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Payments Outreach

We provide insights into emerging payment technologies, specifically in the consumer to business payments space and how they affect the industry and the future, by sharing payments acumen to influence policy.

Payments Outreach helps inform Federal Reserve Bank of Richmond senior leadership on the evolution of payments and what those changes mean for the Fed's payments policy. Payments Outreach also gathers information related to payments trends from corporations and financial institutions, and collaborates with other areas of the Richmond Fed — including Research, and Supervision, Regulation and Credit — as well as with peers throughout the Federal Reserve System doing similar work.


Payments Outreach connects with the external payments community, System payments partners, and Fifth District staff and leadership to promote awareness, advise leadership in decision-making, and contribute to Federal Reserve payment initiatives in order to achieve desired payment system outcomes.


To be a trusted advisor to internal and external stakeholders in promoting the stability, integrity, and efficiency of the U.S. payment system.


  • Provide opportunities for Richmond Fed payments leaders and staff to share payments- and industry-related knowledge with external stakeholders on payments policy and strategy, especially as it relates to the Federal Reserve’s Strategies for Improving the U.S. Payments System (SIPS).
  • Oversee Payments Advisory Councils that drive the Bank’s understanding of and contribution to System payment initiatives.
  • Gather and employ consumer payments data to derive insights and facilitate better decisions.
  • Support the payments system by leading and significantly contributing to Federal Reserve initiatives, including SIPS.


  • From Mail to Mobile: A New Generation in Payments
    "From Mail to Mobile – A New Generation in Payments" examines data from the Federal Reserve 2012 Diary of Consumer Payment Choice, which tracked 2,467 participants who made 12,647 actual consumer payments totaling $453,655 over a rolling three-day period in October of 2012. The analysis focuses on different generations – aged 18 through 94 – and how they made payments, including the median dollar value of payments and the device used.
  • 5th District Footprint, April 2013
    This issue of 5th District Footprint provides a spatial analysis of data relevant to community development in the Fifth District. The publication is available online quarterly.
  • 2012 Payments Fraud Survey, Summary of Results
    Report on survey of fraud experienced by Fifth District businesses and financial institutions.
  • Will That Be Cash or Cell?
    Feature on expanding use of mobile payments and how the Fed is studying this changing environment.
  • Coin and Currency in the Casino Industry
    Report on how changes in the gaming industry have changed people’s use of coin and currency in U.S. casinos.
  • The Role of Interchange Fees on Debit and Credit Card Transactions in the Payments System
    When consumers use debit or credit cards to make purchases, merchants are assessed fees for processing the transactions, the largest of which is called an "interchange" fee. Rising interchange fees, along with the growing dominance of card transactions in the payments system, have brought increasing scrutiny from regulators on the appropriate level of interchange fees and the competitive aspects of card networks. This Economic Brief looks at the trends, mechanics, and economic role of interchange fees and finds that the issue may be more complicated than it initially appears.

Business and Consumer Payments Advisory Council   

The Business and Consumer Payments Advisory Council (BACPAC) was established in 2009 by the Federal Reserve Bank of Richmond to collect and exchange information with merchants on consumer to business payments.  This unique collaboration enables the Federal Reserve Bank to analyze consumer payment patterns and to identify and understand emerging payment trends and risks.

The Council has regional advisory groups in Charlotte, Richmond and Baltimore that meet twice each year in the spring and the fall.  Each regional council has approximately 20 business representatives from a diverse mix of companies including large national chains, smaller regional companies and specialty businesses.

Attendees benefit from the exchange of viewpoints and perspectives of forward-thinking business leaders; by learning of issues confronting their counterparts and the solutions applied; and by establishing open lines of communication with the Federal Reserve Bank of Richmond.  Volunteer council members also provide anecdotal and statistical sales and related consumer payments data for their business.  In addition, members are encouraged to supply feedback on topics such as currency, counterfeiting trends, fraud, payments technology and other consumer payment issues.

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