nursing home markets in the United States. She holds a B.A. and a M.A. in economics from Hitotsubashi University, and a Ph. D. in economics from the University of Minnesota.
Professional Journals and Books
- "Innovation, Deregulation and the Life Cycle of a Financial Service Industry"
with Bin Li and Zhu Wang on Review of Economic Dynamics, 2017, 26: 180-203. - "Quantifying the Impacts of Limited Supply: The Case of Nursing Homes"
with Andrew Ching and Hui Wang, International Economic Review, 2015, 56: 1291-1322. - "Payment Card Rewards Programs and Consumer Payment Choice"
Journal of Banking and Finance, 2010, 34: 1773-1787 - "Payment Card Interchange Fees and Merchant Service Charges--An International Comparison"
Lydian Payments Journal, Vol. 1, Issue 3, January 2010 - "A Puzzle of Card Payment Pricing: Why Are Merchants Still Accepting Card Payments?"
Review of Network Economics, Vol. 5, Issue 1 - March 2006 - "A Guide to the ATM and Debit Card Industry: 2006 Update"
with Richard J. Sullivan and Stuart E. Weiner, 2006 - "Technology Adoption and Consumer Payments: Evidence from Survey Data"
with Elizabeth Klee, Review of Network Economics, Vol. 2, Issue 2 - June 2003 - "A Guide to the ATM and Debit Card Industry"
with Richard J. Sullivan and Stuart E. Weiner, 2003
Economic Review Articles
- "Mobile Banking Use and Consumer Readiness to Benefit from Faster Payments"
with Ying Lei Toh, First Quarter 2020 - Payment Card Fraud Rates in the United States Relative to Other Countries since Migrating to Chip Cards
Fourth Quarter 2019 - Who Are the Unbanked? Characteristics Beyond Income
with Sabrina Minhas, Second Quarter 2018 - "Access to Electronic Payments Systems by Unbanked Consumers"
Third Quarter 2016 - "Mobile Payments: Merchants' Perspectives"
with Terri Bradford, Second Quarter 2014 - "The New Debit Card Regulations: Effects on Merchants, Consumers, and Payments System Efficiency"
First Quarter 2013 - "The New Debit Card Regulations: Intial Effects on Networks and Banks"
Fourth Quarter 2012 - "Measuring the Costs of Retail Payments Methods"
with William R. Keeton, Second Quarter 2012 - "Mobile Payments: What's in It for Consumers?"
First Quarter 2012 - "Do U.S. Consumers Really Benefit from Payment Card Rewards?"
First Quarter 2009 - "Interchange Fees in Australia, the UK, and the United States: Matching Theory and Practice"
with Stuart E. Weiner, Third Quarter 2006
Research Working Papers
- "Distributional Effects of Payment Card Pricing and Merchant Cost Pass-through in the United States and Canada"
with Marie-Hélène Felt, Joanna Stavins, and Angelika Welte, RWP 20-18 - "The Initial Effects of EMV Migration on Chargebacks in the United States"
with Zach Markiewicz and Sabrina Minhas, RWP 18-10 - "Faster Payments: Market Structure and Policy Consideration"
with Aaron Rosenbaum, Garth Baughman, Mark Manuszak, Kylie Stewart, and Joanna Stavins - "Chargebacks: Another Payment Card Acceptance Cost for Merchants"
with Zach Markiewicz and Richard J. Sullivan, RWP 16-01 - "Driver of Choice? The Cost of Financial Products for Unbanked Consumers"
with Josh Hanson and Jesse Leigh Maniff, RWP 15-15 - "Faster Payments in the United States: How Can Private Sector Systems Achieve Public Policy Goals?"
RWP 15-03 - "Recurrent Overdrafts: A Deliberate Decision by Some Prepaid Cardholders?"
with Emily Cuddy, RWP 14-08 - "General Purpose Reloadable Prepaid Cards: Penetration, Use, Fees and Fraud Risks"
with Emily Cuddy, RWP 14-01 - "Effects of Credit Scores on Consumer Payment Choice"
with Joanna Stavins, RWP 12-03 - "Product Innovation and Network Survival in the U.S. ATM and Debit Card Industry"
with Zhu Wang, December 2008 - "The Economics of Payment Card Fee Structure: Policy Considerations of Payment Card Rewards"
RWP 08-08 - "The Economics of Payment Card Fee Structure: What Drives Payment Card Rewards?"
RWP08-07 - "The Economics of Payment Card Fee Structure: What is the Optimal Balance Between Merchant Fee and Payment Card Rewards?"
RWP 08-06 - "Pricing and Welfare Implications of Payment Card Network Competition"
2006 - "Payment Card Rewards Programs and Consumer Payment Choice"
with Andrew Ching, 2006 - "Network Competition and Merchant Discount Fee"
2005 - "Competition and Credit and Debit Card Interchange Fees: A Cross-Country Analysis"
with Stuart E. Weiner, 2005 - "A Puzzle of Card Payment Pricing: Why Are Merchants Still Accepting Card Payments"
2004 - "Community Bank Access to Payment Card Networks: Has It Become More Expensive?"
2003 - "Technology Adoption and Consumer Payments: Evidence from Survey Data"
with Elizabeth Klee, 2002
Other District Publications
- "Remote Card Payment Fraud: Trends and Measures Taken in Australia, France, and the United Kingdom"
PSR Briefing, November 2020 - "Developments of QR Code-Based Mobile Payments in East Asia"
with Ying Lei Toh and Terri Bradford, PSR Briefing, June 2019 - "Interchange Fees and Network Rules: A Shift from Antitrust Litigation to Regulatory Measures in Various Countries"
with Jesse Leigh Maniff, PSR Briefing, October 2014 - "Fees, Fraud and Regulation: Forces of Change in the Payment Card Industry"
with Richard J. Sullivan, PSR Briefing, April 2013 - "Discounts and Surcharges: Implications for Consumer Payment Choice"
PSR Briefing, June 2012 - "Racking Up Rewards: Do Consumers Really Benefit?"
TEN Summer 2009 - "Developments in Interchange Fees in the United States and Abroad"
with Terri R. Bradford, PSR Briefing May 2008 - "Complex Landscapes: Mobile Payments in Japan, South Korea, and the United States"
with Terri R. Bradford, PSR Briefing September 2007 - "A Guide to the ATM and Debit Card Industry: 2006 Update"
with Richard J. Sullivan and Stuart E. Weiner, TEN Spring 2007 - "Charging Toward Rewards"
TEN Fall 2006 - "A Guide to the ATM and Debit Card Industry: 2006 Update"
with Richard J. Sullivan and Stuart E. Weiner, 2006 - "As Payments Go Plastic"
TEN Summer 2006 - "A Guide to the ATM and Debit Card Industry"
with Richard J. Sullivan and Stuart E. Weiner, 2003
