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Payments Regulation and Consumer Expectations: How to Best Manage the Changes Ahead
Javelin Strategy & Research, March 2011, Pages: 28
In 2011, payments regulation fostered by the Durbin Amendment, FinCEN (the Financial Crimes Enforcement Network), the Consumer Financial ProtectionBureau, and potentially Congress or other regulatory bodies will continue to alter the economics, value proposition, and incentives associated with various forms of payment. This report clarifies initial consumer reaction to recent and proposed regulatory changes and recommends approaches that providers can use to support consumer needs as the environment continues to change. Primary Questions - What regulations have current or near-term implications for payment services and for FI image? - What changes are developing in the industry as a result of regulations? - How will consumers react to the primary and secondary effects of regulation? - What actions should FIs and payment service providers take to address consumer needs and maintain a positive market image? Methodology This report is based on a survey conducted using data collected online by Javelin in September 2010 from a random sample panel of 4,998 consumers. The survey targeted respondents based on representative proportions of gender, age, and income compared to the overall U.S. online population.According to the U.S. Bureau of the Census, the projected 2011 U.S. population is estimated to comprise 311 million people. The overall margin of sampling error is ±1.39 percentage points at the 95% confidence level. The margin of error is larger for subsets.
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